Business
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It is that time of the year when we make those commitments to ourselves: lose weight, exercise more, spend more time with the kids, etc. Here is my suggested list of New Year’s Resolutions if you want to make a substantial impact on your company’s marketing efforts.
1. Measure everything you do. Your credibility is on the line. Management used to cut marketing and advertising a lot of slack. They used to buy the line that some things in marketing are difficult to measure, or that even if you could measure results, you would need long-term tracking studies to see how brand awareness scores had increased.
Management isn’t buying it any more and they shouldn’t. People in the marketing loop need to demonstrate what all those precious company resources are producing for the bottom line. You’re profit or you’re overhead; take your pick.
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It appears that users of instant messaging technology really do use it for work. A study released last week by AOL indicated that 58 percent of those who access IM in the workplace use it to communicate with colleagues; 49 percent use it to get answers to make business decisions; and 28 percent use it stay in touch with clients and customers.
The study’s results are surprising, but the timing isn’t. Google (which owns 5 percent of AOL) has begun working with AOL to allow their respective IM programs to communicate with each other, a move that will simplify communication for users. Not at the table were MSN and Yahoo, which are working to integrate their own IM applications.
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There is a good article in the latest issue of strategy+business magazine/enews. There is a discussion of conceptual breakthroughs in business going back ten years to 1995. Many of you will recognize these concepts, but there was a voting process and it is interesting to see which breakthroughs were the most popular from the magazine’s readers (reader demographics here).
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A new review of the online sector by Piper Jaffray Senior Research Analyst Safa Rashtchy predicts that internet advertising will grow at an annual rate of 27 percent through through 2010. And, according to the story in Adweek Magazine, Rashtchy says these estimates could prove conservative. To put this in perspective, using the finance rule of 72, it means the amount spent on internet advertising will double every 2 years, 8 months!
What is interesting about these figures is that they are coming from the “money” sector (brokerage firm) rather than other similar projections that have been originating from marketing and online industries. Estimates predicting this kind of growth are sure to heat up even more investment interest in this sector. However, unlike the dotcom bubble, that was based on wild speculation, the growing investment interest in the online arena today is based on real growth and tangible economic evidence.
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