by Fronetics | Nov 27, 2014 | Blog, Leadership, Marketing, Strategy
The Dunkin’ Donuts in Boston’s Back Bay Station is a well-oiled machine. The whole process – ordering a cup of coffee, paying, and receiving said coffee – takes seconds. The experience is something reminiscent to Seinfield’s Soup Nazi.
For customers who frequent this Dunkin’ Donuts expect this. They have timed their commute down to the minute and they know that if they can move through a line of 30 or so people in seconds – and make the train. For customers who don’t frequent this Dunkin’ Donuts the experience can be jarring.
On the other hand, there is a small coffee shop I visit in Maine. It takes minutes (think two digit numbers) to get a cup of coffee, and then more minutes to pay. Customers who frequent this coffee shop savor this time that it takes to get their coffee. The minutes waiting allow for conversations or quiet meditation.
Watching someone new enter the coffee shop is always interesting. There are those that start to wait in line and then leave when, after minutes, they are no closer to getting coffee. There are others who wait it out, checking their watch or smart phone every few seconds as if this will speed up the process. These people generally leave in cloud of frustration.
These two businesses know their customers. They have taken the time to understand what the needs are of the customer and they have tailored their business to address these needs.
To grow your business you need to take the time to determine who your target customer is, what their needs are, and how you can address these needs and bring value to the customer.
by Fronetics | Nov 19, 2014 | Blog, Leadership, Marketing, Social Media, Strategy, Talent
Networking is often thought of as a (dreaded) job search action item. However, thinking about networking in this manner will leave you at a disadvantage. Networking is an action item necessary for your professional and personal growth.
Those who view networking as more than just a job search must, gain a competitive edge over those who turn to networking only when they are making a job/career change. Glen Llopis puts it this way:
“The more you procrastinate, the more you will find yourself disconnected from the opportunities that may potentially advance your career or allow you to meet the right people.”
How and why does networking matter? Here are five reasons why networking is essential and why connections matter:
- Research has shown that the larger the network, the larger the salary
- Networks beget jobs
- Networks bring opportunities that benefit and feed your career, professional development, and personal interests.
- Networks make people smarter
- Networks make people happy
Moreover, Kathryn Minshew, founder and CEO of The Muse and The Daily Muse, points out that:
“Networks are powerful, and when done right leave you surrounded by a core of individuals who are all rooting for your success and happy to help you.”
One of the greatest networking tools for professionals is LinkedIn. So before you begin, make sure you optimize your LinkedIn profile for success.
by Fronetics | Nov 19, 2014 | Blog, Leadership, Marketing, Social Media, Strategy, Talent
Networking is often thought of as a (dreaded) job search action item. However, thinking about networking in this manner will leave you at a disadvantage. Networking is an action item necessary for your professional and personal growth.
Those who view networking as more than just a job search must, gain a competitive edge over those who turn to networking only when they are making a job/career change. Glen Llopis puts it this way:
“The more you procrastinate, the more you will find yourself disconnected from the opportunities that may potentially advance your career or allow you to meet the right people.”
How and why does networking matter? Here are five reasons why networking is essential and why connections matter:
- Research has shown that the larger the network, the larger the salary
- Networks beget jobs
- Networks bring opportunities that benefit and feed your career, professional development, and personal interests.
- Networks make people smarter
- Networks make people happy
Moreover, Kathryn Minshew, founder and CEO of The Muse and The Daily Muse, points out that:
“Networks are powerful, and when done right leave you surrounded by a core of individuals who are all rooting for your success and happy to help you.”
One of the greatest networking tools for professionals is LinkedIn. So before you begin, make sure you optimize your LinkedIn profile for success.
by Jennifer Hart Yim | Nov 4, 2014 | Blog, Leadership, Marketing, Social Media, Strategy
Within five years social media literacy will be the single greatest factor distinguishing top performing procurement leaders from the rest.
Now don’t get me wrong – that’s not to diminish the importance of superior financial skills, sourcing, and/or change or people management abilities, but simply to say that social media will add a new dimension to these existing critical competencies.
For Roland Deiser and Sylvain Newton, authors of McKinsey Quarterly ‘The six social media skills every leader needs’, social media has created a dilemma for executives: “while the potential of social media is immense, the inherent risks create uncertainty and unease.”
For those schooled in 20th century management theories, social media’s unscripted approach to conversations, horizontal collaboration and fragmented power structures, is undoubtedly unsettling.
But the transformative power of social media is too big, too loud, and simply too pervasive to miss.
Today, Procurement Leaders are expected to ‘do everything.’ Is social media just ANOTHER thing to add to their To-Do list?
Yes and no – but that doesn’t mean it has to be a thorn in your side. Instead, why not utilize the seemingly transformational power that social media represents? Not only will it allow you to manage change more effectively and maintain costs, but it will also negate the risk of unruly online behavior.
If you’re hoping social media is really just an issue for the Chief Marketing Officer (or perhaps even just your teenage daughter and son), this next statement is going to hurt: Every leader – regardless of industry or profession – needs to be social media savvy, and the expectations for CPOs to be masterful (not just literate) are ever greater. Here’s why:
1. Procurement needs to create 360 degree visibility
Social media visibility will help position yourself as a connected thought-leader in the eyes of not just your team, but your Board and suppliers too.
You’re in a unique position – as the facilitator of connectivity you should rightly take the lead when it comes to all-things social. Suppliers can benefit from simple initiatives like creating private groups that can be used as discussion areas.
2. Procurement needs to be a Customer of Choice (and stay ahead of sales during negotiations)
Your marketing team has probably been using social media to connect with customers for years. Although the use of social media to connect with suppliers is still in its infancy (although eMarket places are rapidly growing), be assured that sales executives are already scanning social media to understand your industry (and you as a customer) better.
3. Procurement needs to mitigate the risk
So here comes the scary part – while the benefits of social media are real, so too are the risks when it comes to issues of commercial in confidence and defamation.
Procurement (and your suppliers) deal with highly sensitive issues on a daily basis. CPOS must understand social media in order to develop and manage an operational social media policy that stimulates collaboration, but adequately mitigates risk. And don’t even think about a social media blackout…your employees, your suppliers, your customers are online so it pays to stay one step ahead.
4. Procurement needs to upskill… or die
There has never been a more pressing time to engage, retain and upskill existing procurement talent.
The labor market is tightening, bringing with it new risks.
Luckily social media breeds collaboration, making approaches such as peer-to-peer learning a viable (and cost-effective) option to procurement professionals looking to develop.
What’s more, by its very nature online learning is highly accessible and available across a range of devices and form-factors. At the time of writing, all of Procurious’ training modules are free to members. So go and get them while they’re hot!
If the thought of social media literacy has you thinking fondly of the ‘good old days’ of cost-downs and low hanging fruit, there is good news: like any skill, social media can be taught so start by mastering the basics, start with understanding:
- The different social media platforms – start with: Procurious; LinkedIn; Facebook; YouTube; Twitter; and Instagram. Think about their intended purpose, how they differ; their reach and their impact
- Basic Twitter functionality
- Simple social media terminology – start with: hashtag; retweet; like; follow; mention; blog; podcast; RSS feed. I recommend checking out Buzz Billboard’s Social Media Glossary here: http://www.buzzbinpadillacrt.com/social-media-glossary/
Now if all this sounds time consuming, well it can be…but it doesn’t have to.
Much like exercise, learning to juggle or learning the guitar, the key is usually to start small and be consistent. At Procurious, we recommend ‘The Daily Habit’ – it takes 15 minutes and can be done as you sip your morning double-shot skim latte:
Scan the Headlines – 5 min
Check the latest news and blogs, keeping your eyes peeled for “water cooler moments”, mentions of your suppliers or competitors in the headlines and be ready to dazzle colleagues and stakeholders with the factoids and market intelligence you’ve found.
Share – 4 min
What did you find that was interesting? An article? A comment? A quote? Well, post it to social media and get people reading and talking.
As procurement people we in fact have access to great, shareable content – in fact many of the best stories come out of buyer/supplier relationships: weird categories sourced; inspiring social procurement stories; and photos from Supplier Awards days.
Ask (or be) an expert – 4 min
One of the busiest parts Procurious is our Discussions area. Most social media platforms will have similar groups or boards where you can throw out a question to the network…..you’ll be impressed by the willingness of people to share their learnings….or at the very least, realize you’re not alone in your challenges!
Grow your network – 2 min
To be the world’s best at procurement, you need to be the most connected. Be referred. Invite people to join your social media networks – on Procurious, you can narrow this down by geography, industry and category which means you can connect with like-minded peers from across the globe. Aim to connect with 10 new people a day across your networks.
Change management, financial literacy, sourcing, vendor and people management will always be core to procurement. Social media, however, allows you to approach these tasks with far greater reach, influence and a superior market intelligence.
Lisa Malone is the General Manager – Procurious – the world’s first online business network for procurement and supply chain professionals.
If you’d like to learn more about how to grow your social media literacy, connect with her on Procurious at (it’s free to join and participate) or follow on Twitter @lisajoymalone.
by Jennifer Hart Yim | Nov 4, 2014 | Blog, Leadership, Marketing, Social Media, Strategy
Within five years social media literacy will be the single greatest factor distinguishing top performing procurement leaders from the rest.
Now don’t get me wrong – that’s not to diminish the importance of superior financial skills, sourcing, and/or change or people management abilities, but simply to say that social media will add a new dimension to these existing critical competencies.
For Roland Deiser and Sylvain Newton, authors of McKinsey Quarterly ‘The six social media skills every leader needs’, social media has created a dilemma for executives: “while the potential of social media is immense, the inherent risks create uncertainty and unease.”
For those schooled in 20th century management theories, social media’s unscripted approach to conversations, horizontal collaboration and fragmented power structures, is undoubtedly unsettling.
But the transformative power of social media is too big, too loud, and simply too pervasive to miss.
Today, Procurement Leaders are expected to ‘do everything.’ Is social media just ANOTHER thing to add to their To-Do list?
Yes and no – but that doesn’t mean it has to be a thorn in your side. Instead, why not utilize the seemingly transformational power that social media represents? Not only will it allow you to manage change more effectively and maintain costs, but it will also negate the risk of unruly online behavior.
If you’re hoping social media is really just an issue for the Chief Marketing Officer (or perhaps even just your teenage daughter and son), this next statement is going to hurt: Every leader – regardless of industry or profession – needs to be social media savvy, and the expectations for CPOs to be masterful (not just literate) are ever greater. Here’s why:
1. Procurement needs to create 360 degree visibility
Social media visibility will help position yourself as a connected thought-leader in the eyes of not just your team, but your Board and suppliers too.
You’re in a unique position – as the facilitator of connectivity you should rightly take the lead when it comes to all-things social. Suppliers can benefit from simple initiatives like creating private groups that can be used as discussion areas.
2. Procurement needs to be a Customer of Choice (and stay ahead of sales during negotiations)
Your marketing team has probably been using social media to connect with customers for years. Although the use of social media to connect with suppliers is still in its infancy (although eMarket places are rapidly growing), be assured that sales executives are already scanning social media to understand your industry (and you as a customer) better.
3. Procurement needs to mitigate the risk
So here comes the scary part – while the benefits of social media are real, so too are the risks when it comes to issues of commercial in confidence and defamation.
Procurement (and your suppliers) deal with highly sensitive issues on a daily basis. CPOS must understand social media in order to develop and manage an operational social media policy that stimulates collaboration, but adequately mitigates risk. And don’t even think about a social media blackout…your employees, your suppliers, your customers are online so it pays to stay one step ahead.
4. Procurement needs to upskill… or die
There has never been a more pressing time to engage, retain and upskill existing procurement talent.
The labor market is tightening, bringing with it new risks.
Luckily social media breeds collaboration, making approaches such as peer-to-peer learning a viable (and cost-effective) option to procurement professionals looking to develop.
What’s more, by its very nature online learning is highly accessible and available across a range of devices and form-factors. At the time of writing, all of Procurious’ training modules are free to members. So go and get them while they’re hot!
If the thought of social media literacy has you thinking fondly of the ‘good old days’ of cost-downs and low hanging fruit, there is good news: like any skill, social media can be taught so start by mastering the basics, start with understanding:
- The different social media platforms – start with: Procurious; LinkedIn; Facebook; YouTube; Twitter; and Instagram. Think about their intended purpose, how they differ; their reach and their impact
- Basic Twitter functionality
- Simple social media terminology – start with: hashtag; retweet; like; follow; mention; blog; podcast; RSS feed. I recommend checking out Buzz Billboard’s Social Media Glossary here: http://www.buzzbinpadillacrt.com/social-media-glossary/
Now if all this sounds time consuming, well it can be…but it doesn’t have to.
Much like exercise, learning to juggle or learning the guitar, the key is usually to start small and be consistent. At Procurious, we recommend ‘The Daily Habit’ – it takes 15 minutes and can be done as you sip your morning double-shot skim latte:
Scan the Headlines – 5 min
Check the latest news and blogs, keeping your eyes peeled for “water cooler moments”, mentions of your suppliers or competitors in the headlines and be ready to dazzle colleagues and stakeholders with the factoids and market intelligence you’ve found.
Share – 4 min
What did you find that was interesting? An article? A comment? A quote? Well, post it to social media and get people reading and talking.
As procurement people we in fact have access to great, shareable content – in fact many of the best stories come out of buyer/supplier relationships: weird categories sourced; inspiring social procurement stories; and photos from Supplier Awards days.
Ask (or be) an expert – 4 min
One of the busiest parts Procurious is our Discussions area. Most social media platforms will have similar groups or boards where you can throw out a question to the network…..you’ll be impressed by the willingness of people to share their learnings….or at the very least, realize you’re not alone in your challenges!
Grow your network – 2 min
To be the world’s best at procurement, you need to be the most connected. Be referred. Invite people to join your social media networks – on Procurious, you can narrow this down by geography, industry and category which means you can connect with like-minded peers from across the globe. Aim to connect with 10 new people a day across your networks.
Change management, financial literacy, sourcing, vendor and people management will always be core to procurement. Social media, however, allows you to approach these tasks with far greater reach, influence and a superior market intelligence.
Lisa Malone is the General Manager – Procurious – the world’s first online business network for procurement and supply chain professionals.
If you’d like to learn more about how to grow your social media literacy, connect with her on Procurious at (it’s free to join and participate) or follow on Twitter @lisajoymalone.
by Elizabeth Hines | Aug 28, 2014 | Blog, Leadership, Strategy, Talent
Most teams are able to fairly easily decipher what needs to be done. However, when it comes to the how, new or weak teams fall flat. Here is how you can optimize your team for success.
Define roles
Clearly define roles and make sure every team member understands not only their role, but the roles of others on the team. When roles are defined and understood the team can avoid overlap and can avoid the trap of “I thought someone else was doing that.” In short, by defining roles your team can be more efficient and more effective.
Establish a communication protocol
Take the time to establish a communication protocol. This protocol should not be a rulebook, but rather it should outline a set of decisions about how the team will message each other and stakeholders on the progress and needs of the team. If you leave this to chance you are, well — taking a chance. If you establish a communication protocol up front you will achieve better communication and it will be less likely the ball will be dropped.
Develop performance metrics
Develop performance metrics up front. If you don’t take the time to do this, how will you know if you are making progress? How will you know what to do if you are not making progress? How will you know when goals are achieved? How will you be able to reward team members? Take the time to develop performance metrics up front — and get everyone on the same page.
Provide your team with necessary tools
Provide your team with the tools that they need to succeed, or you will set them up for failure. For example, give them the go-ahead to make certain decisions without needing to go through 11 bureaucratic steps. Similarly, give the team access to the people and information that they need to get the job done.
By focusing on the best path forward, rather than the end goal, good teams can get even better.
A version of this post previously appeared on EBN.
