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In case you hadn’t noticed, the key elements of a competitive advantage for your business have changed as businesses move online, and your domain is instantly global. As a business advisor, I have to recommend even to established companies that they review and revamp their competitive strategy now, even if it appears to be working today.
Most startups, and many big businesses, still don’t have a clue on how to use social media productively for marketing their business. The next thing that entrepreneurs need to realize is that the process and framework for making social media marketing work are different from traditional marketing, and trial and error certainly doesn’t work.
In the media NYC is “hot” right now yet having just spent 6 days in NY I heard many similar stories as I get in LA: not enough VC and hard to get great tech resources. Company grew by more than “400% each year” for past few years [assume growth metric = revenues]. Metrics: 2.5mm members, 1,000 brands, 2,500 sale events to-date.
Most startups, and many big businesses, still don’t have a clue on how to use social media productively for marketing their business. The first thing that entrepreneurs need to realize is that the process and framework for making social media marketing work are different from traditional marketing, and trial and error certainly doesn’t work.
Image via Pixabay Most startups, and many big businesses, still don’t have a clue on how to use social media productively for marketing their business. Valid social media objectives for a business should include one or more of the following: increased brand awareness, lead generation, service and support, or reputation management.
In the past 5 years some of the best investors in the country could simply anoint winners by giving them large amounts of capital at high prices and then the media hype machine would create awareness, talent would race to join the next perceived $10bn winner and if the music never stops then everybody is happy. Except the music stopped.
Not just in measured results per second (several metric crap tonne), but in number of tests measured (~1830), number of framework permutations tested (~464), number of languages included (26), and total execution time of the test suite (67 hours, or 241 billion microseconds to make that sound properly enormous). Social media presence.
Social media is so pervasive in today’s world that every entrepreneur believes instinctively that they know how to use it for their startup. When it comes to social media for your business, expect a high learning curve, but rest assured it’s not rocket science. Create an integrated conventional marketing and social media strategy.
Most startups, and many big businesses, still don’t have a clue on how to use social media productively for marketing their business. The first thing that entrepreneurs need to realize is that the process and framework for making social media marketing work are different from traditional marketing, and trial and error certainly doesn’t work.
Los Angeles-based Maple Media (maplemedia.io) recently announced a big, $30M funding from Shamrock Capital, to assemble a collection of mobile applications in the utility, productivity, games and entertainment verticals. What's the idea behind Maple Media? What's the idea behind Maple Media?
Everyone is talking about how social media can help you jumpstart your business at no cost, and experts are springing up on all sides to help you do it at a high cost. Before you start, analyze existing media, demographics, and new social media alternatives for a fit to your rollout campaign requirements. Then set your goals.
Unfortunately, in my role as business advisor , I don’t see the same response to more common weak signals , like the move to phone texting instead of voice, or politics invading social media. Establish and evaluate metrics at multiple levels. In addition to total sales, you need to look at categories and trends at lower levels.
Essentially, we help them learn how to get more with less, and also how to consider new investments in things like social media, mobile marketing, or video. We're building very advanced analytical models which look at both direct and indirect effects, so that we are able to quantify how different media interacts with each other.
Of course, that’s both the good news and the bad news for aspiring entrepreneurs, since it means more competition, and the business landscape is changing faster than ever. Establishing your brand with interactive social media. The cost of social media done well is low. Using new tools for recruiting key players and advisors.
He talks in detail about ten of the key challenges that Facebook faced in their growth, to move from a tiny social media upstart to one of the most successful companies in the world. Pick a single metric that is the focus for all growth. Revenue and competitive position followed. Less is more.
He talks in detail about ten of the key challenges that Facebook faced in their growth, to move from a tiny social media upstart to one of the most successful companies in the world. Pick a single metric that is the focus for all growth. Revenue and competitive position followed. Less is more.
Most startups, and many big businesses, still don’t have a clue on how to use social media productively for marketing their business. The first thing that entrepreneurs need to realize is that the process and framework for making social media marketing work are different from traditional marketing, and trial and error certainly doesn’t work.
In today’s highly competitive ad environment, both content and data are kings. At the time, it was doing Facebook media buying for e-commerce companies. But regardless of whether you can afford this, we think you’ll learn interesting lessons from our conversation with their CRO, Greg Gillman. The key takeaway?
With interactive social media and video everywhere, everyone needs to feel they have a relationship with their leaders, and every brand needs leader personification for customers to relate. Focus on two or three pertinent metrics in any situation. The days of leadership without engagement are gone. Keeping it simple is the best course.
It’s important to define your growth strategy, document it, communicate it to your team, and align metrics and employee rewards to target goals. Track competition to stay ahead of copycats. Build a strong employee culture focused on growth.
With interactive social media and video everywhere, everyone needs to feel they have a relationship with their leaders, and every brand needs leader personification for customers to relate. Focus on two or three pertinent metrics in any situation. The days of leadership without engagement are gone. Keeping it simple is the best course.
The basic alignment framework of strategy, customers, people, and processes hasn’t changed, but the pace of technological, competitive, and social change has increased at an amazing rate. Re-evaluate processes as they are today and set metrics to better represent the new sales, operational, and service needs.
To keep you on a positive track with potential investors, I recommend the following logic principles, to balance your passion in presenting your vision of a new business: Make sure your plan includes some business metrics. Postulate competitive reactions and your responses. Pitch a rational plan for expansion and growth.
Then, he'll need to patent it and create a plan to show opportunity, competition, and financial projections. Create a written plan, with target milestones and metrics. These days, even with the pervasive Internet and social media, it still takes time and money for your marketing and customer communication efforts to have an impact.
Most existing metrics and analytics for measuring customer satisfaction and loyalty, including the popular Net Promoter Score (NPS), don’t distinguish between recommend messages to others (word-of-mouth), detract messages or no message at all. They operate like competitive retention, forcing you to win every transaction over competitors.
With interactive social media and video everywhere, everyone needs to feel they have a relationship with their leaders, and every brand needs leader personification for customers to relate. Focus on two or three pertinent metrics in any situation. The days of leadership without engagement are gone. Keeping it simple is the best course.
Of course, that’s both the good news and the bad news for aspiring entrepreneurs, since it means more competition, and the business landscape is changing faster than ever. Establishing your brand with interactive social media. The cost of social media done well is low. Using new tools for recruiting key players and advisors.
With interactive social media and video everywhere, everyone needs to feel they have a relationship with their leaders, and every brand needs leader personification for customers to relate. Focus on two or three pertinent metrics in any situation. The days of leadership without engagement are gone. Keeping it simple is the best course.
Most existing metrics and analytics for measuring customer satisfaction and loyalty, including the popular Net Promoter Score (NPS), don’t distinguish between recommend messages to others (word-of-mouth), detract messages, or no message. These operate like competitive retention, which means you must win every transaction over competitors.
In this age of instant communication through the Internet and social media, people remember personal images more than a product or service name. Proactively use metrics and customer feedback before a crisis hits, to recognize when a pivot or product adjustment is required. Allocate resources to handle bumps along the way.
He talks in detail about ten of the key challenges that Facebook faced in their growth, to move from a tiny social media upstart to one of the most successful companies in the world. Pick a single metric that is the focus for all growth. Revenue and competitive position followed. Less is more.
In this age of instant and global communication via social media and the Internet, I see more and more evidence that delighted customers should be your top priority. Use metrics to assess needs and growth economics. A popular set of metrics for customer views is the New Promoter System ( NPS ), available from Bain & Company.
Yes, it’s true that FOMO (fear of missing out) is driving some irrational behavior and valuations amongst uber competitive deals and well-financed VCs. There is no sector of the economy that isn’t being transformed by the online community that is now voraciously consuming media, applications, communications and buying global products.
Even a million users on your social media site won’t pay the bills until you sell some advertising or a premium service. It’s your job as a leader to be the model high performer, quantify the team view with metrics, and expand awareness to the best outside competition and new tools.
The basic alignment framework of strategy, customers, people, and processes hasn’t changed, but the pace of technological, competitive, and social change has increased at an amazing rate. Re-evaluate processes as they are today and set metrics to better represent the new sales, operational, and service needs.
The advent of social media and real-time interactive feedback via the Internet allows every customer to build and expect a relationship with your business, rather than just touchpoints. One metric now commonly used is called the Net Promoter® Score (NPS). So how do you measure customer loyalty and relationships? Detractors.
Sustainable competitive advantage. As an entrepreneur, make sure you understand your direct and indirect costs, staffing requirements, margins and metrics to make sure these elements are in place. Investors look for specifics on sales channels, marketing collateral, social media initiatives and customer incentives.
The advent of social media and real-time interactive feedback via the Internet allows every customer to build and expect a relationship with your business, rather than just touchpoints. One new metric now commonly used is called the Net Promoter® Score (NPS). Detractors. Have you checked your customers’ experience lately?
The basic alignment framework of strategy, customers, people, and processes hasn’t changed, but the pace of technological, competitive, and social change has increased at an amazing rate. Re-evaluate processes as they are today and set metrics to better represent the new sales, operational, and service needs.
It takes a well-rounded and motivated team to run a competitive business today. You need to communicate quantified and updates goals quarterly, including the metrics to assess progress and success. Make sure your channels are open and responsive, through social media, websites, and easy access to executives.
The advent of social media and real-time interactive feedback via the Internet allows every customer to build and expect a relationship with your business, rather than just touchpoints. One metric now commonly used is called the Net Promoter® Score (NPS). So how do you measure customer loyalty and relationships? Detractors.
Of course, that’s both the good news and the bad news for aspiring entrepreneurs, since it means more competition, and the business landscape is changing faster than ever. Establishing your brand with interactive social media. The cost of social media done well is low. Using new tools for recruiting key players and advisors.
Include mobile-app support and new social-media channels. Use social media and personal discussions to isolate their interests and needs. It may be small feature extensions, packaging and distribution that can make your solutions attractive and more competitive for new market segments. Word-of-mouth is an inadequate strategy.
Based on my own years of experience in this space, I would like to highlight a critical subset of his key ingredients for success, to save you from the frustrations and setbacks we both have felt: Implement real competitive differentiation. Use visibility and social media to pull clients in. Don’t forget seminars and events.
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