Corporate Eye Summary November 20, 2010
November 20, 2010
- The Effects of Corporate Blog Marketing
In today’s current business climate, many companies are opting to find smarter and more frugal methods of marketing, and forgoing the mistaken idea that corporations have to spend a lot of money on their marketing ideas. Although frugal does not equate to “cheap” or “poor quality”, it does require that the company be creative and [...]
- The Board’s Role In Strategic Planning Redux
The NYSE published recommendations on directors’ role in business strategy. Some companies are ahead of the curve.
- Brands Try Stickybits for Creative Promotions through Mobile Apps
Mobile marketing is so hot right now that every brand should be looking at how to integrate mobile into its marketing plan, particularly using mobile apps to drive consumer engagement with brands. Stickybits is gaining traction among leading brands as a mobile app that can do exactly that.
When people download the newest version of the [...]
- It Ain’t Whatcha Do, It’s The Way That You Do It…
.. and that’s what gets results!
This may seem a little trite for a business sustainability and CSR blog. After all, thinking about your business’ effects beyond the simple commercial supply of product or services is the very definition of sustainability. However, a particularly pertinent example surfaced last week.
Archimedes Pharma is (according to their website) an [...]
- Li and Fung — Corporate Governance On One Page
During my online journeys I’ve visited some interesting Corporate Governance sites. I found that too often I make quick judgments and that I need to take more time to assess the attributes of a visited site.
This was put in play when I observed the Corporate Governance page of Li & Fung Ltd an export [...]
New Logo for Gmail – Can You Spot the Changes?
November 20, 2010
This week, Google rolled out a new logo for Gmail and the question most consumers are likely to ask when they hear about the logo overhaul is — “The Gmail logo changed?” That’s because, most consumers are not likely to notice the difference. Check out the Gmail logo before and after the redesign below and see if you can see the changes.
So what differences could you spot?
The ‘m’ and its corresponding envelope design are a bit wider. Colors have been tweaked a bit. The ‘by Google’ tagline is now right-aligned rather than left-aligned. Again, these are changes that most people won’t even notice.
The question is why invest in such subtle logo revisions?
The new version is more in line with the latest Google logo, and I have to agree that the new version does look just a touch better than the old version. Will the subtle changes really make a difference to the Google or Gmail brands? Probably not. However, brand consistency is essential to developing a powerful brand (which Google already is of course).
Whether or not you agree with Google’s logo overhaul, it does lead to an interesting debate. At what point to companies invest in subtle logo tweaks to ensure brand consistency across the company vs. investing that money elsewhere? At what point do you say “no, it’s not worth it?” and resist making those logo tweaks? Is there ever such a point? Where do you draw the line?
For brand managers, this is a difficult path to navigate. Where do you weigh in on the debate? Invest in the logo for brand consistency or use that money elsewhere? Leave a comment and share your thoughts.
The Effects of Corporate Blog Marketing
November 19, 2010
In today’s current business climate, many companies are opting to find smarter and more frugal methods of marketing, and forgoing the mistaken idea that corporations have to spend a lot of money on their marketing ideas. Although frugal does not equate to “cheap” or “poor quality”, it does require that the company be creative and savvy in choosing how they will advertise their product or services.
Marketing encompasses more than just “selling” a customer. It involves relationship-building and networking so as to establish a foundation for future interaction. If there’s anything customers dislike more than hard-selling it’s to be told that they’re “sold” to. They know the difference, and count it as an insult if they are told otherwise.
Securing customers and clients work best when the interaction is genuine and forthright. Clients tend to lean more towards those corporations who can readily admit their mistakes and take a clear stand in correcting any mishaps. However, it’s also a plus when the corporation is doing well and has the confidence to admit so.
Take for example, the Whole Foods Market blog that talks about and promotes a healthy lifestyle and green living. Their blog is very user-friendly, not overwhelming and gives a wealth of information to the customer. Consumers want and love the idea of good, wholesome foods and often need direction in where to find this fare and various ways to prepare it. This information is on their blog and can also be enjoyed by customers when they visit one of their numerous stores in the chain of markets. However, Whole Foods goes a step further by including business news on the blog that also promotes the chain’s philosophy and their stand on environmental issues. So not only do they get the chance to connect with the customers and provide valuable information, they also share, promote and encourage customers to participate in the causes that they support and promote. Rarely will you see commercials for the store, yet their presence is in many major cities across the United States as well as the United Kingdom and Canada.
The benefits of corporate blog marketing are endless, but many companies fail to embrace the positive things that it can do for their corporations, often because they just aren’t fully aware of the end-result benefits that it can bring to their businesses.
Exposure
Although this is an idea that is preached across the Internet tirelessly, many corporations still fail to see the benefit of exposure that a corporate blog can provide for their corporations. The blog serves as more than just a presence on the Internet, but gives the business a working platform to have a voice and to connect with customers in that genuine way that was mentioned earlier.
The GM blog is one such example of a blog that offers a company a wealth of exposure. Not that General Motors would need any additional name recognition, but their blog presence is a strong marketing tool because it keeps the customers connected to what’s going on in the automobile maker’s world. Each step that this car manufacturer makes significantly impacts the economy, and in turn, affects the consumer. On the blog, everything is discussed from upcoming projects to their political and social stand on various topics. The consumer is affected by this since very often, these issues affect the prices of vehicles, costs associated with production and even insurance issues. Why in the world would the consumer not be interested?
Interaction
Interaction runs the gamut from writing an email to a customer, to offering sales and discounts on Facebook. It is a very important element for any business, which is why social networking platforms like Facebook and Twitter have become so enormously popular. Customers want to know and feel like they’re dealing with real humans and not machines; blogs offer a glimpse into the driving minds in a corporation and how they’re making things tick.
Corporate blogs pick up a lot of marketing momentum when they are well-written, offer value to the customers and do a good job of engaging their readers. When the blog loses the idea of “selling” to their customers they fare far better, and position themselves better when they don’t try so hard. Also, the shelf-life of blogs is longer for those who treat the blog presence as more of an enhancement than their main method of client/customer pooling. Over time, the blog not only increases their marketing potential and worth, but it stands a better chance of positioning the corporation as a product of longevity. Customers reap the benefits almost immediately, and the company can set tangible, workable methods around the blog to increase its productivity.
Image Copyright (c) 123RF Stock Photos
The Board’s Role In Strategic Planning Redux
November 18, 2010
On Sept. 23, 2010 the NYSE Euronext (NYX) released the final report (PDF) of the NYSE–sponsored Commission on Corporate Governance.
One of the ten key items is –
Good corporate governance should be integrated with the company’s business strategy and not viewed as simply a compliance obligation. [Almost a year earlier our post The Board's Role In Corporate Strategy suggested a more active Board role in Business Strategy.]
The Commission believes that sound corporate governance should be a core element of a company’s business strategy, as it includes independent and objective oversight of strategy and management by boards; alignment of interests among shareholders, management and the board; accountability of the board to shareholders and accountability of management to the board; compensation programs that incentivize long-term growth; establishment of criteria that are aligned with the company’s business goals; prudent risk management; a culture of integrity; and consideration of the impact of the corporation’s activities on society overall.
This makes a strong case for the Board’s active involvement in the development and continuing review of the company’s business strategy. Too many companies delegate the formation and execution of the business strategy to management. Further, many Boards review the business strategy once a year.
However there are some companies that are already practicing the NYSE’s recommendations.
One such company is TD Bank Financial Group. In their online Corporate Governance practices they state–
Strategic Planning Process
The board is responsible for overseeing the execution and fulfillment of our strategy and fundamental goals. This responsibility includes adopting a strategic planning process; and continuously considering and approving strategic alternatives and plans that management presents. The board assesses the bank’s major opportunities and risk impact of any strategic decision being contemplated, including considering whether any strategic decision is within the bank’s approved risk appetite established for the bank and its individual business units; oversees the implementation of strategic plans; and monitors performance against such plans.
Continuing Education
…In the past year, the board participated in in-depth sessions (“deep dives”) on particular aspects of our businesses and overall strategy. Each deep dive includes an element of general education as context for the discussions (e.g., the industry; competitors; trends; and risks/opportunities). Directors also have complete access to management to understand and keep up to date with our businesses and for any other purposes that may help them fulfill their responsibilities.
This discussion seems to be very much in line withe the NYSE recommendation. The problem is these items are somewhat buried within a lengthy document. TD would do well to highlight their Board actions regarding business strategy, perhaps discussing this in their Leadership Views in the Media Room.
Another example comes from Hill-Rom a medical products company.
The Board’s role in Business Strategy is described in a concise discussion on the (Board) Role and Functioning section within Corporate Governance
In summary:
The Board’s Role In Strategic Planning
The Board of Directors has the legal responsibility for overseeing the affairs of the Company and, thus, an obligation to keep informed about the Company’s business and strategies. This involvement enables the Board to provide guidance to management in formulating and developing plans [...] Acting as a full Board and through the Board’s three standing committees, the Board is actively involved in the Company’s strategic planning process.
Each year, typically in the spring, summer and fall, senior management sets aside specific periods to develop, discuss and refine the Company’s long-range operating plan and overall corporate strategy. Specific operating priorities are developed to effectuate the Company’s long-range plan. [...] These meetings are focused on corporate strategy and involve both management presentations and input from the Board regarding the assumptions, priorities and objectives that will form the basis for management’s strategies and operating plans [...]
At most Board meetings, the Board substantively reviews the Company’s progress against its strategic plans and exercises oversight and decision-making authority regarding strategic areas of importance and associated funding authorizations.
In addition, Board meetings held throughout the year target specific strategies and critical areas for extended, focused Board input and discussion.
The Board’s role is inextricably linked to the development and review of the Company’s strategic plan.
From this one can see that the Board is actively involved. The Board does not simply delegate the plan to management. Nor do they let a year elapse before they receive well orchestrated presentations for management. They appear to be following a process suggested by John Rehfeld in his article The Company Director’s Role In Company Growth –
| Goals | Develop | Approve | Execute | Review/Changes | |
| Board | Primary | Actively Participate | Primary | Stay informed | Primary |
| Management | Provide input | Primary | Primary | Provide input |
Adapted from The Director’s Role In Company Growth
While the NYSE’s recommendations are relatively new, these companies provide examples for other companies to follow.
Brands Try Stickybits for Creative Promotions through Mobile Apps
November 18, 2010
Mobile marketing is so hot right now that every brand should be looking at how to integrate mobile into its marketing plan, particularly using mobile apps to drive consumer engagement with brands. Stickybits is gaining traction among leading brands as a mobile app that can do exactly that.
When people download the newest version of the Stickybits app (version 2) to their iPhones (a new version for Android devices is in the works), they can scan barcodes and QR codes using the built-in iPhone camera. Branded promotions kick in when certain barcodes or QR codes are scanned. Stickybits includes social web sharing features and varied check-in and leaderboard features that consumers are accustomed to from mobile apps like foursquare.
Brands and advertisers can use Stickybits for free with access to a content management system and analytics. In simplest terms, you can claim your brand’s barcodes and append media to them then track scans, response rates, location data, and demographic data from Stickybits user profiles. For an undisclosed fee, advertisers can also access promotion management features.
Currently, 10 well-known brands are running promotions through the Stickybits app, including Ben & Jerry’s, Pepsi, Fiji Water, Elmer’s Glue, the Chicago Tribune, NakedPizza, Polydor Records, Wonderful Pistachios, the NHL’s Washington Capitols, Don Q Rum, and Harper Collins publishing. You can get the details about these varied promotions from this article on Clickz.
Right now, there is no recipe for success in mobile app marketing, so brands are testing sweepstakes, discounts, giveaways, and more in an attempt to learn what works. Branded promotions through Stickybits require their own promotion at this point with traditional advertising currently driving consumers to the Stickybits app rather than the other way around — something brands would certainly like to see happen in the future. Stickybits only had 50,000 active users in October 2010, but if the current branded promotions are successful, you can bet that number will grow quickly.
What do you think of branded mobile promotions like those available through Stickybits? Leave a comment and share your thoughts.
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