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Archive for the ‘Marketing, Branding and Brand Strategy’ Category

SoLoMo And What It Means For You And Your Business

Oh SoLoMo…..

What’s SoLoMo you say? SoLoMo (social, location, and mobile) is a trend larger than any single app or company, and it will encompass every industry on the planet. The future of mobile location will see the integration of location-enabled features and insights into every product you touch and every process you engage in during the course of your life, providing great efficiencies and incredibly valuable insights.

Every industry is, and will increasingly be affected by mobile devices and location-sensing technology. What we’re seeing today in the arenas of local commerce, deals, and productivity is only the beginning. With Internet and location-enabled phones in the hands of billions all around the world, the future of mobile location is rapidly becoming our future as an advanced civilization. As many of you know however, I am very concerned about the security responsibility and privacy issues around SoLoMo. Like all technology, there are always ethics issues involved in its development, deployment, and  utilization. But that’s a future blog posting!

Regardless, Fast Company has a really interesting article on SoLoMo and Mobile. You can check it out!

-DF

Written by David Frederick

December 6, 2011 at 5:26 PM

Keeping Your Project On Track

Don’t you hate it when you get those pop up messages that tell you a task, item, project or activity is late? Some software applications give you a color key to tell you and your team you’re late – Red, Yellow, Orange and Green. Others give you a cute smiley face, sad face or a grimace. That’s because a project plan and managing that plan is all about staying on track. Especially if there are interlocking, parallel and contingent based activities in your plan or workflow. In fact, the most common problem in managing projects big and small, is falling behind schedule.

As we all know, it’s difficult to avoid delays. Especially when there many moving parts in the project or the project movement/activity is tied to others contributing, but you can often improve your situation and still complete the project on time by using some common sense methods.

Try one of these three approaches before accepting the inevitability of defeat or a project hold up:

  • Use the end to recover. Look at the long-term plan. Find places later in the schedule where you can make up for lost time. Even better, build in areas of recovery in your project plan. I have yet to see a project plan that executes to plan and time allocation. Ever!
  • Narrow the scope. Focus on the true goal and end result. Eliminate nonessential elements to reduce cost and save time.
  • Keep your plan fluid. There will always be factors that impact your plan. Ensure your plan is fluid enough to absorb disruption. If your plan is to rigid, you will be knocked completely off course with little chance of full recovery. See the first bullet.
  • Renegotiate with stakeholders. Explore alternatives. Discuss the possibility of increasing the budget or extending deadlines to keep the project on track. Regrettably, this is a solution or tactic of absolute last resort. There is almost never enough money or time to increase the budget without consequences to the project AND your career. Ever. You should have planned better. Deadlines are tricky things in that they are almost always driven by multiple and competing interests –  clients (internal and external), departments, manufacturing, marketing, etc. Again, you should have planned better. Remember, make sure you are not tied to the stake before you put the stake in the ground on deadlines and budget!

As you know, there are millions of books on project management as well as an equal number of frameworks and methodologies. Be sure to use a methodology that suits your project. Use common sense. You would be surprised what a little common sense can do to keep you on track.  You can also check out this interesting article on keeping your projects on track. It has some interesting ideas.

Guide To Project Management

by Loren Gary, Gary Klein, Ron Ashkenas, Melissa Raffoni, Tom Cross, Jon R. Katzenbach, Douglas K. Smith, Nadim F. Matta, Ray Sheen, Clayton M. Christensen, Matt Marx, Howard H. Stevenson, Jimmy Guterman
Source: Harvard Business Review

-DF

Written by David Frederick

November 29, 2011 at 12:48 PM

The Future of Mobile is Content

Forrester recently came out with a new report called CMO: The Future of Mobile is Content. While this is a no brainer to many of us in the content and technology space, and certainly didn’t need a report to articulate this seemingly obvious trend, it does shed some interesting light on this topic. So lets take a quick look.

In the report, Forrester discusses how consumers will adopt and use convenient services and products. On mobile devices, this means services that offer immediacy and simplicity through a highly contextual experience. This is nothing new and was one of the key drivers for web 2.0 solutions. It’s now and not surprisingly moved to mobile devices.  Context — the sum total of what is known about an individual along with what he or she is currently experiencing — is a moving target that will pull consumer expectations of convenience with it.

This is an interesting paradigm in that it creates a two-fold challenge – privacy concerns for the consumer/user and a voluminous amount data that a marketing executive will have to define, capture, parse, track, analyze/understand and act/respond to -KPI’s, etc. If they want to be successful. Most executives have a very difficult time understanding and defining their data, determining what data to look at and what to do with it, so marketing leaders will need to clearly define and deliver highly contextual experiences to build mobile relationships with customers that drive engagement and ultimately sales or the desired response. Not all marketing executives need to move at the same pace to embrace new contextual information, but marketing executives must orchestrate, define and enable collaboration across all the members of their organization to build effective contextual mobile offerings.

The report covers a variety of topics and demonstrates that:

  • Mobile Phones Will Be Your Customers’ Preeminent Digital Engagement Channel
  • Contextual Experiences Will Define Mobile Success
  • Technology Innovations Will Drive Context Capability Forward
  • Reaching The Right Level Of Context Will Take Time And Strategic Alignment

The report also provides the following key advice and conclusion:

  • Aspire To Mobile As The Primary Digital Medium for your business.

What does this mean to the consumer and content provider?

  • The Cost Of Convenience Is Privacy
  • Supplemental Material will be needed
  • A voluminous amount of data can and will be captured. How do you define what you need and how do you use the information to create the desired response from consumers.

As I said, if you have been alive in the last 10 years and were involved in the content space, you would know much of this. Still, the report provides a strong case for the dominance and explosive growth mobile devices play in our everyday life. In the not to distant future mobile devices will control and enable a large part of our everyday life – shopping, banking, navigation, entertainment, payment and payment collection, communication, control of remote devices….wait….they already do that today! So if they already do that, imagine the further intrusion or shall I say integration, these ubiquitous devices will have on our everyday experience.That means two things. For the consumer – empowerment and convenience. For the marketer a new and highly intense real-time engagement with the consumer to drive revenue, brand support, engagement and more.

Mobile devices, platforms, and content will be the dominant tool for humanity in the coming years as well as one of the most powerful revenue generating models. From medicine to finance. Finance to entertainment. Supply chain to shopping. From Shopping to, well you get the point. Check out Forrester’s new Report. It has some interesting data points that truly validate this explosive trend.

-DF

Written by David Frederick

July 30, 2011 at 8:51 AM

The Six Steps In Cost/Benefit Analysis

I am always amazed at the confusion, misunderstanding and ineffectiveness of middle and senior management when it comes to conducting meaningful and actionable cost/benefit analysis.

Either the effort is to high level or mired in too much data which ultimately produces inaccurate and non-actionable outcomes.

We all know it’s easy to make an investment decision when the benefits obviously outweigh the costs, but few people understand what really should go into the analysis. So here are six steps to help you produce a meaningful and actionable CBA.

  1. Understand the cost of status quo. You need this to measure the relative merit of an investment against the “do nothing” option. Sometimes doing nothing is the right decision.
  2. Identify costs. Consider up-front costs as well as any in future years. Almost any initiative will have up front cost. Most people get hammered when they fail to consider the upfront costs or hidden costs.
  3. Identify benefits. Ascertain what additional revenue or return will come in from the investment. This is dicey because you need to define an ROI. The challenge is how to define the ROI. Remember, ROI to one constituency may be efficiency. To another it may be revenue. To another it may be market share, etc. ROI is subjective and you will need to consider all perspectives and ROI definitions to truly get a true benefit picture/metric.
  4. Determine the cost savings. What can you stop doing if you make this investment? Sometimes its a trade-off. If we do X, can we stop using Y. That’s another hidden variable that many forget about. If you stop doing Y because of X that cost savings could exponentially increase the benefits of doing the initiative.
  5. Create a timeline for expected costs and revenue. Map out when the costs and benefits will occur and how much they will be. This is critical for two reasons. One, expectations. By having a defined timeline you can align and define expectations of all interested parties. Two, understanding the timeline allows you to plan for the cost and revenue impacts to your operations thus empowering you to better manage and adjust course accordingly if things change.
  6. Evaluate non-quantifiable benefits and costs. Assess whether there are intangible benefits such as strengthening your firm’s position with distributors, or costs such as creating unnecessary complexity. This kind of goes back to point 2. It’s important to understand the benefits from all perspectives including tangible and non-tangible. Benefits or ROI are subjective understanding and accounting for them are key. Defining non-quantifiable benefits and costs i.e. emotional toll, work load, disruption to the enterprise, client or market confusion, etc. can all impact the overall benefit and cost of the initiative. Even if you don’t include these variables in the actual equation, as a responsible leader you should consider these issues in full to ensure you have a complete grasp of the impact on the project and can manage the initiative effectively and productivity to a successful outcome.

I hope you find these tips helpful but remember, when conducting a CBA be careful of data overload. While considering all the data to make an informed decision is important, you need to balance the effort so you don’t end up with paralysis by analysis. The ultimate objective is to make in informed and actionable decision based on a reasonable and responsible CBA.

-DF

Written by David Frederick

July 14, 2011 at 8:47 AM

Online Filter Bubbles

Check out this very interesting video from Eli Pariser at a February 2011 TED Event. Very interesting on how search engines, content providers and other web providers are giving you what they think you need versus what you actually want. Eli makes a very interesting case that as web companies strive to tailor their services (including news and search results) to our personal tastes, there’s a dangerous unintended consequence: We get trapped in a “filter bubble” and don’t get exposed to information that could challenge or broaden our worldview. Eli argues powerfully, that this will ultimately prove to be bad for us and bad for democracy.

Check it out here!

$8 Billion Cash

$8 Billion Cash. Yup, that’s the price Microsoft is spending to purchase Skype.

Microsoft confirmed its $8.5 billion purchase of Skype on Tuesday, adding that the software giant would support the service across the Xbox, Kinect and Windows Phone platforms, according to a report in MarketWatch. Analysts called the move the most aggressive yet by Microsoft to combine the worlds of communication, information and entertainment.

Buying Skype — a service that connects millions of users around the world via Internet-based telephony and video — will give Microsoft a recognized brand name on the Internet at a time when it is struggling to get more traction in the consumer market.

What does this mean for millions of Skype users? Hopefully, nothing. It would be ideal if Skype will continue to work well on all platforms – mobile, Mac, and PC and be based on the same price/usage model. I hope that MS does not try to mess with a good thing i.e. deep –  tight integration into Windows OS, MS chat, etc. MS has a tendency to not only screw things up when they acquire and integrate technology, but also disrupt in a negative way a proven and widely used and accepted solution i.e. Skype.

It will be interesting to see how and if MS can successfully integrate and leverage this brand and technology. Regrettably, based on history I am not optimistic. Full disclosure here, since 2005 I made the mind expanding, productivity boosting, stress free, and virtually problem free jump to Apple solutions both personally and professionally, so I readily admit I am fully an Apple and Mac product/services supporter and view all MS consumer solutions as toxic waste that should be avoided at all times. Sorry MS.

-DF

Read more: http://www.foxnews.com/scitech/2011/05/10/microsoft-nears-possible-8-billion-deal-skype/#ixzz1Lx9Nag9H

Written by David Frederick

May 10, 2011 at 8:55 AM

More Magic 9

In the spirit of this weeks discussion on the importance and effectiveness of certain numbers used in marketing, I wanted to share another short piece of information on the use of numbers and the psychological effects they have on consumers buying habits.

According to Science Direct – The Journal of Retail and Consumer Services, sellers of high-priced goods such as hotel rooms tend to price their offerings with round numbers, but research indicates they should take a lesson from grocers and create prices ending in odd numbers — especially 9 (Remember my previous postings on the magic of using number 9? – DF).

In a study of tourists, Sabine Kleinsasser of Vienna University of Economics and Udo Wagner of the University of Vienna found that even when it comes to expensive goods, consumers prefer prices ending in 9. In food retailing, 60% of prices end in 9 and 90% end in either 9 or 5.

Further, this investigation considers how consumers of higher-priced goods (i.e., tourism services that are neither cheap nor luxurious) perceive odd and even prices and reveals whether these perceptions differ from previous findings that have nearly exclusively related to low-priced goods (e.g., food). This study therefore addresses a new realm and contributes several findings on price endings in reference to goods priced at higher levels. First, consumers of higher-priced goods might be influenced by price endings, just as consumers of low-priced goods are. Second, personal involvement and price interest have a moderating effect on perceptions of such price endings. Third, odd prices also make sense for sellers of higher-priced goods.

-DF

To read the full report click here!

Written by David Frederick

May 4, 2011 at 10:39 AM