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Taking the Measure of Product Development
New product development is one of the trickiest things to manage in the entire gamut of business research and development. Besides research skills, the developers need to have an inkling of customer needs and requirements. There are several metrics available to judge them, but few are reliable. They involve potential trade offs between company stability and future growth. The metrics to be chosen need to make sure that while the focus is on the present, an eye must be kept open for the future. Customer- related metrics too need be developed. Here value to the final consumer matters a lot. The best ideas could also be generated by the suppliers, as they are often a bridge between the customer and the company itself. So, these need to be tapped in to as well. For long- term gain, some short- term pain needs to be tolerated. This is the mantra that all team members need to keep in mind while undergoing product development. Any strict adherence to budgets will rarely stick.
Uploaded Date:20 May 2019
Retail’s Big Mistake: Slashing Payroll cuts into Profits
A common mistake made by retailers during times of downturn is to slash employment. As staff costs are usually the second largest expense for the industry, this gives financial relief, but only temporary. For the long run, not only must employees be retained, but the right corporate training exercises be provided to them, so they may develop as the true assets of the company. In fact, having real people is where retailers have the biggest advantage in comparison to their online counterparts. A three- step system, must be followed by the retailers to set this trend right. First of all, the data warehousing done needs to be analyzed to see staff turnover and absenteeism. Next up, the staffing levels could be reversed for periods to check for effect. And finally, the results need to be implemented across the organization, all branches.
Source:https://knowledge.wharton.upenn.edu/article/retail-staffing-model/
Uploaded Date:16 May 2019
Sales Teams aren’t Great at Forecasting. Here’s How to Fix That.
In spite of the use of AI- driven forecasting devices and suites, sales leaders often make mistakes when it comes to their part. Often this is not due to a lack of understanding of the technology, but due to errors of human ego. Some fatal errors have been identified that need to be avoided. One of them is purposefully not declaring the bad news. This leads to hoping for success, when objectively speaking none exists. Another is the confusion arising from a different set of data warehousing done. A number of misleading definitions are used to ride over the bad times. Sales teams also often fail at forecasting, as they do not ask the right tough questions. To fix this, adjustable algorithms need to be used up. Business intelligence needs to be detected on each of the probabilities. Time must be afforded to each set. Similar tracking must be done to know who is doing well in the present system. Finally, those forecasting accurately, need to be rewarded.
Source:https://hbr.org/2019/03/sales-teams-arent-great-at-forecasting-heres-how-to-fix-that
Uploaded Date:13 May 2019
3 Reasons why Brand Storytelling is the Future of Marketing
The future of marketing holds a substantial pie for the art of brand storytelling. This is because, amidst an ocean of sameness, storytelling offers similar offerings to be pitched in with unique outreach. According to a study, a good story helps in capturing the audience’s attention twenty- two times more than mere facts. Beyond customers, this helps build a loyal tribe of followers. These loyal followers in turn could turn out to be the authentic influencers needed for the brand’s digital marketing efforts. Some of the most empathetic companies, also tend to be amongst the most profitable ones as per the Global Empathy Index. Brands too must project a human outlook, besides the obvious thrills of profitability.
Uploaded Date:13 February 2019
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