Friday, July 24, 2015

This Week In Market Research: 7/20/15 - 7/24/15

There’s a new boss in town and guess who it is? The customer. Five or six years ago a marketing campaign was deemed successful if there was an increase in sales. Now a marketer is held to answer to the customer and their social media scrutiny. According to a recent article on Entrepreneur, “As customers’ voices become louder, and as they interact with brands in more ways, the modern marketer’s job has become a lot more visible and complex...” This article discusses the 5 attributes that a marketer in today’s day and age must possess. Among the traits listed is “join today’s conversation.” In other words, customers are having conversations everywhere on social media and marketers would benefit greatly from joining the conversation and providing useful content. With the world of marketing evolving and placing heavy importance on how the customer interacts with the campaign, these 5 attributes provide an insightful take on what it means to be a marketer today.

Imagine the place you work. More than likely images of cubicles, four white walls, printers, and break rooms are seeping into your mind. Now imagine a work setting with none of that. In fact imagine your work location being whatever you want it to be whether it’s your kitchen at home, inside a local coffee shop, or outside in the park. This incredible dream is actually a reality for Amir Salihefendic’s organization “Doist.” Doist is an organization designed to manage any sort of to-do list. When Salihefendic took this idea to the next level at full-time capacity he realized he needed employees and couldn’t be picky about where they were located. The organization now employs 40 people from over 20 different countries. In the respect of market research do you think this could work to the organization’s advantage as a way of being more “global”? You decide.

What do you think has the fastest growing rate on social media? Is it Facebook? What about Twitter? If you guessed either of these two, I’m sorry to say, but you’re wrong. Instagram is actually growing faster than both of these platforms due to its engagement rates soaring. So if you’re a company like Tom’s from Maine, how do you get a coverage on this platform without an obvious visual appeal? Well, according to a recent Adage article, the Local Main company plans on turning to what is called
“micro-influencers.” In the Instagram world more and more companies are starting to make payments of $15,000 or more to Instagram “mega-influencers” in order to have them post product photos to their millions of followers. However, in Tom’s approach, they are targeting ‘micro-influencers’ “who have maybe 1,000 to 5,000 followers but engage a very high percentage of them around a very specific topic.” In other words, Tom’s will be reaching out to users who may not have an exuberant amount of followers, but have a rather heavy engagement with the followers they do have. To me this is a brilliant change in market strategy for Tom’s and one which will be interesting to follow (no pun intended).

Ivy Lee? Every heard of him? Well, he was a very successful businessman, the man considered to be the father of public relations, and the genius who will increase your productivity. According to his method for productivity, your business can reach peak productivity. Here’s how: 1. “At the end of each work day, write down the six most important things you need to accomplish tomorrow. Do not write more than six tasks. 2. Prioritize those six items in order of their importance. 3. When you arrive tomorrow, concentrate only on the first task. Work until the first task is finished and before moving on to the second task. 4. Approach the rest of your list in the same fashion. At the end of the
day, move any unfinished items to a new list of six tasks for the following day. 5. Repeat the process every working day.” You may ask, “Why should we take his word? How do we know it works?” Well, back when Charles M. Schwab asked for Lee’s advice, Schwab asked how much it would cost him. Lee responded by saying, if it worked Schwab could pay him whatever he thought it was worth. Charles M. Schwab ended up giving him $25,000 dollars, which, back in 1918 is the equivalent of $400,000. Convinced?

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