A study was recently concluded by Medalia Institute based in Palo Alto in California along with the Stanford Graduate School of Business. The aim was to study the effectivity of customer referral methods. Participants in the study were divided into three groups. In the first, students were asked to simply refer three friends’ names and contact details. In the next, they were provided with a limited period offer with passes for three guests. In the last approach, a personalized approach was initiated where the passes would be offered as a reward for visits. The final approach worked best because studies have confirmed that ones acquired through such referral are eighteen percent more loyal on average. Another business research done by Medalia confirms that a whopping 85% of youngsters engage in doing product or service reviews online. This is particularly crucial for brands to tweak their marketing strategies accordingly.

Source:https://www.gsb.stanford.edu/insights/personal-touch-quantified?utm_source=TWITTER&utm_medium=Social&utm_campaign=Insights&Date=20170627&linkId=39037313

Uploaded Date:05/07/2017

Winning or losing a sale means a lot to sales people. However, the result is rarely random, as clear reasons exist for the same. Six major reasons exist for the final result. One is that there are some customers who prefer to be challenges by the sales persons. This figure corresponds to roughly a third of those surveyed. Another point is that the buying decision is the most undemocratic and arbitrary as it is taken by a single person. Generally speaking, there isn’t a lot that salespeople can control. The brand here matters as market leaders will always overpower the other irrespective of sales quality. A tool commonly deployed by sales people to convert leads is pricing which keeps altering with cycles. Incidentally, for several buyers, price does not play a major role in their decision making. For most sales people, the biggest challenge is not competitors but customers for whom the buying decision is competing against several other unrelated factors. The appropriate talent recruitment of sales people is particularly crucial as in several industries charisma truly matters. This is especially true about media and fashion industries.

Source:https://hbr.org/2017/06/6-reasons-salespeople-win-or-lose-a-sale?referral=00563&cm_mmc=email-_-newsletter-_-daily_alert-_-alert_date&utm_source=newsletter_daily_alert&utm_medium=email&utm_campaign=alert_date&spMailingID=17519731&spUserID=OTY0OTMwNTk5NwS2&spJobID=1041797631&spReportId=MTA0MTc5NzYzMQS2

Uploaded Date:01/07/2017

The compensation packages for most employees, especially those below the C-Suite, unfortunately do not take into account percentages accrued from growth projects. At GE for example, three executives below the C-Suite left their jobs in spite of creating value worth over US$ 100 million, as the recognition they got for this was puny, and even less was additional investment towards their teams. Companies should thus incorporate “share of growth” and not just market share. Leaders whose business innovations create new business streams must be rewarded additionally. Share of growth as a Key Performance Indicator has several advantages. One is that the word market itself is rather outdated because companies keep leapfrogging across product or service categories. Market share is also a backward looking criteria as one looks at past performance, not future growth on key drivers. Share of growth also generates curiosity as people then study the areas of growth while market share looks into a static worldview. It enables the allocation of greater resources towards growth areas rather than static ones.

Source:https://hbr.org/2017/06/why-companies-should-measure-share-of-growth-not-just-market-share?referral=00563&cm_mmc=email-_-newsletter-_-daily_alert-_-alert_date&utm_source=newsletter_daily_alert&utm_medium=email&utm_campaign=alert_date&spMailingID=17370649&spUserID=OTY0OTMwNTk5NwS2&spJobID=1040155447&spReportId=MTA0MDE1NTQ0NwS2

Uploaded Date:29/06/2017

The annual Inter-brand Breakthrough Brands report has been released with some interesting insights emerging. Forty brands have been named in it. They are being earmarked for their potential in transforming their respective industries through path-altering business innovations. For any startup being mentioned on this report, is a clear sign that significant funding or support may not be far away. These are potential products or services that can capture attention and elicit devotion. Brands named on this year’s report include Drivy, Glovo, Noom , Nexar, Rivigo, Ripio, Slack and Square. A lot of such brands will over the years be expected to be benchmarks in their respective product categories.

Source:http://innovationexcellence.com/blog/2017/05/30/2017-interbrand-breakthrough-brands-report/

Uploaded Date:27/06/2017