by Jennifer Hart Yim | Apr 18, 2017 | Blog, Current Events, Logistics, Strategy, Supply Chain
Blockchain is coming, and it offers the potential to shake up Supply Chain and Logistics like few other technologies coming down the pike.
This guest post comes to us from Argentus Supply Chain Recruiting, a boutique recruitment firm specializing in Supply Chain Management and Procurement.
A few months back, we wrote about Blockchain as an emerging technology and tool for Supply Chain transparency. It’s a pretty incredible technology that stands to reshape big aspects of the economy in general and Supply Chain in particular – but it’s also pretty difficult for the common person to understand, which doesn’t help matters. But Blockchain is coming, and it offers the potential to shake up Supply Chain and Logistics like few other technologies coming down the pike.
In the simplest terms possible, Blockchain is a distributed ledger technology that allows a decentralized network to track transactions within a system. It’s the technological basis for Bitcoin that solved the problem of how to verify transactions for a digital currency without relying on a central entity or bank.
One of the most relevant parts of Blockchain for Supply Chain purposes is the fact that Blockchains tend to be more open and transparent than other sorts of ledger systems – anyone participating in the network can see the transactions. Which has led Financial Services companies to seek out Blockchain technology to more quickly make cross-border payments and verify contracts. It’s also led to companies using Blockchain’s openness to redefine transparency about where they source their products. For example, seafood companies and other food production companies with overseas sourcing can use Blockchain to keep a solid record of every transaction along the Supply Chain, so that consumers can rest assured that the fish they’re buying was farmed sustainably, without using human slavery.
Here’s another new application: shipping giant Maersk is partnering with IBM to use Blockchain to track shipping containers. The goal here isn’t as much transparency as efficiency – which is a much-beloved quality in contemporary Supply Chains. Tracking shipping containers can involve dozens of people and hundreds of individual interactions as it makes its course along the Supply Chain from, say, China to the West Coast of the U.S. Maersks’s new Blockchain program will allow all stakeholders to witness the shipment’s progress and status at all times. The idea is to cut down on paperwork involved and allow both suppliers, buyers and shippers to streamline the process.
At the same time, Wal-Mart is delving into using Blockchain for food safety. Whereas merchants traditionally struggle with unfortunate product recalls that happen from time to time – pinpointing a specific SKU, a specific shipment, a specific vendor, of a product that’s made a customer ill and then taking it off the shelf – Wal-Mart is hoping that Blockchain will help it glean important data from receipts all up and down the Supply Chain: where was the food grown, who inspected it, etc.?
This can help the company be more strategic in removing items from shelves, avoiding the kind of broad-brush recalls (“pull all the spinach!”) that can cost a company millions.
With Wal-mart, Maersk, IBM, and other companies like Nasdaq and BHP Billiton starting to make their way into using Blockchain, it’s clear that the burgeoning tech has finally arrived on the scene.
Any Blockchain experts out there? Are there other applications or implications for Procurement and Supply Chain that we might not be thinking of? Let us know in the comments!
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by Fronetics | Apr 14, 2017 | Blog, Content Marketing, Marketing, Social Media
Social media gives you access to aspirational customers and their networks, a benefit that can’t be quantified in dollars.
One of the trickiest things about implementing a social media strategy is that success can be difficult to measure. While most professionals acknowledge that a social media marketing presence is important, it’s hard to make a case for resources when you can’t precisely quantify the value in terms of dollar amount.
This, however, shouldn’t stop your business from recognizing the importance of social media as part of a robust marketing strategy. You need to start thinking about value in terms of potential, rather than the immediate sale.
“It’s important that we continue to shift our focus from the short-term sale to the long-term value of social media,” says Emily Teele, loyalty and retention marketing manager at West Elm. “Part of our willingness to make this shift comes from trust that our efforts will pay off, even if not immediately, and part comes from finding new ways to measure results over time.”
Tomorrow’s customers
One of the most valuable and exciting aspects of social media is that it allows business to discover and engage with a new segment of the B2B community: aspirational customers. In the past, businesses haven’t had access to these customers. Now that we can find out who they are, their long-term value cannot be overstated — both as buyers, and in building brand loyalty and an engaged customer base.
According to a recent study published in MIT Sloan Management Review, aspirational customers are likely to follow multiple brands on social media sites. Over half follow at least one brand that they haven’t made a purchase from. But, “our data suggests that they do plan to purchase in the future,” say the study’s authors. “Today’s followers are very likely to be tomorrow’s customers.”
The social network = social media success
There’s another factor to consider regarding the value of social media marketing. At its core, these are networking platforms. That means you not only have access to a new customer base, but to their connections as well.
Your followers’ engagement on social media can expand your reach, as they engage with their own networks. Putting a dollar value on such social reach is fairly meaningless — but it has the potential to add to your bottom line both now and in the future.
What’s more, a recent McKinsey study attributes word of mouth to be the primary influence for up to 50% of all purchase decisions. The study authors go on to say, “Followers who are not yet purchasers can share their experience with the brand, and deepen their commitment to the brand, even prior to that first purchase.”
It’s time we start thinking about social media success in this new way: in terms of potential and expanding value, rather than just immediate dollar amounts.
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by Jennifer Hart Yim | Apr 13, 2017 | Blog, Logistics, Strategy, Supply Chain, Transportation & Trucking
This guest post comes to us from Adam Robinson, director of marketing for Cerasis, a top freight logistics company and truckload freight broker.
Growing woes over a forthcoming capacity crunch are not going away anytime soon. But, the capacity crunch may have a major impact on the freight driver shortage and vice versa. In a sense, fewer drivers mean that capacity will grow tighter. Yet, as capacity shrinks, the incentive for drivers increases. As 2017 moves forward, it may be a year that the driver shortage comes to a head, but it might not be as dismal as some shippers have been led to believe.
The Freight Driver Shortage IS BAD and Getting Worse.
The American Truckers Association cites approximately 48,000 unfilled trucker positions, reports Saul Gonzalez. Since 2005, the freight driver shortage has grown from 20,000 unfilled positions to 70,000, and some reports suggest the shortage may worsen to more than 170,000 vacancies by 2025. Meanwhile, the average of age of today’s trucker is 49, and more truckers are aging out and retiring from the industry. This contributes to a growing bleakness among the trucking industry, causing turmoil among shippers and logistics providers. But, there is a light at the end of the proverbial tunnel.
Could Automation Reduce the Impact of the Driver Shortage in 2017?
Politicians and industry experts have claimed for more than a year that automation and drone delivery will be able to handle the driver shortage, and while this belief may hold true, the widespread deployment of driverless trucks is still far from reality. As explained by Sean Kilcarr of FleetOwner®, the political discussion seems to continue pointing toward more affordable and available education of futuristic technologies.
This might be true in the future, but current political turmoil suggests that any such move will be met with extensive resistance from the opposing political party. In other words, education and re-skilling of workers to service autonomous vehicles and automated technology is not ready for widespread deployment. However, the answer to the growing driver shortage might lie in the capacity crunch itself.
How Could the Capacity Crunch Help the Driver Shortage?
It sounds insane; tightening of the capacity crunch could help solve the driver shortage. Look at the historic tightening of capacity in the shipping industry. In 2004, 2011 and 2014, capacity reached a critical point. Yet, major carriers, reports Jeff Della Rosa of Talkbusiness.net, met the increased demand by increasing trucker wages by 7-percent per loaded mile. Consequently, the overall annual wage of drivers increased during these three years, providing temporary relief for a looming driver shortage.
2017 appears to be another year in the lineup of driver wage increases too. Companies, including Crete Carrier, Baylor Trucking and Shaffer Trucking and CFI have implemented per-mile rate increases. Meanwhile, Swift Transportation, Schneider, and CGI have unveiled $4,000 – $8,000 bonuses for new drivers. So, the wages are starting to reflect the demand for drivers. In fact, Delco expects industry-wide wage increases among trucking companies throughout the remainder of 2017.
Will the Driver Shortage Succumb to Capacity Crunch After All?
It’s easy to gain a false sense of security as wages climb among the trucking industry, and for shippers, this means that they may be considering abandoning previous preparations for worsening of the shortage. However, shippers need to continue working to help the freight driver shortage. Yet, shippers want to pay the least cost possible for transportation of goods, which results in lower profits for carriers and wages for drivers. So, how do shippers help prevent the driver shortage from worsening?
The answer is working with multiple carriers to find the best rates without undercutting the industry. In other words, more shippers will turn to third-party logistics providers (3PLs) who offer more than just shipping management, to increase profit margins across their enterprise, allowing for more expendability among the actual freight costs of shipping. In other words, savings found from auditing and eliminating redundancies in paperwork frees funds for use among actual freight costs. To shippers, the overall costs decrease, but to truckers, it means more money available for use as wages, benefits, and better equipment.
In a Nutshell.
As capacity tightens in the industry, shippers will face the challenge of reaching more customers with fewer resources, and the freight driver shortage may spike temporarily. However, the capacity crunch itself will help curb the driver shortage, and reaction to capacity issues will further the cause of better wages and incentive for more drivers to enter the industry. Of course, nationwide low unemployment and better wages among other industries will still draw people away from the trucking industry, reports the Journal of Commerce (JOC). Remember the saying, “it’s always darkest before dawn.” The driver shortage may not come to a head just yet, provided the industry continues to increase wages and work to increase driver retention.
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by Fronetics | Apr 12, 2017 | Blog, Content Marketing, Marketing, Social Media
Interesting, original content is central to brand building for the supply chain and beyond.
What do Donald Trump, Kim Kardashian West, and Dan Rather have in common? Like ‘em or hate ‘em, they’ve each amassed an enormous organic following on social media. It doesn’t matter when or where they post it; these celebrities have proven that people will go out of their way to receive their content.
I came across an article the other day about the rising importance of the content creator that got me thinking about this. Joe Hyrkin, CEO of media company Issu, believes the age-old marketing debate about content vs. distribution is now a moot one. “Media consumers will change their behavior and go where a creator has produced interesting content,” he writes.
So many companies — supply chain, B2B, B2C, and beyond — spend an enormous amount of time and money trying to figure out the best places to distribute content and the best times to post. Don’t get me wrong: Those are incredibly important pieces of the puzzle. But I don’t think we can overemphasize the importance of the quality of your content and building a brand that reflects thought leadership.
In short, if you produce the kind of content that your target audience finds compelling, entertaining, and/or interesting, then you’re going to be successful.
“Interesting” is a matter of taste
You may roll your eyes at the idea that any of the above mentioned personalities qualify as “interesting content creators.” But that doesn’t matter — because a whole heck of a lot of people think they do.
The key for the content creator is, of course, inventing and creating for your specific audience.
Probably for your B2B business that doesn’t involve a scantily clad selfie or inflammatory tweet. But if you can be on the cutting edge of what does matter to your target audience, you’ll begin to build a brand that followers feel compelled to watch.
Speak your truth
We live in an interesting time for words like “true” and “fake.” But what I know to be important in content creation is authenticity.
Dan Rather offers an interesting case study. The 84-year-old veteran broadcaster’s rapid rise to social media stardom began with his candid election commentary on Facebook last November. Fans and critics alike have continued to engage with him via this platform. The resulting discussion can only be attributed to Rather’s authenticity — he shares what he truly thinks and feels, and encourages his followers to do the same.
Companies that use content and social platforms as an outlet for their missions, interests, and passions find greater success than those that are trying to be something they’re not in these spaces. For examples of companies who are doing it well, think of Coyote Logistics, Whole Foods, GoPro, Nike, Oracle, and Lowe’s.
Takeaway
The takeaway for the supply chain and other B2B companies is this: If you can build a brand with a reputation for creating really interesting original content, things like distribution, posting time, and posting frequency become less important.
People will know you as a source for cutting-edge ideas and thought leadership. People will be looking for your content. People will follow you because they care about what you have to say.
Don’t underestimate the power of quality original content.
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by Fronetics | Apr 11, 2017 | Blog, Content Marketing, Marketing, Social Media, Supply Chain
Create videos that provide answers and convey your mission, and viewers will come.
I know what you’re thinking: Videos are a great marketing tactic for certain niches, but not the supply chain. Who would want to watch my videos? What would I even make a video about?
Here’s the thing. Video is the most popular form of content being consumed online. As such, YouTube has become the second largest search engine in the world, with more than one billion users conducting over 3 billion searches per month. And YouTube isn’t just for funny cats and cover artists anymore. Businesses are using the video-sharing website and social media platform to engage customers and prospects.
Why? YouTube reaches more adults ages 18-34 in the U.S. than any cable network. Users browse the platform for entertainment purposes, but also for tips, information, and ideas. And anywhere people are seeking solutions, businesses should be providing answers.
Provide answers with video
Your first tendency when creating video content might be to promote your products. But if people wanted to watch commercials, they’d turn on the TV.
Instead, ask yourself: What are your customers’ pain points? What expertise and information do you have that is valuable to them? What industry topics interest you most, or what do you like best about working in your field?
YouTube has proven that ordinary people demonstrating and discussing their interests is of great value to a wide range of people. Consider formerly starving artist Leonardo Pereznieto, for example.
After struggling to make ends meet by selling his art, Perznieto began his YouTube channel Fine Art-Tips. Initially the goal was to make his drawings and sketches accessible to a wider audience. It was pretty unsuccessful.
Then Pereznieto began uploading sketching demonstrations to his channel, describing exactly what he was doing or how to get a certain effect. Fine Art-Tips grew like wildfire. To date, he has over 780,000 subscribers and more than two million views monthly. His step-by-step tutorial on how to draw a water drop has nearly 9 million views alone.
Aside from plenty of ad revenue to cover his living expenses, Pereznieto’s YouTube celebrity has advanced his reputation — and success — as an artist. His story is a testament to the power of informational video content in brand building.
Convey your mission
Video is a highly visual way to engage your audience. The combination of images, music, and narration can provoke emotion unlike any other media form. This makes it an ideal way to convey what you stand for — be it a safer workplace, higher quality components, or green living.
Chipotle’s 2013 integrity campaign offers a great example. The fast food chain partnered with Moonbot Studios to produce a video, The Scarecrow, which brought consumer awareness to issues within the food industry. Now with over 17.8 million views, the video has helped demonstrate Chipotle’s commitment to anti-factory farming and wholesome, sustainable food.
Videos are an excellent way to engage and enlighten customers and prospects without being overly promotional. Over one billion people are seeking answers and joining causes on YouTube — will your business create the content they’re looking for?
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by Fronetics | Apr 10, 2017 | Blog, Content Marketing, Marketing, Strategy
Are your marketing emails annoying your customers and prospects?
We’ve all felt it: the visceral annoyance on opening an email — because it’s the fifth one from the same company in two days, or because it’s packed with hyperbole or an off-putting sales pitch. As it turns out, recent research has shown that this reaction is only too natural. We’re predisposed to view the tone of email more negatively than it was written.
Of course, email is an important tool for marketing your business. But it’s important to strike a balance, making sure you’re getting your message out without turning off potential buyers.
To help you achieve this delicate balance, here are three of the most off-putting email offenses — and tips to avoid them.
3 marketing email crimes to avoid
1) Imperatives
How many times a day do you receive emails, “Buy!” or, “Act fast!” in the subject line, usually followed with the anxiety-producing exclamation point? For most of us, this commanding language is irksome, and the emails end up in the trash folder.
Instead of commanding your potential buyers, try a subtle linguistic change. For example, rather than an imperative, try using the conditional: “Would you?” This way, you avoid coming across as overbearing, and you respect the right of your readers to make a decision about their actions.
2) Too many emails
It’s important to be conscientious and keep your message consistently on the minds of your target audience. But too many emails can be counterproductive, as your readers will start to tune you out or, worse, mark you as spam.
3) Failing to acknowledge your readers’ workload
Few things are more irksome in email correspondence than lack of consideration. Bear in mind that when your carefully crafted content pops up in your potential customer’s inbox, you’re giving them a task.
You can easily avoid potential annoyance on the part of your readers with a simple acknowledgment of their workload. For example, “I recognize that your schedule is hectic, so let me be brief…” This not only acknowledges that they are busy, but demonstrates that you respect, and will be a good steward of, their time.
The upshot is that while email is an excellent marketing tool, it’s important to always put yourself in the shoes of your readers before you press send. Make sure that your message isn’t getting overshadowed by avoiding these marketing email crimes.
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