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Showing posts from 2019

How Jamestown Descendants Used an Entrepreneurial Mindset to Survive and Thrive by Hilton Barrett * [110]

Circa late 16th century, the Old World -- the early era of colonization. Why did our ancestors leave England to establish a colony in the New World? Why would they leave the “safe” conditions of England for unknown lands?
Most of England’s populace was ‘country folk’ with little education and even fewer choices as to life decisions. The vast majority of the people were peasants and received little education and had few vocational opportunities beyond being a peasant. There were comparatively few families we would call middle class. London was overcrowded due to a population boom plus arrival of peasants who could not find reasonable employment in the countryside. It was congested with an overwhelming stench. In society, self-indulgence was rampant, rudeness ruled, and social disintegration was evident. Corruption was rampant, at all levels of society.

Religion and church were major issues. The establishment Catholic Church was being challenged by Protestants. Europe and England were in…

10 Tips for Designing a Market Research Questionnaire by Herb Brotspies and Suri Weisfeld-Spolter * [109]

Finding superior customer value often requires market research to solve a problem, identify an opportunity, or understand customer behavior.Both qualitative and quantitative market research are useful tools.In quantitative market research, survey design can be a challenge. Writing a useful questionnaire is part art and part science. The purpose of a questionnaire is to gather marketing information that helps you make an informed decision.Once you have decided on the objectives of the market research, how you will use the information, who your respondent target is, and any decision criteria, it is time to draft the questionnaire. Here are 10 helpful guidelines:


1.Include a brief (2 or 3 sentences) introduction to the questionnaire telling the respondent about the questionnaire, thanking the respondent, detailing the estimated time to completion and assuring respondents of the confidentiality of their answers. This will help increase the response rate.
2.Begin the survey with a screening …

How a North Star Metric Can Guide Stellar Business Performance [10]

[The North Star Metric (NSM) is the single metric that best captures the core value that your product delivers to customers. Optimizing your efforts to grow this metric is key to driving sustainable growth across your full customer base.]  Sean Ellis

           A new and powerful measure that impacts marketing performance (revenue generation and profits) is the North Star Metric (NSM), born in Silicon Valley. Examples of North Star Metrics include Facebook’s daily active users and Airbnb’s night bookings for hosts and guests. An NSM is a single item metric that calculates the overall value that your products and services deliver to customers. Companies using this innovative approach must identify sub-variables that can positively move this measure – e.g., inquiries, user signups, new user activations, customer journey assessments and engagement and retention measures (Ellis, 2017). Bucky Barlow brilliantly explains this idea: “Like its namesake Polaris in the sky, your North Star Metric…

The Value of Analytics in Customer Value by Maria Petrescu * [108]

Experiential Retailing - Can It Help Offline Stores? by John Gironda * [107]

                         Image source: Tim Nichols (2014) – “Experiential Marketing on The High Street” (ExactDrive™).


The growth of online shopping has led many traditional brick-and-mortar retailers to create and emphasize unique in-store shopping activities and experiences as a way to compete with online retailers. This is known as experiential retailing, and the idea behind this trend is that the one thing online retailers can’t offer is the in-store experience. Therefore, if offline stores can develop truly interesting, entertaining, and/or one-of-a-kind shopping activities/experiences, that would be one way to effectively compete.
There are a number of examples of companies engaging in experiential retailing. For instance, Bass Pro Shops Outdoor World superstores feature a number of attractions that make each store a unique destination, such as indoor waterfalls, gigantic aquariums, archery ranges, and ponds with fish native to the store’s area. In addition, the stores hold a numb…

Customer Ownership - Understanding the True Value of a Relationship by Ricky Fergurson * [106]

In the rapidly changing landscape of B2B sales, factors such as technology, competitive intensity, and rising sales support costs oblige greater attention to customer relationships. Many companies that have an enterprise focus struggle with the concept of “owning the customer” (Weeks 2016). Given that customers are buying in different ways, firms are driven to engage customers differently. According to Cooper (2016), “customer ownership is all about creating, delivering and communicating compelling value”. In nurturing and developing customers through the B2B life cycle, multiple departments and functional units in the firm are entwined in customer relationship management (CRM). The complexity of CRM and dynamism in customers’ relationship expectations require that sales, marketing, service, and support work together through the customer buying and fulfillment process. The diffusion of tasks and responsibilities exposes a fundamental CRM gap: who truly owns the customer? A recent Amer…

Customer Retention - 5 Guidelines [9]

[I behave as if every IBM customer were on the verge of leaving and that I’d do anything to keep them from bolting.  Buck Rodgers] Given the opportunity, dissatisfied customers will tell 5 to 20 other people about the source of their service or product-related frustrations. However, if you make a prompt effort to resolve the issue, 85% of those customers are likely to remain customers (service recovery must be a key strategy).

Why, then, do most companies spend a majority of their time, energy and resources chasing new business? While it’s important to find new customers to replace lost business, to grow the enterprise and to expand into new markets, a smart company’s main objective should be to keep customers and enhance customer relationships. With the passage of time, it is getting easier, because newer and better CRM systems help you track, sort, and analyze meaningful customer data to make better marketing decisions. What is your current retention rate? What is the cost of a lost c…

Drive Your Business with Marketing Dashboards [8]

[You can drive your business or be driven out of business.  B.C. Forbes]
                               Reprinted with permission of InetSoft Technology, Piscataway, NJ, www.inetsoft.com
The late Ed Koch, a former New York City mayor, always asked, “How am I doing?” Marketers — as well as government leaders — need to know if their “customers” are happy. Perhaps you head the marketing operations for your company and want to get a better handle on customer metrics. You heard about the idea of a marketing dashboard at a recent trade association meeting and think that may solve your problem. How should you proceed? What should be on your dashboard?  Progressing beyond a single item to monitor the effectiveness of business performance, leading organizations often use a set of key metrics called marketing dashboards to understand their key performance indicators. Just as an automobile dashboard captures critical driving information such as speed, distance, fuel levels, vehicle and engine temper…