You'll Need More Than Facebook To Smash The Wall Between You And Your Customers - Fast Company
Twenty years after the Internet first went mainstream, most businesses have yet to take full advantage of the most fundamental opportunity it has created for them. Thanks to digital media, companies can create their own relationships with consumers at incredible scale--and they can use the data from these interactions to build better products, produce more effective marketing and, ultimately, make their customers happier.
Instead, most companies are still using digital media primarily as an extension of their pre-Internet business models and operations. Marketers still build digital marketing plans that are heavily dependent on renting access to consumers from media companies, like Facebook. Manufacturers still depend on third-party retailers to sell their goods. Both parties are missing out on the opportunity to deal directly with their prospective and active customers.
It's no longer enough to have a website, mailing list, Facebook page, or even a mobile application. Businesses need to create and maintain digital assets that are core to how they operate, provide real value to users, and support them appropriately. Here's where to focus resources and energy:
Selling direct. For many manufacturers, selling direct can be a great complement to traditional retail channels. It gives sales, product development and marketing executives the chance to learn more about their customers firsthand, and it can provide a peripheral, higher-margin revenue stream--no matter the product. Many business leaders worry that no one will want to buy their wares directly, but people will buy anything online if it’s marketed well. In its first 48 hours, 12,000 people signed up for the monthly delivery of razorblades from the Dollar Shave Club. Warby Parker sells eyeglasses online; Procter & Gamble sells hair color and air freshener direct; Blue Nile does diamonds; LegalZoom, legal documents. Consumers are purchasing everything online--even pricey, personalized or locally available products. Online sales are expected to grow from 7 percent of all retail sales (equal to $202 billion in consumer spending in 2011) to nearly 9 percent, or $327 billion in consumer spending, by 2016. If you make something that consumers buy, it's hard to argue against opening up shop.
When devising an e-commerce plan, consider how your channel can be a strong counterpart to your retail partners and simultaneously help you meet your business goals. You can use your own e-commerce site, for example, to provide more detailed product information or to incorporate a brand-specific social shopping application. Consumers balance trust, convenience, price and fun to decide where to shop and buy. Think about where your retailers fit into this process and how you can supplement their offerings.
Marketing direct. Marketing directly to consumers means improved CRM, more control over your brand, and a higher return on investment. It shouldn't be confused with marketing on Facebook. Many marketers treat Facebook as if it were their own property, investing significant amounts to build up likes and followers. This is akin to renovating a rental apartment; you can enjoy--but don’t own--the benefits of your labor. What’s more, even after your investment, the landlord can still increase your rent? On Facebook, only 16 percent of a brand’s fans actually see any one post. To guarantee appearance in a majority of fan newsfeeds, brands now have to pay. This is an unfortunate circumstance for dependent marketers but completely understandable, since Facebook is now a publicly traded media company, rather than a public service for college students. Spending a similar amount of money and energy to build an email list doesn’t sound as glamorous, but at least no one plays middleman there.
Instead, start investing in your own platform--ideally, one that amplifies your brand promise and meets user needs. That’s what Nike has done to great effect with Nike+ and what Pepsi started with the Pepsi Refresh Project. LEGO has more than a dozen different mobile apps, which create direct one-to-one relationships with its consumers (both the children who use the products and the parents who purchase them) on a broader scale than is possible through its own stores. While American Express already has a direct link to its customers through its product, American Express OPEN Forum, a branded content site for small business owners, drives brand positioning and consumer engagement far beyond what would be possible through advertising. You can leverage existing social networks and ads to propel awareness of your new platform or product or to get a quick spike in sales or awareness, but the home base of your direct-to-consumer initiative should be a site owned and controlled by you.
It's time for businesses to stop living in the pre-Internet world, which will undoubtedly challenge current processes and procedures. For marketing, the budget needs to be managed so that an exciting new platform or product isn’t only launched, but maintained over the long term. For sales, an operating structure must be developed to deliver goods directly to consumers. In both of these cases, you may have to convince your company’s leadership team to support a leap of faith, but it’s really a very logical move. The tools and opportunity are there; the only thing holding you back is habit.
[Image: Flickr user Kymberly Janisch]
HIGHLIGHTS-Parliament hearing with FSA's Turner - Reuters UK
LONDON, July 16 |
LONDON, July 16 (Reuters) - Adair Turner, chairman of the Financial Services Authority (FSA), appeared before a House of Commons Treasury Select Committee on Monday as part of a probe into a Libor interest rate rigging scandal.
Below are comments from Turner and FSA staff Andrew Bailey and Tracey McDermott:
TURNER ON THE RESIGNATION OF BOB DIAMOND
"I spoke with Marcus Agius on the afternoon of Friday 29th June. Andrew and I discussed what was the approach to the issue of succession.
"I said to Mr Agius that we were not saying Bob was not fit and proper but the board had to think very seriously about the scale of change which Barclays had to make both in a substantive sense but also in the need for them to have leadership that could convince the external world that they changed culturally and had addressed these issues.
"I said you have got to think about whether that is possible with Bob Diamond or whether that is simply impossible.
"Over the weekend Agius decided he should himself resign. That was an honourable decision but it was a decision which surprised me as I thought that after my conversation with Marcus Agius it was more likely that Bob Diamond would resign.
"I think we were at one with the message we had to give to Barclays."
TURNER ON CONTACTS WITH BARCLAYS:
"Yes there was a contact there, but the evidence trail shows they were deliberately not being totally honest with us about what was going on."
BAILEY ON GOVERNANCE AT BARCLAYS:
"Whatever the form was, the substance was not working."
"I think there needs to be far more emphasis on internal auditors at large banks. I frankly don't think they did."
MCDERMOTT ON OTHER INVESTIGATIONS:
"There are a number of other banks and institutions under investigation. We have seven institutions we are looking at. They are not all British banks.
"Our investigations are ongoing. We have found a lot of emails. Some interesting ones."
TURNER ON WHY IT TOOK SO LONG TO ACT:
"Part of the story of the FSA at that time is that we did have, we never used the word, a somewhat light touch regulation in particular in those areas of wholesale conduct.
"We were only to a small extent focused on the activities of investment banks. We only had about five people on Barclays and five people on RBS. At one stage we only had one person that was shared between Barclays and RBS."
Asked if Libor manipulation had not been taken seriously until the CFTC probe? "I think that is probably the case."
TURNER ON THE FSA'S ROLE:
Had the FSA fallen asleep? "The answer is yes, it is concerning. One of the huge challenges we have in regulating a complex financial system is the process of risk identification."
"We have been pushing this as fast as we can. I think this is a huge problem. I think we should have spotted it ealier. There was a failure in general to see this whole financial crisis coming."
TURNER ON TIMING:
"I was not aware of issues to do with manipulation of Libor until November 2009. That was when Hector Sants briefed me and said there was a major case we could be involved in."
TURNER ON INVESTIGATIONS:
"We are certainly pursuing investigations wherever they take us. My strong suspicion if it's going on it's going on on a massively reduced scale."
TURNER ON MANIPULATION OF LIBOR:
"I don't think I ever thought of manipulation of Libor until I was informed ... in mid 2009 when Hector Sants briefed me on major enforcement cases. I don't think I had ever previously thought ... had ever occurred to me, that this was something that you could manipulate."
TURNER ON RISK APPETITE AT BARCLAYS:
"He (Hector Sants) explained the FSA's historical concerns re Barclays control and risk appetite. That led me to be concerned about the behaviour ... there was a repeated pattern of behaviour that was not showing signs of changing.
"There was a cultural tendency to always be pushing the limits."
BAILEY ON THE BARCLAYS CULTURE:
Asked was Barclays trying it on: "Yes. There was a culture of gaming. It had to change."
TURNER ON HIS LETTER
"This is the only letter of this type I have sent as chairman of the FSA."
BAILEY ON THE IMPACT:
"We would expect them to take it very seriously. We would expect the chairman to talk to the CEO and to the board. Agius stressed to me that he and the board would take it very seriously."
MCDERMOTT ON THE LIBOR MARKET
"It was widely known in 2007, 08 that the Libor market was not operating in the way it had previously done."
(Reporting by Kate Holton)
Rudolph ready for England battle - ESPN.co.uk
South Africa left Canterbury on Sunday at the end of the second warm-up match of their England tour eager for the real thing which will start on Thursday at The Oval. Much has been made of a brief lead-in for the visitors before the battle for No. 1 begins, but by their standards this has been more than they often have on overseas tours.
It has been a vital time for the team with some players coming back from a lengthy off-season. Two eventful days in Taunton, which included Mark Boucher's enforced retirement, overshadowed any cricket that was played and gave the three-day match against Kent the feeling of a fresh start.
They enjoyed a much quieter time and were able to focus more on their game. This time the disruptions came from an area they have no control over with the second day shortened by rain, but two full days allowed their likely first-choice team to find their feet. All the frontline batsmen spent time at the crease, some more than others, and their probable Test attack bowled at least three spells each although not all of them convincingly.
"I can promise you that all the boys just want that first Test to start now," Jacques Rudolph, who scored a half-century in the South African innings, said. "We're well aware we haven't played a lot of cricket before this series and we've accepted that. England have played a lot of cricket, we haven't but we're not going to be worried about how much cricket we've played."
Instead, members of the squad have said they have prepared in other ways. They have referred to the three-day training camp in Switzerland with regularity and Rudolph was the latest to join in. "We spent some valuable time with Mike Horn, which really unified us," he said. "They were the three toughest days of my life, mentally and physically, and it was nice to do it with your team-mates because it gives you a bit of a stronger bond."
The team spirit was tested in Taunton after they lost their lynchpin. Rudolph described Boucher's injury as "traumatic," but said they "decided we had to move on quite quickly from that." Now, what is on their minds is making sure they are as ready as possible for the first ball on Thursday morning.
Three batsmen - Hashim Amla, Jacques Kallis and Rudolph - scored half-centuries while JP Duminy made 53 against Somerset. "From a batting point of view, everybody got starts and got in," Rudolph said.
Rudolph batted at No. 6 in the Kent match having opened in Taunton because Alviro Petersen was injured. He said that while he did not have to make major adjustments, he used the time to tweak small things that are important when batting in England.
"You've got to have a really good game plan and know the way you want to construct an innings here," he said. "You've got to play the ball really late because the bowlers are looking to go fuller so driving becomes a little bit more difficult."
By contrast, the South African bowlers had to adjust their lengths to avoid bowling too short, something Morne Morkel struggled with on arrival. Although they battled to take wickets on a slow surface in Canterbury, Rudolph said the focus was on finding the right rhythms rather than making big breakthroughs.
"It has been a little bit disappointing for the bowlers because the wicket didn't really give them a lot of assistance, but I know specifically in the first innings they were just trying to bowl into their areas," he said. "It was pleasing to see Imran Tahir get four wickets in the first innings because he has been working really hard on his game."
Firdose Moonda is ESPNcricinfo's South Africa correspondent
© ESPN EMEA Ltd
Bombs and strike threats hit Colombia's thermal coal sector - Reuters UK
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Giggs wants Team GB after Olympics - Football
Published: 16 Jul 2012 - 19:47:06
Ryan Giggs hopes London 2012 will not signal the end for Team GB's football team.
Stuart Pearce's squad has entered the Athletes Village at the Olympic Park for the first time following a warm-weather training camp in Spain.
"I hope it is not a one off, based on what I have experienced and how much I have enjoyed it this week," said Giggs. "I hope in future Olympics there will be more Great Britain teams. Both Craig (Bellamy) and I are Welsh and proud of it, but for me it was a chance I could not turn down, of playing in the biggest sporting event in the world."
Five Welshmen have been included in Pearce's final 18-man squad, as Arsenal midfielder Aaron Ramsey, Liverpool winger Bellamy, Swansea duo Neil Taylor and Joe Allen joined Giggs, who captains the side.
The London Olympics will be the first time that Team GB have competed in the men's football competition since 1960.
The 38-year-old Manchester United midfielder Giggs sees no reason why 2012 should be on the last Games at which Team GB goes for football glory.
Giggs added: "I have had nothing but positive feedback from the people I know, wanting me to do well... people who I have met face-to-face have been nothing but positive. I am not a politician, but from what I have experienced, I just hope fellow British footballers can experience what I have."
Bellamy, 33 - one of Pearce's three over-age picks - said: "It has been immense. The week away could not have gone any better, all the boys have really got on. I never thought this was going to happen, for me to be involved in anything like this. I am just want to embrace this and enjoy every moment."
The former Manchester City boss believes everything is coming together ahead of next week's friendly with gold medal favourites Brazil in Middlesbrough, with the tournament kicking off against Senegal at Old Trafford, Manchester on July 26.
"As a group we have gelled fantastically well, I am really pleased with the way they have come together, which has been quicker than I thought," said Pearce. "The venue in Spain was ideal and we are delighted with the week we had. I set teams up to try to win the tournament with the best players I have available."
Related Wales News
Ruddy: Norwich must defend better - Football
Published: 16 Jul 2012 - 18:47:05
Norwich goalkeeper John Ruddy accepts the team must "tighten up" if they are to progress in the Barclays Premier League - which can only boost his own England chances.
The Canaries finished a creditable 12th place on their return to England's elite under Paul Lambert, who has now taken over at Aston Villa, but despite all their hard work, Norwich ended the 38-game campaign with a goal difference of minus 14.
"You know you are always going to be busy in a league like this, but last season, we only managed something like three clean sheets and we want to build on that," said Ruddy, who is now away with the rest of the Norwich squad and manager Chris Hughton on a pre-season training camp in Austria.
Ruddy, who earned a call-up to the England squad for the European Championships only to then be forced out by injury, added: "We score as a team and defend as a team, so we know that is not enough.
"We need to tighten things up because last season you felt we always had to score two goals to give ourselves a chance of winning, whereas this season we would like to say 'right, we will score one and still win'.
"That is the aim, and if we can score more goals than last season and let in less, then that is a good recipe."
Ruddy saw his hopes of being involved in the senior squad for the first time scuppered on the eve of Euro 2012, having broken his ring finger - just 10 days ahead of his wedding - in a training ground accident with Dave Watson, who is now part of Hughton's backroom staff at Carrow Road.
The 25-year-old, however, remains positive over future international ambitions, saying: "It was just one of those things and could have happened at any time during the season, but it happened with England, which is a positive in itself. Hopefully if I maintain my level of performances, then I will be back in the England squad again."
Ruddy is likely to be in line for another call-up ahead of the friendly against Italy in Switzerland on August 15, and he added: "Because last time was cut short after just a few days, I probably do want it more than at the start of last season.
"We [England] looked to have a solid base at the Euros, and now if we can get the goals flowing like we can, then it will stand us in good stead for the World Cup qualifiers coming up. First and foremost, though, my job is here at Norwich and as long as I am playing well, then everything else will come when it does."
Related Norwich City News
BSkyB's Now TV to launch tomorrow - Media Week Online
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People who want to pay for films as they watch them will be able to browse Sky's catalogue of more than 1,000 films. Classic titles will cost as little as 99p, while recent blockbusters will cost £3.49. Film fans that choose the £15 Sky Movies Pass will ...
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