The Social CEO: Executives are using Social Media to Transform Firms
A study conducted by Hootsuite with LinkedIn has found out that CEOs who use social media to connect with the followers tend to have a positive impact on the field of talent recruitment. This is because it leads to a two-fifths rise in employee engagement at any level. The perception of CEOs at Fortune 500 companies being feared has given way to those who are more likeable and thus more likely to connect with the customer base as well. In some cases CEOs develop their own social content while in others it is curated for them by specialists. Such behaviour cuts across industries including the earlier most hierarchical finance profiles. There is even a multi-step Social CEO programme in place. It involves several components such as company branding, developing personal brand, participant base, content, analysis and corporate training. There also needs to be complete clarity as to who owns this space, whether the CEO directly or any department. Compliance must be involved from the inception stage itself so that the team is aware that no sensitive business details are being shared by these social CEOs on social media outlets.
10 Principles of Strategy through Execution
Ten principles have been identified which must included as a part of corporate strategy but will gain traction when executed smoothly. First of all, the aim must always be to reach as high as possible. The company must identify what are its own top strengths and build upon them. Agility is the new buzzword and companies must be ambidextrous enough to take on any market disruptions. Each member of the strategy team must have his/her goals clearly etched out. It is however not enough o simply draft the said strategy. It is pertinent then to create structures to support this strategy. While for business purposes teams will be divided on the basis of functionality such as finance, marketing or HR, these teams must be fluid enough to collaborate with one another. Knowledge must never be hidden within silos. The enterprise must embrace digitalization in every aspect using technologies such as Cloud, Internet of Things and business analytics. Strategy must never mean something that is over-arching so vague for the common workers. Instead the document and its subsequent execution must be simple to follow. The value chain must be created to be able to support the company processes and future expansion plans. These new digital initiatives must be included so contingencies exist during disruptions by newer players or competitors. Finally, the entire team must be geared towards a common goal. Fleet-footed companies need to imbibe this sort of collective mastery.
Getting a return on Integrity as a Marketing Strategy
Arthur Andersen used to be one of the top accounting firms in the USA until the Enron scandal which exposed corporate greed and led to the firm filing for bankruptcy. While some of the charges have been overturned the damage to the company’s goodwill had been done. One of the firm’s former management consulting experts provides a three-pronged approach for any company seeking a return towards integrity. First of all, the challenges must be outlined so that one does not skirt past them but actually take them on. A set of core values must be identified from whom the company must never veer away. The leadership must take control to make sure that the company’s momentum goes the right way in terms of its actual business aligned with the ethics.
“On the brink of Distrust”: New Study urges Companies to Engage Customers and Employees
As per the latest Trust Barometer, trust seems to be generally falling apart. Confidence on all four major institution types – businesses, government, media and NGOs- fell for the first time in seventeen years. Within this category though, businesses still retain an iota of trust. More than half surveyed, confirmed their trust in business but CEOs’ reputations fell down by twelve points to just over a third of them convinced. Three ways have been identified which can help businesses regain customer confidence. One of them is an increase in employee engagement which has been observed to be amongst the finest methods to talent management in any company. A two-way dialogue must be fostered between the company, its employees and customers. And then companies will need to act on the feedback generated from the various stakeholders.
Lenovo’s Key to boosting Market Share: Become ‘Amazon-like’
Lenovo now holds a twenty one percent share of the overall PC market and is the world’s largest maker of original equipments. This number has been boosted thanks to its acquisition of IBM’s PC division and Google’s Motorola Mobility. It now wants to reach the thirty percent threshold. However, all is not well as evidenced by the marketing research report compiled by Gartner showing that Lenovo has dropped out of the top five in the mobile phone market with a thirty three percent decline in sales. To rectify this trend and build on its successes, Lenovo has outlined its aims to being a customer-centric company. So that this terminology does not remain mere rhetoric, it is trying to develop a supply chain smooth enough to reach customers at the pace of Amazon which is seen as the trend setter. Greater forecast accuracy, reduction in order errors and reduced inventory lag need to accompany such a strategy.
Uber Slayer: How China’s Didi beat the ride-hailing Superpower
China’s Didi Chuxing has emerged as the most endurable rival to Uber anywhere in the world. When Didi first started, inspired by the UK’s Hailo, it was beset by immense competition within the country, most notably from Alibaba backed Kuaidi Dache. Didi then went to Tencent for help in funding which it duly got, to fight Kuaidi on all fronts. Their rivalry was strongest on the smart phones but a deluge of a snowstorm in 2012 initiated a great surge in online booking of cabs. Then in 2014, during the Chinese New Year, Tencent’s We Chat service showed an immense rise in gifting using the mobile phones. This made all realize the mobile phones would prove to be the greatest differentiator thus a strong business analytics wing was needed and brought in place. Eventually these two held majority of the ride-hailing market in China, but global giant Uber was set to enter. This forced the two to reach a compromise with Didi owning three-fifths of the new entity. Uber hardly faced any competition in the rest of the world, and did not presume Didi Chuxing to endure for so long. The latter even took the fight to Uber’s home turf by investing in their rival Lyft. Uber however had almost a limitless capacity for fund generation and a fresh round of investment from a fund in Saudi Arabia totally changed the tables. Even Chinese state backed companies were investing in Uber or other Chinese ride-sharing enterprises. Didi now relented to invite Uber over for peace talks. Uber now owns a certain percentage of Didi Chuxing and both these companies have non-voting members on each other’s boards. This compromise proved to be a practical decision.
How to make your Customer’s Experience unique and Personal?
It has been repeatedly observed that customer acquisition is far more difficult than retaining existing one. This can only be possible if a through customer experience is provided that is both personal as well as unique. In order to provide this, every possible medium of engagement must be applied. Business consulting provided by Deloitte confirms that over ninety percent of enterprises regard customer experience across multiple channels as a competitive edge. That is where tracking mentions on social media outlets like Twitter becomes so important. An omni-channel approach is good for providing service but for engagement, multiple platforms helps. Website design now needs to be structured to integrate with tablets, laptops and smart phones. This is because as Pew Research has found out majority of people in the developed nations and increasingly in the others as well use multiple devices. Predictive analytics must be used to extract vital business intelligence about customer segments. It uses techniques of data mining, modeling and machine learning to provide the solutions.