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 Fronetics | 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 Fronetics | Aug 10, 2016 | Blog, Content Marketing, Data/Analytics, Marketing, Strategy
Examine these stats when you analyze your content to improve your content strategy and the effectiveness of future content.
A critical (but often overlooked) element of an effective inbound marketing strategy follows the actual production and distribution of content: analyzing your content. It sounds obvious, but many businesses who are producing content do not take the time — or are unsure how — to evaluate how it has performed over time.
Regularly studying how your blog posts, videos, high-value resources (e.g., case studies), and other content resonates with your audience helps inform your strategy. It tells you what kinds of content succeeds in driving traffic and converting leads, as well as which distribution platforms and patterns are optimal.
While you may have had a good feel for this when you initially developed your strategy — p.s. you should always have a strategy and you should always document it — an audit can confirm it. If it doesn’t, you can make adjustments.
Also, keep in mind that digital and social media is constantly evolving. Regular content analysis will dictate where and how you need to accommodate changing user patterns, interests, behaviors, and technologies.
Here are four things that are important to evaluate when you analyze your content.
1) Views
How many times your content has been read, watched, or downloaded is a good indicator of how well it resonates with your audience. It’s important to evaluate individual pieces of content (rather than total website views) so you’ll know exactly what is driving web traffic.
Run such reports on a regular basis, examining how your content has performed over that short interval of time. You’ll want to consider how certain subjects play during the time of publication. You should also keep an eye out for how things have changed over time — for example, a topic that normally drives a lot of traffic that is no longer getting the same attention. Has audience interest changed or been satiated? Is the distribution platform no longer appropriate for that topic?
For blog posts or web pages, make sure to check both pageviews and unique pageviews, as well as bounce rate and time on page. That way, you can rule out any spam traffic or pages that draw a large audience but do not end up keeping them once they start reading. An eye-catching title or well-optimized post can bring the horse to water, but if it’s not drinking, your content isn’t doing its job.
2) Performance over time
It’s equally important to check how individual content has performed over its lifetime.
You may have a blog post that gets an extraordinary number of views the week it is posted but then fails to draw traffic thereafter. If that’s the case, examine what circumstances were in place at the time of the post and how the post fit in that context, then try to replicate that pattern in the future.
On the other hand, if you have a post that continues to draw traffic long after it has been posted, take note. Is content involving similar topics popular as well? Your audience is hungry for information about that subject. Consider other factors: Was it authored by a particular company leader? Is it formatted in a certain way, or did you use certain keywords?
3) Social impact
What kind of content gets the most engagement on social media? Examining the number of likes, shares, comments, and click-throughs on individual posts offers insight into what your followers are interested in. It can also help you evaluate your distribution strategy. Do certain subjects perform better at different times of the day? Get more engagement on one platform? Use individual channel’s analytics features as well as tools like Google Analytics to evaluate the impact of your content on social media.
4) Lead conversion
The reason we create and publish content is to attract new business, so knowing what drives lead generation and conversion is incredibly valuable. If you use marketing software, like HubSpot, this is easier to do. If not, it can be difficult, though not impossible, to understand what content was critical in winning over your customers.
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by Fronetics | Aug 8, 2016 | Blog, Content Marketing, Marketing, Strategy
B2B marketers who meet more often to discuss and evaluate their content marketing strategy report success at much higher rates than those that meet less frequently.
Do you feel your content marketing is producing results? Only 30% of B2B marketers say they feel effective, and a shocking 55% admit they do not actually know what content marketing success looks like.
If this sounds familiar, take a note from the most effective B2B marketers: Meeting more often can improve content marketing performance.
Another meeting? Say yes for success
We all have been guilty of thinking, “Great. Another meeting to squeeze into my schedule.” But the B2B Content Marketing 2016: Benchmarks, Budgets, and Trends – North America found some interesting correlations between content marketing effectiveness and frequency of meeting. For instance:
Meeting daily or even weekly improves content marketing results.
61% of the most effective B2B marketers meet daily or weekly with their content marketing team, either virtually or in person.
Meeting more often is time well spent.
Teams that meet daily or weekly find the meetings to be more valuable (70% of respondents) than those who meet less often — like biweekly or monthly (49%). But, only 36% of the content marketing professionals surveyed met once per week, and only 8% met daily. And you guessed it: Those were the teams that reported having the most success with their content marketing.
Meeting strategies
There is more to success than simply holding a meeting, of course. Time spent around the conference table is not going to bring results unless you are asking the right questions with keeping eyes on your content strategy.
What are the new challenges the team is facing? What is happening in the news or industry that might affect or interest your audience? How is your audience responding to recent content? There must be more to regular meetings than coffee and bagels.
Equally important is ensuring the team has a clear vision of your goals and benchmarks. The greater the team’s understanding of what success looks like — clearly defined objectives, expectations, and your content marketing goals — the more effective they can be at their job.
Things to discuss about your content strategy:
- Purpose: What is the goal or objective the team is striving for from content marketing efforts? More leads and increased brand recognition are common examples.
- Audience: Who is your target audience, and what are their needs, interests, and concerns? Where do they consume content (e.g., LinkedIn, blogs)? When do they visit those channels?
- Tactics: What platforms are you using for distribution, and how do they work together? Is there an email campaign as well as daily Facebook, Twitter and Instagram posts, for example? Are images important for results?
General discussions to include:
- Open-topic communication: Tap into knowledge from all members of the team to generate ideas, information, and data for content creation. Open discussion can bring insight and fresh angles of approach.
- Ways to improve and reach objectives: Fresh ideas are as important to the team as fresh content. What could you be doing better? Should you be measuring something that you’re not? Are there new technologies or tools that you should try? Every team member should have a voice in how to best execute or improve your content strategy.
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by Fronetics | Aug 2, 2016 | Blog, Content Marketing, Marketing, Strategy
Content marketing can help with lead generation and nurturing, but your business still needs a solid sales staff to close deals.
Content marketing helps generate a steady influx of quality leads and provides relevant information to prospects as they move down the sales funnel. Content can even help close a deal.
But forget any notion about content marketing replacing the work of your sales staff. The two must work together to convert leads into customers.
Even quality leads do not typically turn into sales on their own. You need a sales staff to take those opportunities and cultivate them into new business.
What content marketing does vs. your sales staff
Content marketing and sales staff provide different touch points for leads at distinct stages of the buying cycle. Here are a few examples:
Forming a relationship
- Content marketing opens up dialogue with potential customers. Often the first signs of customers’ interest appear after they read one of your blog posts, when they open and click through an email, or they share your company’s posts on social media channels.
- Your sales staff keeps that positive contact going to the next level. They develop it into a conversation. That person who read your blog post now has a relationship with a person in your company.
Providing information
- Content marketing can reach a potential customer early, while they are looking for solutions. B2B buyers report spending more time conducting research, using more expert content such as vendor websites, user reviews, and social media, before making a purchase. Your business should be producing content in order to make the short list of buyers who are looking for products and services like yours.
- Your sales staff answers those important first questions. When a customer reaches out with a query, s/he is likely 60% through the sales process. The customer has done a fair amount of research, and the sales rep must speak specifically to the customer’s needs — in a way that generic content can’t — to keep them interested and moving down the funnel.
Advocating for your brand
- Content marketing increases brand awareness for your business. It helps elevate your brand position within the industry and keeps your business top of mind, even when potential customers aren’t ready to make a purchase.
- Your sales staff is the advocate for your brand when a customer is preparing to make a purchase. They should be proactive in pursuing business when customers show interest in your content or when they reach out with questions. They drive dialogue and get to know customers and how your business can help them.
The content marketing, sales staff partnership
Curating and creating great content will generate quality leads for your company. But, your sales staff is vital to building relationships with potential customers and closing the sale.
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by Fronetics | Jul 29, 2016 | Blog, Content Marketing, Marketing, Strategy, Supply Chain
Here I share some of our best performing content from the first half of this year.
Auditing your content and adjusting your strategy is an important part of an effective content marketing program. I like to do an in-depth look at how our content is performing every six months.
As I was evaluating our most popular articles in the first half of 2016, one of the things that struck me was how well they spoke to our content strategy. The top 10 blog posts reflect the topics that we know are most interesting and valuable to our readers. This reinforces the importance of 1) creating a strategy based on your target audience, 2) developing content around that strategy.
While the list itself is interesting, I think the articles are worth sharing again because of their quality and value. So, in case you missed them, here are our top blog posts from the first half of 2016.
Fronetics’ 10 most popular supply chain articles in 2016 (so far)
1) Four Supply Chain Companies that Excel at Social Media
These four organizations have it down when it comes to social media. Consistent posts inform and engage their followers. Who are they and what are they doing that is working? Read the full article.
2) Diversity and Leadership: An Interview with Arrow Electronics’ Kendrea Durr-Smith
Kendrea Durr-Smith runs a unique team as director of global trade compliance at Arrow Electronics. Her department works with people of all different cultures and backgrounds, while recent changes at Arrow with respect to trade management and compliance have given her team exciting, new responsibilities. Read the full article.
3) Top Logistics and Supply Chain Blogs of 2016
Companies in the supply chain and logistics industries are realizing the enormous benefits that a quality content marketing strategy, including regular posts to a company blog, can offer. These three companies, in particular, are publishing content that not only drives business to their websites, but also fuels conversation about industry best practices, trends, and issues. Read the full article.
4) Shipping company Eimskip Places a High Value on Culture and Art; It’s Paid Off
Iceland’s oldest shipping company regularly hosts local artists on voyages between its headquarters in Portland, ME, and Reykjavik. The practice reflects Eimskip’s great efforts to integrate itself into all aspects of the communities in which it operates. Read the full article.
5) 3 Key Tips for Creating Valuable and Compelling Content
This guest post by Jennifer Cortez, director or marketing communications at Transplace, discusses her company’s approach to content development. Read the full article.
6) Getting to First Base with a Social Network
Guest author Tania Seary is founder of Procurious, a global online network for supply chain and procurement professionals. In this article, she discusses some of the key decisions leadership made along the way to build the company from the ground up. Read the full article.
7) Social Media Facts for B2B Companies
Understanding how users are engaging with social media is important for businesses hoping to reach consumers with these tools; however, the information is hard to track down. Here are eight of the most recent, relevant statistics and facts about social media for B2B organizations. Read the full article.
8) Amazon Loves Logistics? The E-Commerce Giant’s Next $400B Opportunity
Amazon’s recent activity suggests it plans to move into the logistics space as a 3PL provider. This article examines why such speculation is valid and how it might disrupt the estimated $400 billion fulfillment market. Read the full article.
9) EBN’s Hailey McKeefry on Women in the Supply Chain Industry
This interview with EBN Editor in Chief Hailey McKeefry examines the gender gap in the supply chain industry in light of her own career path. McKeefry also offers advice to women considering entering the industry. Read the full article.
10) Women in Manufacturing and the Supply Chain: Disparity and Opportunity
A McKinsey & Company report found that diverse companies financially outperform companies that are not diverse by 15%. And in terms of gender diversity, specifically, research shows that when women are in positions of leadership, companies perform better — much better. How can the supply chain capitalize on that information and impact the bottom line? Read the full article.
Runner-up posts:
