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Marketing in a slowdown | The Economic Times, 22 jan 2020
Women held back by marketing's gender pay gap | Marketing Week, 22 jan 2020
Brand advertising is broken. Here's why. | The Drum, 22 jan 2020
How To Retool A Marketing Team | Forbes, 21 jan 2020
How Retailers Are Turning Plastic Bag Bans Into a Branding Opportunity | Adweek, 21 jan 2020
Traditional PR doesn't work anymore. Here's how to make it more effective | The Business Journals, 21 jan 2020
How retailers can use marketing automation to create lasting customer loyalty | Retail Customer Experience, 21 jan 2020
Do rural consumers trust mass media advertising? | Rural Marketing, 20 jan 2020
Rampant consumer behavior may lead to tragic end | The Laconia Daily Sun, 20 jan 2020
How advanced data analytics will continue to streamline digital marketing strategy in 2020 | MarketingTech News, 17 jan 2020
Mohammad Anas Wahaj | 29 sep 2018
As retail in India grows and get more organized, diversity among retail leadership will become visible. Women in retail have a major role to play as women consumers are a big demographic and they have very specific needs and wants. Here are 5 women entrepreneurs who have taken the mantle of leadership in various areas of retail - (1) Farah Malik (Managing Director, Metro Shoes Ltd.): '...Retail had always excited me and I have never regretted the decision of joining the business. The fashion retail industry is extremely demanding and women still often have to make a choice between a family life and a career...' (2) Rashi Menda (CEO & Founder, Zapyle): 'The whole eco-system is very different from what it was 3 years back and I think that the biggest challenge that any woman entrepreneur would face in today's world lack of understanding of one's own abilities...For me, forming a winning team and hiring the right people was the biggest challenge...' (3) Shubhika Jain (Founder, RAS Luxury Oils): 'When I initially joined family business it was difficult for the existing staff to accept a young lady as their head. I had to prove myself to be worthy by way of executing tasks and handling situations in a mature and strategic manner...India has as many as 9% of women entrepreneurs...Yet there are a lot of problems that women have continued to face in this country.' (4) Jagrati Shringi (Co-Founder & CTO, Voylla): 'More women entrepreneurs need to look at the big picture and think about scaling up, sustaining and growing their businesses. Despite extremely talented individuals, there aren't enough women driving big brands...there is a need for more skilled women to look beyond the safety net of IT and other jobs to realise their career goals.' (5) Trishla Surana (Founder, Colour Me Mad): 'While women entrepreneurs form only 3% of the total universe of the entrepreneurs in India, it is welcoming that people are becoming more open to having women as bosses. Also, women today need to focus more on upgrading their skills, understanding interface of design and technology and get as much exposure as they can to achieve their dreams...' Read on...
How these 5 Women Entrepreneurs Are Making a Difference in Retail Industry?
Author: Tanya Krishna
Mohammad Anas Wahaj | 23 jun 2018
Team of researchers (Prof. José Antonio Rosa of Iowa State University; Prof. Richard J. Vann of Iowa State University; Prof. Sean M. McCrea of University of Wyoming) conducted five experiments to understand how crisis influences motivation and commitment to the goal. Their research titled 'When consumers struggle: Action crisis and its effects on problematic goal pursuit' was recently published in the journal Psychology & Marketing. Prof. Rosa, the lead researcher, says, 'Setbacks are to be expected when pursuing a goal, whether you are trying to lose weight or save money. The challenge is getting back on track and not giving up after a difficulty or crisis.' The research team is working on practical ways to help people stick to health-related goals - specifically, prescribed regimens for medical ailments that require significant lifestyle changes. According to Prof. Rosa, staying committed to a long-term health goal is challenging, because it may feel as if there is no light at the end of the tunnel. He explains, 'These are some of the most difficult goals we face, because the effort has to become a way of life. If you're a diabetic, you have to be thinking about your diet every time you eat. In many ways, it is sacrificial. You must endure this cost and the reward is health.' Prof. Rosa says that action crisis, whether related or unrelated to the goal, is a point during goal pursuit when circumstances change, causing us to question whether the goal really matters. This sets in a process of goal evaluation instead of implementation and can result in the decision to quit, termed by researchers as 'taking the off ramp', and may cause another crisis. Researchers are now working to develop and test interventions for patients on prescribed health regimens. Prof. Rosa says the goal is to provide specific instructions for patients to follow and help shift their mindset from renegotiation or evaluation back to implementation. He adds, 'From a marketing perspective, it is an issue of consumption and making health care more effective for patients. The right intervention will help patients stay on track, lessening the risk for additional health issues and lowering health care costs.' Read on...
Iowa State University News:
Crisis can force re-evaluation and derail efforts to reach goals
Author: Angie Hunt
Mohammad Anas Wahaj | 26 mar 2018
Corporates often fund nonprofits to fulfil their commitments and responsibilities to the communities they operate in, and also to enhance their brand value and achieve a positive public relations. But, since the funds are limited and there are number of competiting nonprofits, corporates seek best value and return on their giving and investments. Nonprofits have to find ways to differentiate themselves and give an attractive proposition as part of their corporate fundraising effort whether they are considering cause sponsorship, 'pin-up' or point-of-purchase campaigns, corporate volunteering/employee engagement or cause marketing. Chris Baylis, president and CEO of The Sponsorship Collective in Ottawa (Canada), suggests ways to consider for successful corporate fundraising - (1) Corporate partnerships are not just philanthropy. Think beyond the good cause, clearly define your audience and understand the value of your brand. Determine the interest and buying power of your audience. (2) Use your cause to attract (and define) your audience and your audience to define and attract prospects. Use the cause as a valuable link to connect your audience and prospects. (3) Make your value known to the prospects and list every single asset you have to offer. Estimate the cost of similar exposure and services that prospects can avail elsewhere. Understand the value of your audience. (4) Logo placement, although more visible to the public, is just a small component of cause partnership. Think more of real value and outcomes. (5) Share fulfillment report with your partners and how it is tied to their goals. It explains the value they got in return, satisfies internal decision makers, helps in renewal of contract and build long-term partnerships. Read on...
Mohammad Anas Wahaj | 28 mar 2017
As crowdfunding becomes a mainstream strategy for individual fundraisers and nonprofit organizations, it becomes imperative to understand the industry trends that provide best fundraising results, and have potential to continue into the future. Christopher Moore, Marketing Mixologist at Floship, shares important trends shaping the industry and shows how to incorporate these ideas in crowdfunding campaigns - (1) Diverse Crowdfunding Platforms: Assess crowdfunding needs. Select the right platform to get specific target audience. Niche platforms are now available. (2) Nonprofit Crowdfunding Campaigns: Many crowdfunding websites are specific to nonprofits. It's easier for nonprofits and charitable organizations to meet their fundraising goals through crowdfunding. The benefits include - Expanded social reach; High speed fundraising; Low-risk giving. (3) Fully Customizable Fundraising Experiences: Fundraising process is becoming more customizable. Campaigns could be specifically designed and promoted. Ways it is happening is - Brandable campaign pages; Fundraising model flexiblitiy; Variety of sharign options. (4) Crowdfunding Campaigns Paired with Events: Events add a real-world component to the online campaign. It boosts the fundraising potential. Following ideas can be used - Pick the perfect theme; Include a variety of fundraising activities; Simlify event registration. (5) Highly Visual Campaigns: To make an impact on online donors include videos, photos, graphics and to-the-point campaign story. Read on...
Mohammad Anas Wahaj | 21 jan 2017
Building a successful CSR (Corporate Social Responsibility) program requires commitment, consistency, continuity and culture within an organization. Claudia Schiepers, Chief Marketing Officer of Greystone and winner of The CMO Club's CSR Award'2016, helped promote a culture-centric curriculum for CSR and shares valuable insights to inspire marketing leaders to develop a successful CSR program in their organizations - (1) Start from the ground up: 'We try to engrain it in everything that we do. I would say start small, test and grow it from within the company...It's all about making suggestions, trying things out and then rolling them out across the organization.' (2) Assemble a top-notch toolbox: 'We gave them a lot of tools. We have employee engagement data that we share with managers, (teaching) them how to have difficult conversations and great conversations. So, it's all about empowering the managers in your company to use the system, having your employees feel like they are involved in it.' (3) Give instruction: Developed a culture book that outlines standards of behavior when it comes to being charitable. 'We say, at Greystone, (caring) means being interested in or concerned about the wellbeing of others. It means that you actively listen, keep an open mind, seek to understand, treat people with respect and kindness. We don't allow yelling. Mentor others, foster other's development, lead by example.' (4) Know that if you build it, they will come: Strikes a balance between good PR and sincerity by publicly commending their local offices' good deeds on social media platforms. 'I think that makes the story more powerful because it is not a corporate driven initiative. We don't do it to get a pat on the back afterwards. I think that's the key for our social responsibility. That is the biggest return on the investment, that we get people that care about other people to join our company.' Read on...
Mohammad Anas Wahaj | 10 dec 2016
Gifts are an important tool for initiating and enhancing relationships, and it is often challenging to give just the right gift that connects well. According to Prof. Cassie Mogilner Holmes of University of California at Los Angles, 'What we found was that the recipient feels more connected to you as the gift giver after receiving an experiential gift rather than a material one.' Prof. Holmes is a social psychologist and marketing expert, and is a world's leading authority on consumer happiness. She says, 'Everbody wants to be happy. But we don't often know the best path towards that end. I am trying in my research to understand what are the ways we can think and behave that are most conducive to our happiness and well-being.' Prof. Holmes has been exploring the relationship between happiness, time and money for almost a decade. Her studies found that when your attention is drawn subconsciously to time, you are more motivated to engage with other people, and that will make you happier than if you were thinking about money. Prof. Holmes and her UCLA colleague, Prof. Hal Hershfield, posed the question of what people want more of - time or money - to thousands of Americans representing different ages, socio-economic levels, occupations, races and genders. According to her, 'We found that those who were more likely to choose having more time over having more money were happier.' She further explains that the psychology around these choices has less to do with age than with people's outlook on their futures and on time. She adds, 'Younger people who feel their time is expansive and that they have a very long future in front of them will enjoy greater happiness from extraordinary experiences. For older people who feel their time is limited and fleeting, they feel a need to savor the moment. These people extract happiness from even mundane, ordinary experiences, like having coffee with a friend.' Read on...
UCLA marketing prof probes what will make you happier
Author: Cynthia Lee
Mohammad Anas Wahaj | 28 jul 2016
Packaging is an important component of product handling, logistics, advertising, marketing and selling. There are variety of materials that are currently in use for packaging. Environmental challenges arise due to the waste generated through discarded packagings. The packaging industry is exploring better materials that can reduce environmental footprint. In spite of scientific breakthroughs in developing new packaging materials, there are issues related to their performance and price, inhibiting their mass adoption and usage. Bryan Shova, packaging designer and industrial design director at Kaleidoscope, explains sustainability aspects of packaging. He says, 'I dream of the day when material science and manufacturing can deliver on the promise of zero environmental impact, high performance, premium finish and low costs.' He explains, 'The viability of true sustainability is a complex economic challenge, and the ugly truth is that few consumers, brand owners or municipalities are willing to pay the premium price for cutting-edge sustainable packaging solutions. True solutions will come through "systems thinking" that requires the material supplier, manufacturer, retailer, consumer and the municipality to share in the premium costs and labor required to design, collect and recycle packaged materials.' He provides 10 principles for designing sustainable packaging - (1) Start with commodity materials that are commonly recycled. (2) Design the package from a single material. (3) Focus on the product-to-package ratio. (4) Design for assembly at the point of manufacture. (5) Avoid gluing and laminations. (6) Design for distribution. (7) Eliminate secondary and tertiary packaging when possible. (8) Design for disassembly. (9) Clearly mark the materials on the packaging components. (10) Use Lifecycle Assessment. Read on...
10 ways to design sustainable packaging with intent
Author: Bryan Shova
Mohammad Anas Wahaj | 03 jun 2016
Creativity and innovativeness are some of the most sought after skills and qualities that are required in all types of industries. These abilities keep the wheel of businesses and organizations running, and stay competitive. Fast Company developed a list of 100 most creative and innovative professionals for 2016. The list includes individuals from 13 countries and has 50% representation of women. Here are selected few in MARKETING, BRANDING, ONLINE COMMUNITIES, MEDIA and ENTERTAINMENT (The numbering is retained as in the original list) - (1) Lin-Manuel Miranda (Composer, Lyricist & Performer. Rap Musical 'Hamilton'): For making history in entertainment. (2) Divya Nag (Head of ResearchKit and CareKit, Apple): For moving Apple into the doctor's office. (3) Jill Soloway (Writer, Director, Producer at Topple, Amazon Studios): For televising the revolution. (4) Jean Liu (President, Didi Chuxing): For building China's biggest ride-sharing business at breathtaking speed. (5-6) Maria Grazia Chiuri and Pierpaolo Piccioli (Co-Creative Directors, Valentino): For turning a storied fashion house into a US$ 1 billion juggernaut. (7) Cindy Holland (Vice President of Original Content, Netflix): For offering Netflix viewers a lot more to binge on. (10) Amit Agarwal (VP and Country Manager, Amazon India): For extending Amazon's reach, one vendor at a time. (12) Katie Nolan (Host of Sports-Comedy Show Garbage Time): For shaking up sports. (13) Mark Fields (President and CEO, Ford): For steering Ford in a more adventurous direction. (15) Carlos Mario Rodriguez (Director of Global Agronomy, Starbucks): For keeping Starbucks and farmers everywhere, full of beans. (17) Rachel Tipograph (Founder & CEO, MikMak): For making infomercials binge-worthy. (18-19-20-21) Sarah Schaaf (Community Director, Imgur), Alex Chung (Founder and CEO, Giphy), Adam Leibsohn (COO, Giphy), Nick Bell (VP of Content, Snapchat): For creating and curating the most clickable content on the Internet. (25) Kakul Srivastava (VP of Product Management, GitHub): For seeing the people behind the code. (27) Baba Ramdev (Founder, Patanjali Ayurved): For disrupting India's US$ 49 billion consumer packaged goods market. (28) Martin Lotti (VP, Global Category Creative Director, Nike): For stretching Nike in new directions. (29-30-31) Will Ruben (Product Manager, Facebook), Laura Javier (Product Designer, Facebook), Jasmine Probst (Content Strategy Manager, Facebook): For seizing the moments through Facebook Moments photo app. (35) Sara Wallander (Concept Designer, H&M): For putting a new face on H&M through eco-conscious beauty products at low cost. (37) Kathleen Kennedy (President, Lucasfilm): For restoring the Force to "Star Wars". (38) Dylan Field (Co-founder & CEO, Figma): For redrawing digital design. (39) Alex Wolf (Founder & CEO, BOSSBABE Inc): For leading a millennial girl gang. (40) Chance The Rapper (Musician, Chance The Rapper): For generating music that's priceless. (41) Jennifer Bandier (Founder, Bandier): For turning leggings into art. (42) Dani Rylan (Founder & Comissioner, National Women's Hockey League): For giving women a shot at a professional sport. (43) Jill Szuchmacher (Director, Google Fiber Expansion, Alphabet): For shaking up the hidebound business of broadband. (44) Zainab Salbi (Host of The Nida'a Show): For being a voice of change and foster frank communication in the Middle East and North Africa. (45-46) Abby Schneiderman and Adam Seifer (Co-founders and Co-Chief Executives, Everplans): For helping us make arrangements through a mobile-optimized consumer platform to build a digital vault of everything. (47) Chris Young (SVP & GM of Intel Security Group, Intel): For expanding Intel's arsenal through products with focus on bettering customer's security infrastructure. (50) Quincy Delight Jones III (CEO, WeMash): For fostering harmony between mashup artists and copyright holders. (51) Jeff Turnas (President, 365 by Whole Foods Market): For lowering the grocery bill. (52-53) Heben Nigatu (Social Producer, The Late Show with Stephen Colbert), Tracy Clayton (Co-Host, Another Round, BuzzFeed): For mixing comedy with commentary. (55) Adam Grant (Professor of Management and Psychology, The Wharton School, U. of Pennsylvania): For pinpointing the secrets of success. Author of the book 'Originals: How Non-Conformists Move the World'. (60) Ryan Coogler (Director, Marvel Studios): For being a knockout filmmaker. (63) Emily Oberman (Brand Designer & Partner, Pentagram): For giving Snoop's product line some California cool. (64) Amy McDonough (VP, FItbit Wellness, Fitbit): For bringing exercise to the enterprise. (65) Neha Narkhede (Co-founder & CTO, Confluent): For teaching businesses to read Kafka. (66) B. J. Novak (Co-founder, Li.st): For putting everything in order. Allowing people to create and share content in the form of list on Internet. (69) Ricardo Vice Santos (Co-founder and CEO, Roger): For being a fresh voice in messaging. Lets users exchange recorded sound snippets. (71) Ivan Askwith (Founder, Askwith & Co.): For knowing how to get fans more of what they want. Specializes in community building and crowdfunding projects that empower fans. (76) Susan Salgado (Managing partner, Hospitality Quotient): For spreading hospitality. (80) Asako Shimazaki (President, Muji USA): For importing the cult of Muji, Japanese housewares brand, to the United States. (81) Cassidy Blackwell (Brand Marketing Lead, Walker & Company Brands): For combining razor-sharp storytelling with product marketing. (82-83) Caitlin McFarland and Emily Gipson (Co-founders, ATX Television Festival): For getting television fans off the couch. (84) Nicole Van Der Tuin (Co-founder and CEO, First Access): For turning mobile phone payments into credit histories. (91) Kamasi Washington (Jazz Saxophonist, Kamasi Washington): For breathing new energy into jazz. (94) Moj Mahdara (CEO, Beautycon): For seeing beyond the cosmetic. (96) Sally-Ann Dale (Chief Creation Officer, Droga5): For energizing brands. (98) Ahmed Abdeen Hamed (Research Assistant Professor, University of Vermont): For discovering drug links in hashtags through computer program that data mines social media. (100) Lilly Singh (Entertainer, YouTube): For creating a unicorn business. Read on...
Mohammad Anas Wahaj | 10 mar 2016
According to the recent forecast available at IDC.com, the big data technology and services market will grow at 26.4% compound annual growth rate (CAGR) to US$41.5 billion through 2018, or about six times the growth rate of the overall information technology market. While on the other hand, McKinsey estimates 1.5 million more data managers will be required by 2018 in the US alone. The demand for talent with big data and analytics skills may far exceed the supply. A new field of study has emerged in educational institutions to fulfil anticipated talent shortage. Business schools are partnering with companies that are at the cutting edge of big data technologies to structure big data and analytics focused programs. Some are providing MOOCs to impart knowledge and train business professionals for the data-driven world. While others are leveraging the strengths of their computer science departments to bring technology know-how to the business classrooms. Massimo Beduschi, CEO of WPP in Italy, says, 'The big data wave is surging through every sector - and profound digital transformations are making it mandatory to leverage analytics.' MIT Sloan School of Management has launched master's in business analytics and the senior lecturer and associate dean at the school, Jake Cohen, says, 'Recruiters have said they are looking for training in advanced business analytics...people who can take insight to action.' Prof. Soumitra Dutta, dean of Cornell University's Johnson School of Management (US), says, 'Many schools have courses linked to digital technology, one way or another.' Cornell is partnering with Twitter and Linkedln for analytics in their MBA program. Prof. Dutta is concerned at slow pace of transformation towards blended technology and business management education. Radhika Chadwick, a partner at Ernst & Young, comments, 'I applaud that we have universities tackling this, but we need to do it at a higher speed.' Stanford Graduate School of Business have electives like digital competition, business intelligence from big data, and data-driven decision-making. Maeve Richard, director of Career Management Center at Stanford GSB (US), says, 'Most of the curriculum is about looking for opportunities to be transformative.' University of Pennsylvania's Wharton School (US) offers a program track and MOOCs on business analytics. According to Prof. Peter Fader, co-director of Wharton's Customer Analytics Initiative, 'Now we have all this data, how do we actually build strategies? How do we use the data and the models to run businesses better?' Prof. Juergen Branke of UK's Warwick Business School, that was one of the pioneers and had a program since 2008 developed in partnership with IBM and SAS, advocates for new education and skills to managing effectively in the digital economy. Prof. Jeffrey Camm, chair of business analytics at Wake Forest University (US), says, 'Managers need to understand analytics, how it converts data to valuable insights, and also understand issues such as data privacy, and the ethical use of data and analytical models.' Commenting on slow development and adoption of new curriculum, Prof. Jim Hamill, director of futurdigitalleaders.com and teaches digital leadership module at University of Edinburgh Business School (UK), says, 'Most senior deans and professors are not 'digital natives'. They are baby boomers.' According to Prof. G. Anandalingam, dean of Imperial College Business School (UK) that launched a Data Observatory in partnership with KPMG and offers a degree in business analytics, 'Big data is changing the way everyone operates...need to be able to make sense of all the valuable information.' Prof. Juan José Casado Quintero, director of masters in business analytics at IE School of Business (Spain), developed with IBM, says, 'Companies are struggling to fill their data science positions.' Prof. Gregory LaBlanc, faculty director at Haas School of Business at University of California at Berkeley (US), that works with Accenture, says, 'There is huge unmet demand for data science.' Industry-institution collaborations are a win-win for both, as they provide companies access to talent and to universities the expertise and knowledge of latest business practices and market technologies. Read on...
Future Of Big Data - These Business Analytics Degrees Are Bridging The Gaping Skills Gap
Author: Seb Murray
Mohammad Anas Wahaj | 12 feb 2016
Corporations can find themselves in situations where their profit seeking goals can develop conflict with their ethical and sustainability related direction. According to Wikipedia, 'Corporate sustainability is a business approach that creates long-term consumer and employee value by creating a "green" strategy aimed toward the natural environment and taking into consideration every dimension of how a business operates in the social, cultural, and economic environment. It also formulates strategies to build a company that fosters longevity through transparency and proper employee development.' Most reputed organizations now have sustainability department that manages sustainability issues and integrates them with overall business objectives. Sustainability and marketing departments are trying to develop a converged approach to influencing customer behavior and persuading more responsible habits. But it can be a challenging task to align strategy and resources of both these departments. 73% of 1000 listeners of a webinar 'Influence customer behaviour through integrated marketing and sustainability' on website ethicalcorp.com believe that their organisation has not successfully integrated marketing and sustainability to influence customer behaviour. To do so they can utilize the following tips - (1) Start at the top: Senior managers should be made aware of all sustainable efforts in the organization to drive their support and channel effective internal and external communication through them. (2) Ensure internal integration: Continuous and consistent sharing of ideas between different departments help in integration. According to Rupert Maitland-Titterton of Kellogg Company, 'Our marketing and sustainability departments report to one and other and see each other every day. This ensures that ideas are shared and a feeling of inclusion rather than "us and them" is created.' (3) Understand your customer: Customers demand more sustainable and responsible behavior from companies. Both departments should focus on customer-centricity and develop collaborative approach to fulfil consumer expectations. (4) Keeping messaging consistent: Have long-term sustainable goals, communicate regularly and involve customers in achieving them. Dr. Kirstie McIntyre of HP says, 'Companies need to make it part of the value proposition.' David Brunt of AkzoNobel suggests seeking a 'win-win' situation. (5) Make sustainability the norm: Sustainability should be integrated seemlessly into every process and product so that the overall organization is marketed as a sustainable one. Read on...
How marketing and sustainability can drive customer behaviour change - 5 top tips
Author: Liam Dowd
Mohammad Anas Wahaj | 28 jan 2016
According to a study, pharmaceutical promotional and marketing expenditures, that include direct-to-consumer advertising (like TV ads), promotions to physicians, journal advertising, distributing free samples etc, increased from US$ 11.4 billion in 1995 to US$ 28.9 billion in 2005. But a recent research study titled 'Does Increased Spending on Pharmaceutical Marketing Inhibit Pioneering Innovation?' by professors Denis Arnold and Jennifer Troyer from University of North Carolina at Charlotte, found that the more pharmaceutical firms spend on marketing drugs, the less likely it is that the firm will produce breakthrough drugs that offer major advances in treatment. Conversely, the more pharmaceutical companies spend on research and development, the more innovative are the results in terms of the development of pioneering drugs according to FDA classifications, i.e. drugs that will improve public health. Authors of the study comment that the research has important policy and ethics outcomes. Prof. Arnold says, 'This article is the first using empirical data to demonstrate that aggressive marketing of pharmaceutical drugs and truly innovative new drug development are at odds. The current patent regime, that provides equal patent protection for drugs regardless of their innovativeness, can be manipulated by firms to increase sales and drive up costs for society without improving public health.' According to Prof. Troyer, 'The effects of increased spending on R&D are large for pioneering drugs. For firms producing at least one pioneering drug over the period (1999-2009), increasing permanent R&D spending by 1% results in an almost one pioneering drug approval per firm.' Read on...
UNC Charlotte News:
For Pharmaceutical Companies, More Marketing Equals Less Innovation
Authors: Kirsten Khire, Buffie Stephens
Mohammad Anas Wahaj | 25 sep 2015
Design thinking is used by organizations to spur innovation. It is often a source for product innovation teams to generate radical new product ideas and concepts. Once applied effectively and become a part of organization's culture it can emerge as a sustainable competitive advantage. According to Professor Michal Herzenstein, who teaches marketing at University of Delaware, 'Radically new products are products that allow consumers to do something that they couldn't have done before. They are products that create a shift in consumption - how consumers respond to and use products.' Her chapter 'Optimal Design for Radically New Products' alongwith Prof. Steve Hoeffler of Vanderbilt University and Tamar Ginzburg of Vanderbilt University, appears in PDMA Essentials book titled, 'Design and Design Thinking' by Michael I. Luchs of College of William and Mary, Scott Swan of College of William and Mary, Abbie Griffin of University of Utah. Prof. Herzenstein provides six processes that product innovation teams need to implement to create ideas for radically new products. Large organizations can use them in an ascending sequence with a focus on communicating the goal of achieving breakthrough product to innovation team. While smaller companies and startups can pick any process that they feel will assist them to learn more about developing radically innovative product ideas. The six processes are - (1) Communicate the Challenge Goal Toward Radically New Products. (2) Shift Time Frames to Future and Past. (3) Promote an Emerging Technology Focus Across the Product Consumption Chain. (4) Promote the Use of Analogical Thinking. (5) Look for Novel Ways to Solve Simple Problems. (6) Leverage More Ideators Via Crowdsourcing. Read on...
Product Innovation Educators Blog:
6 Processes for Generating Ideas for Radical Innovations
Author: Chad McAllister
Mohammad Anas Wahaj | 12 aug 2015
'Product Marketing' function in an organization is not very clearly defined and people more often confuse it with 'Product Management' or 'Marketing Management'. According to Wikipedia, 'Product marketing deals with the "7 P's" of marketing, which are product, pricing, place, promotion, physical environment, process and people. Product marketing, as opposed to product management, deals with more outbound marketing or customer-facing tasks.' Justin Topliff, Product Marketing Manager at Infusionsoft and Founder at ProductMarketingSummit.com, explains that product marketing managers are often a bridge between the product management and marketing management. Their role becomes significant when product managers and marketing managers become hyper-focused on their respective roles and as a result product management and marketing become siloed. The communication between the two functions get disconnected. Mr. Topliff describe 3 categories of responsibilities of product marketing department - (1) Research: Keep tab on industry, market and competition; Competitor profiling; Qualitative and quantitative research of customers and prospective users; Recommend and implement iterative product improvements. (2) Messaging, Positioning and Pricing: Humanize the technology in messaging; Train about product communication; Create effective marketing communication; Package and price products scientifically. (3) Product Launches and Lifecycle Management: Develop and execute go-to-market strategies; Coordinate with other deparments for product launch; Drive product consumption; Manage continuous improvement of product. Read on...
Mohammad Anas Wahaj | 16 jan 2015
Since small businesses have budget constraints and can't spend too much on marketing, branding & advertising, they have to try to do less with more. Moreover they have to develop a solid marketing plan to attract and retain their customers. Christine St.Vil and Julian Kiganda, authors and entrepreneurs, provide tips on branding and marketing for small business owners. On Branding - (1) Have total clarity on your WHY (2) Know who you are (3) Deliver on your promise. On Marketing - (1) Focuse on relationship building (2) Focus on creating and sharing great content that your audience wants/needs/will benefit from (3) Tell your story (4) When your business grows, make sure your head stays the same size. Read on...
7 BRANDING & MARKETING TIPS FOR SMALL BUSINESS OWNERS JUST STARTING OUT
Author: Kara Stevens
Mohammad Anas Wahaj | 01 oct 2014
From traditional perspective, human resources (HR) handles relationship of the employees with the organization, while marketing handles dynamics of interaction between customers and organization. But the value of brand experience for both consumers and employees, alongwith technological advancements is bridging the gap between these two critical components of any business. The notion 'happy employees can make customers happier' is becoming more real. Convergence of HR and marketing will facilitate a learning exchange between the two and create new paradigms for organization's benefit. HR can effectively pursue strategies for talent acquisition much in the same way that marketing works toward seeking customers and can develop employment value proposition (EVP). Social media is facilitating new connection between organizations and consumers. These technologies can be leveraged by HR for interaction with prospective employees and to develop effective recruitment strategies. HR should learn from marketing to embrace change and be early adopters. Read on...
Mohammad Anas Wahaj | 23 jul 2014
Although most innovation in technology-driven companies is achieved and accomplished by experts in R&D, but marketers at General Electric (GE) have found ways to facilitate and contribute to the innovation mechanism. Beth Comstock, Chief Marketing Officer of GE, explains their method that can be utilized by other marketers who are seeking to create value and drive innovation in their businesses - (1) Go to new places: Be explorers and seek out new places and better the understanding of what people need and require around the world. It can help them give insights for better product development. (2) Shape the market early: Great innovations need to be explained before they are accepted. Marketers can explain, define and communicate effectively and set the stage for the innovation before it hits the market. Mantra at GE is 'Mindshare before Marketshare'. (3) Incubate new businesses and models: To promote ongoing innovation, marketers seek to find ways that have not been thought before. Integrate startup culture into the marketing DNA. It simplifies development and gets products to the market faster. (4) Invite others in: Partnerships are the path to speed and scale. Develop collaborations outside the organization to increase the creative territory. Marketers are generally facilitators for these relationships. Read on...
Mohammad Anas Wahaj | 05 mar 2014
Influence is an important aspect of human personality that provides the ability to affect and attract others. Psychologist Herbert Kelman of Harvard University wrote about 'social influence' and considered 'compliance' (agreement with others in public, disagreement in private), indentification (influence due to likeness and respect for a specific personality) and internalization (agreement in both public and private) as three processes of attitude change. In the article John Hagel III explores the changing nature of influence in the dynamic world of today and recommends ways to achieve more influence. According to him the conventional approach to build influence included - by providing answers; by demonstrating strength; by being a hub of a network of like minded people that further persuaded others through the answers that were provided. But in the transient world of today the answers lose value rapidly as the new and better ways and methods displace and make the older ones obsolete. Therefore he suggests the new way of building and retaining influence by asking questions. Questions have the ability to invite participation and provide the opportunity to co-create and co-develop answers and solutions by sharing ideas and insights. But the challenge is to frame the right and effective questions to get valuable insights. He suggests - ask broad questions; questions where stakes are high; questions with depth that require consistent effort over extended period of time; questions that provide step by step answers that encourages continued participation. Asking questions demonstrates individual's vulnerability that helps in building trust-based relationships in the initial stages. Moreover it enhances the ability to access tacit knowledge of the participants. The new approach also requires mobilization of a new kind of network, more mesh-like, connecting every participant with each other, thus providing unexpected and evolving ways to co-explore. This assists in building creation spaces with smaller teams connected with each other and getting together when required. To demonstrate the influence in action, John Hagel provides the example of Santa Fe Institute and its formation by a group of scientists led by George Cowan, and participants - David Pines, Stirling Colgate, Murray Gell-Mann, Nick Metropolis, Herb Anderson, and Peter A. Carruthers. They all represented different fields but all came together to seek answers to the questions about potential common themes regarding complex adaptive systems that cut across traditional disciplinary boundaries. Read on...
Mohammad Anas Wahaj | 05 mar 2014
Joseph Shumpeter defined 'economic innovation' as - bringing a new product, a better or new process or method of production, developing a new market, exploring a new source of raw material or creating a new and better form of organization of industry. In the article Michael Scholl proposes 'commercial innovation' as an approach to bring new products and services into the market by identifying existing customer needs and willingness to pay (WTP) in areas where available products and services don't fulfil customer needs. Thus expanding the existing market with speed and market-oriented focus. He argues that commercial innovation should not be confused with 'product re-launch', that companies often use to bring existing products into market with different name and market strategies to enhance product life-cycles. He provides recommendations to implement commercial innovation - keep the idea secret as it may affect organization; designate separate task force to work on this initiative; shift R&D budget to this task force; be quick to implement and act on the plan. Read on...
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