Research & Development

The Importance of Research and Development

Research and Development is quintessential to the innovation process, and ultimately the success of your business (or product).  Research and Development is an investment we make to help us expand and gain competitive advantages in our industry. R&D applies to all industries and all sizes of organizations. If you aren’t investing in further development, your competitors will (and probably are already doing such). There are some huge companies that you probably have heard of that are “top dawgs” when it comes to R&D, such companies include Intel, and Amazon. These two companies spend BILLIONS to help give them competitive advantages. Intel for example, is consistently always looking to make their technology run faster and more efficiently. Amazon, uses R&D to help with their customer’s experience and the supply chain side of their business (such as appropriate distribution locations and other services they can provide). Remember it is important to note that R&D can be implemented in ANY organization, regardless of size. Sure, you may not be able to spend money like Intel and Amazon, but by investing even a little bit, it will give you a competitive advantage.

Here are some key benefits of that R&D provides to organizations that implement R&D tactics.

1   The decision basis

2   Technology strategy

3   Portfolio management

4   Project strategy

5   Proper organization and process

6   Relationship with internal customers

7   Relationship with external customers

8   R&D culture and values

9   Improving decision quality

For more information, check out this article!

http://www.incrementalinnovation.com/innovation-management-development/rd-to-innovation

Disruptive Marketing

Disruptive Marketing

Geoffrey Colon, is a communications designer. Specifically, he studies the correlation between marketing, technology, and pop culture. He has a wide range of experience which includes, podcast production, public speaking, and working with Microsoft. He also speaks about how the traditional kind of marketing is dissipating, and how “disruptive marketing” has become more popular.

Disruptive marketing is the spread of ideas to people, from people, and it’s based on purpose, according to Colon. With the popularity of mobile devices, marketing is no longer limited to radio, television, etc. We are all “media”, considering how easily we can spread news and ideas by word of mouth. Another main idea, is that we live in a post-remix world. Companies no longer create their own messages, they reinterpret information being sent out by other companies. Next, Colon says to put people first, and remember technology is only a tool. Marketers usually make decisions that have to do with empathy, emotional intelligence, connectedness, motivation, and passion. This is a focus on behavior, rather than technology or other platforms. With the growth of technology, Colon also brings human connection to attention. He says that people crave it now that we are extremely technology based these days. Also, it’s important to remember that personalization is a must. Since it would be difficult to know exactly what everyone wants to buy, it’s useful to stay away from using stereotypes to determine the wants and needs. Artificial intelligence is helpful to uncover those wants and needs. Lastly, Colon says that the Internet of everything is on its way. It has transitioned to enhance digital content with huge companies, and soon it will transform into something that isn’t defined by software, but by partnerships. This promotes more and more collaboration, which will help companies share ideas and stay connected. 

Market Research

How Technology Has Changed Market Research

It is no doubt that technology has changed the way we live our everyday lives, they help us become more efficient and versatile. But in reference to marketing research, technology has help provide more opportunities as well as potential challenges. In this article, the author discusses 5 ways technology has changed market research.

1. Social Media: Twitter, Facebook and LinkedIn opportunities for companies (and individuals) to conduct their own market research on any particular subject. For instance, consumers can look at reviews of previous buyers or price compare similar products. Social media has also offered the opportunity to reach out to a specific brands and ask them questions about products.
2. Data Collection improvements: Although traditional methods such as focus groups, personal interviews and surveys are still relevant today. We have the fastest access to real time data collection there has ever been!
3. Enhanced Data Analysis:  With increased speed of data collection, there has been many advancements in the quality of the data analytics and the ease of  interpreting the data.
4. Creation of New Research roles: New roles are being created in the job market for interpreting SEO and Social Media Analytics
5. Big Data Informs Research.   The ease of Big Data Informs marketers with fast and reliable data. There is large pool of data that can be very useful for marketers when conducting their research.

http://blog.marketresearch.com/blog-home-page/bid/339928/5-Ways-Technology-Has-Changed-Market-Research

Article Summary

Disorder in the House: Meeting Trends for 2017

              Certain aspects of business interactions are changing especially meeting environments and hotel economy in particular. Meetings are no longer geared towards exchanging information between those attending. That being said, context is now more important than content. The traditional type meeting would most likely include just a single person talking and informing others at the meeting about updates on business or a particular company. Most of this knowledge can now be found online, which almost eliminates the purpose of a meeting. However, meetings will always exist because the only thing that is being tweaked is the structure of the meeting and what goes on during that certain time period. The current layout of a meeting includes more time for conversation and networking rather than just an educational session. Business is always evolving and technology is constantly changing. It is easy to accept that meetings are changing as well.

              Hotels are currently experiencing all-time records in attendance rates. The number of people traveling for business these days is pretty substantial as well as crazy to think about. Occupancy rates have been through the roof. At one point in 2016, hotel rooms were completely sold out for 77 nights in the U.S. This may lead to difficulty in booking a room block or finding a meeting space for upcoming conferences. Being aware of this is definitely useful information because it is important to think ahead and plan accordingly. It may be a good idea to have conversations with hotels in advance and set something up well ahead of time. Another good idea would be to consider scheduling an event for Sunday through Wednesday because hotels are not as busy on these days so rates are lower and there will be more rooms available.

              Food costs can be a concern during conferences as well. Coffee and beef prices were on the rise from anywhere between 50 and 60 percent during 2016. Menus are costed out to achieve a 35 percent profit margin. A simple solution would be to ask for a meal of lower price. If your budget per person is $100, ask for a $90 meal. The chief will reach the 35% margin as well getting high quality food. It is important to keep in mind the types of foods that conference attendees are interested in eating. Healthy options as well as pork or pasta are a few in particular that are currently popular. Taking all of this into consideration when planning out a conference will ensure that everyone is happy. 

VR Marketing

Virtual Reality Leads Marketers Down a Tricky Path 

As we enter the modern age of new emerging technologies, the constant changes and additions in the market are promoting new opportunities, and challenging marketers with the decisions of capitalizing on these technologies or going on without them.  One of these interesting new concepts that marketers are facing is virtual reality.  Virtual reality has proven that it can be a game changer in different industries from a marketing perspective, while also being a money pit for others. 

Marketers can use this VR technology to give consumers a unique experience that they are likely not able to get anywhere else.  For example, in 2014, Dos Equis, a beer maker, created a virtual reality masquerade party where the participant could experience flamethrowers, and acrobatic dancers amongst other interesting activities.  By giving the user this one of a kind experience, the companies can provide something that others cannot provide, as well as something that the participants will likely not see in the real world. 

On the contrary, companies such as the e-commerce giant Alibaba have found their efforts in the realm of virtual reality to be costly and criticized.  The company had created a virtual shopping mall where participants could walk around and experience the mall on the VR headset, which was not adapted very well by users due to the fact that you can simply do it in real life with little trouble.  These experiments can be very costly if not successful considering that creating a virtual environment often starts at around $500,000, as well as a cost of $10,000-$100,000 to create a 360 video.

Overall, as more and more consumers adopt this new technology, the focus on VR may become more intensive and competitive and cause an increase in spending on this segment.  Depending on the use of the technology, VR can be just the boost you need in the marketplace, or it can be a company’s downfall.  

B2B Marketing

Why Oracle’s Quest to Evolve Open-World Might Transform All B-To-B Events

Oracle and Mosaic have been slowly starting to change how B2B events are ran over the past few years. Over the next several years the will be implementing Phase One of a new strategic blueprint to completely reinvent and reimagine the modern B2B event. Phase One consists of 3 main areas: redesigning collaborative spaces, deploying an all new story-telling strategy and rethinking event learning. For space, OpenWorld are designed as open attendee to attendee engagement spaces. They are bringing in new food and concession areas to get attendees to stay for lunch and converse with others. General sessions were live streamed so attendees could listen to the keynote while soaking up the sun. For the storytelling, they are bringing more content and embracing this “storytelling” strategy. Mosaic has been interview executive, customers, social media influencers and more turning it into content stories. “The flaw with current b-to-b events is that the conference ends up being dependent on the content created at the event. We’re flipping the model and creating content and a story in advance and then using the event as the platform for providing a branded narrative” says Oracle vp-marketing and industry vet Paul Salinger. The last new area of improvement is rethinking the learning. They are creating Collective Learning, which has test sessions featuring multiple interactive zones built around discussion, personal reflection and information sharing. They are even having all the speakers go through a public speaking training before the event. “So we’re putting learning at the heart of the experience”   says Mosaic creative director Khaleed Juma. Overall, Oracle will continue to focus on evolving the common spaces, bringing to life more elements of peer-to-peer networking and reformatting the event schedule around the changing attendee base.

Sales Blog

New Product Entrance 

When a new product enters the market, there is an increase in sales to early consumers, but soon after the product loses its popularity. When trying to sell your ideas and products to people you have to change not only what they think, but how they think. Mark Bonchek stated, “Mental models are how the brain makes sense of the vast amount of information to be processed every moment of everyday” (Paragraph 3). Taking time and being able to visually see something in front of you helps the buyer have an understanding of what they are going to buy. This is a problem today because everyone people are just sending emails and not explaining things in person or over the phone.

Dr. Ignaz Semmelweis and Louis Pasteur showed that mental models can change the way we see the world around us. Successful companies know how to shift consumer’s thoughts about themselves and their products. Steve Jobs’ quote, “think different” (Paragraph 7) is something that salespeople need to take into consideration because they need to be more personal and care about the individual they’re selling to. An example of this would be Salesforce.com, and how after implementing the mental model they were able to succeed. Having the leadership of a company following this model helps them succeed, but shifts in thinking can challenge the prevailing model.

There are three main steps in making the mental model work for a company: First, identify the underlying shift in thinking. Second, determine how mental models aren’t sticking to make you successful. There are three main areas to focus on within the second part of the model are Present, Future, and Transition. All of these are related to how the model works today and what the future brings for this product. Finally, understand that shifts in thinking don’t happen overnight. Albert Einstein once said, “We cannot solve our problems with the same thinking we used when we created them.’ Companies that help customers shift their thinking will be more effective at solving problems and ultimately selling products’” (Paragraph 21). Continuously following up with a customer and interacting with them to allow them to see their new thinking habits in different contexts and situations. 

https://www.linkedin.com/pulse/dont-sell-product-whole-new-way-thinking-prashant-dedhia?trk=v-feed&lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_content%3BP5HY7FjgsDT6MWhs4tJZvA%3D%3D