Management Blog

YouTube set to eclipse TV

New figures reveal just how powerful the video sharing site YouTube has become.

According to this readwriteweb post, YouTube visitors watch up 4 billion videos every day, a 25 per cent increase in the past eight months.

Overall in 2011, YouTube provided access to a trillion videos, a statistic, according to the post, that equates to 140 views for each person on the planet.

It's claimed this data indicates YouTube's reach is set to overshadow broadcast television as more content goes online rather than being communicated through traditional channels.

This development would further help monetise YouTube, as the video sharing site currently only receives revenue from around 11 per cent of all views.

Deconstructing Cricket Australia's success story

Cricket Australia is currently transforming the sport's demographics and revenues in a case study that every marketer and CEOs should be taking notice of, this Smart Company case study suggests.

It's claimed the transformation that is the Big Bash League has seen big crowds and impressive television ratings as a result of a shift from a focus on older males to younger Australians.

While the introduction of a new game may lead to some branding complexities it's claimed Cricket Australia has employed a series of smart tactics to ensure success.

The strategy has seen not just an array of youth and digitally focused marketing activities but also a new club ownership structure.

Future proofing tips for SMEs

While there's no such thing as a crystal ball for business owners, it is possible for SMEs to predict the future by keeping an eye on emerging trends, according to this Smart Company article.

It's suggested cloud computing is a key trend for SMEs, as virtual data storage technology allows business owners to move away from costly on-site servers or PC storage.

However, business owners are warned to only work with a reputable global cloud provider in order to ensure high security standards and the availability of disaster recovery processes.

Other tips that may help SMEs future proof their enterprises include:

• Stay relevant – ask consumers what they want to ensure your business isn't operating in a misguided bubble
• Think beyond traditional marketing – the future revolves around online digital strategies that encourager digital word-of-mouth
• Cash flow matters – seek advice on a regular basis from your accountant to develop a strong and flexible cash flow strategy

Common strategy pitfalls and how to avoid them

When it comes to business strategy, the mistake most businesses make is to 'complete to be the best', in other words to follow the same path as competitors in the belief that it will lead to success.

The business book The Essential Guide to Competition and Strategy by Joan Magretta offers this observation and a series of other insights about strategy pitfalls, the Harvard Business Review reports.

According to the review: "One of the biggest mistakes a manager can make is to assume the best results come from competing to be the best. Competing to be unique is a much more effective strategy."

It's claimed other common mistakes include confusing marketing with strategy, overestimating the strengths of an organisation and misunderstanding the definition of business.

The book also points out what many entrepreneurs may have trouble admitting: that the worst mistake of all (and the most common one) is not to have any form of strategy.

More strategy pitfalls can be found here.

Time to get practically radical?

Achieving meaningful change within an established organisation isn't an easy process but it is an achievable one if you're willing to be "practically radical", this Fast Company post argues.

Based on ideas contained in the book Practically Radical by William C Taylor, Fast Company has developed 10 questions every aspiring "game changer" should consider. These include:

1. Do you see opportunities that the competition doesn't?
2. Do you have new ideas about where to look for new ideas?
3. Does your organisation offer the most of anything?
4. Who would miss you if your company went out of business?
5. How can your organisation's history help shape its future?
6. Do you have customers who can't live without you?
7. Do your employees care more about their work than the competition's?
8. Are you getting the best contributions from your people?
9. Are you consistent in your commitment to change?
10. Are you learning as fast as the world is changing?

Once you've answered these questions, details of what the answers reveal can be found here.

Sales trends for 2012

Social, economic and political tensions are reshaping the business landscape and altering the way companies should approach sales strategy, Sue Barrett writes in a recent Smart Company post.

In a list of 12 sales trends for 2012 Barrett argues that business and sales leaders need to rethink 'go-to-market' strategies and traditional sales force structures in order to prosper in the year ahead.

Just some of the trends that are expected to make an impact next year include:

• A focus on coaching – making sure sales managers are trained and coached to become sales coaches themselves is said to be a vital approach to sales success
• Niche sales and marketing – rather than relying on mass marketing, sales teams will need to listen to their customers and offer a more personalised approach to doing business
• More online time – instead of having large field sales teams it's suggested an increasing number of sales, especially in the B2B space, will go online
• Education in action – building team skills in the areas of patience, listening, problem solving and dealing with ambiguity will be important for sales staff
• Shrinking product life cycles – Barrett predicts product life cycles will continue to shrink as businesses seek to continually develop innovative products to encourage consumers to act quickly

 

This year's biggest retail trends

Each year millions flock to the annual Black Friday sales in the US, a retail period after Thanksgiving that encourages shoppers to part with their cash in the lead up to Christmas.

With Australia's own shopping extravaganza – the Boxing Day sales – around the corner, Smart Company asks what local retailers can learn from overseas trends.

According to this article, five trends that are set to make an impact or intensify in popularity this year are:

• Apps – a growing number of smartphone apps featuring barcode scanners are connecting shoppers to the best deals
• Pre-sale sales – online stores are getting the jump on bricks and mortar shops by starting their sales before official sale periods begin
• Online coupons – the trend towards offering discount coupons that can only be used at online stores is growing even bigger
• Social networks – Twitter and Facebook savvy businesses are offering their best discounts to social media users to build a buzz

Turning brain research into marketing strategy

The new book Brainfluence by Roger Dooley calls on marketers to stop obsessing over logical product attributes and to start focusing on the emotional needs of target audiences.

This trailer for the new book encourages businesses of all sizes to understand the benefits of neuromarketing by offering 100 ways to translate brain and behaviour research into marketing strategies.

A DIY approach to market research

It pays to look before you launch according to this article from The Age on the importance of market research in the small business innovation process.

The article suggests many SMEs get carried away with implementing a 'big idea' before taking the time to pre-test the concept on the people who will be using it.

To help SMEs understand if their product or service has 'legs', the following tips are offered:

• Create a mock-up website – SMEs are encouraged to build a 'dry run' website for a product that's still in development to gauge interest and field questions
• Ask Google – Google Trends offers a wealth of information about terms or concepts that can help you discover whether an idea is being searched for
• Start networking – ask people in your social networks about your new product or service and how much they would be willing to pay for it
• Create an online survey – free tools like SurveyMonkey offer a professional interface and user-friendly approach to gathering data
• Gut instinct – while market research is a good indicator of what people think, it's important to balance these findings with your own instincts

Can your service be turned into a product?

If your customers currently like the service you provide they may also be inclined to pay for a product based on that expertise, according to this OPEN Forum post on how to turn a service into a product.

Author Thursday Bram writes that turning a service into a product is a smart option for entrepreneurs who find themselves in a position where supply, i.e. their expertise, outstrips demand.

To help service providers determine if an intangible offering can be transformed into a new product, Bram suggests that the following questions are considered:

• Do you finish the project by giving your client a completed piece of work? If so, you're in a good position to consider the transition to product development.
• Do you do the same thing over and over again? It's easier to turn a repetitive process into a product.
• Are you asked about DIY options? This is a good sign there is demand for a lower priced version of the service you currently provide.
• Do you create templates or shortcuts when completing a project? If the answer yes, there may be the scope to develop a product that customers can customise to meet their own needs.
• Do you have a lot of repeatable research? Packaged research output can be turned into a valuable product for clients.

More tips on how to turn a product into a service can be found here.