A few decades ago, good service meant friendly representatives, making customers a priority and doing everything to solve a customer’s problem. Today good service is the fastest, best and most reliable Internet connection. The Internet is a competitive area where brands and media firms do not get credit for making a good effort. Users want results, and they want them fast, so they won’t wait long for a video content to load. As a result, businesses have come to realize the profound effect milliseconds have on their sales.
Approximately 50% of all consumers expect a web page to load in two seconds. A recent study showed that 25% of consumers will leave a website if it takes four seconds longer to load. Amazon found that 100 milliseconds of additional load time decreases their sales by 1%. The problem cannot be blamed on slow Internet speeds of homeowners but rather the company’s website or the video itself.
Buffering or video lag can be a result of several factors like slow home Internet connection that cannot stream HD videos. In most case, the problem is the fault of the media company distributing the video a user is trying to watch. Video delivery also relies on how close and open the route from the server to your computer is. Internet service providers, therefore, need to maintain a certain level of performance for their users by using the fastest routes for connections.
Media companies and brands that lack the funds to use major video distributors like Netflix and YouTube can instead use an upgraded Content Delivery Network (CDN). CDN reduce latency and host their content on servers across the country. If the file has to travel a long distance, the network slows the playback for the video consumer.
Brands and media companies that use this method can have the upper hand in providing the best and probably the most relevant content.
A good number of marketers cannot keep up with the rapid change in technology. The marketing tech area is a sector that is subject to the speeding up of advancements. A report produced by ‘Closing the Gap Between Martech Innovation and Adoption’ found that 56% of marketers think that the martech industry is evolving rapidly than their organizations’ use of marketing technology. Only 27 out of 300 marketing executives say that their companies are maintaining the pace in the industry regarding technology adoption.
In its second year of the report, the ‘State of Marketing Technology’ study showed that companies had made significant progress regarding the adoption of marketing tech. Despite the fact that a third of marketers say that their companies’ martech adoption is evolving quickly, 72% provided a similar comment on the martech landscape. This shows the presence of a gap in martech adoption by companies and the rapidly evolving marketing technology. However, this gap is narrowing since 48% of companies have transformed to become early adopters and innovators in marketing tech as compared to last year’s 20%.
Meanwhile, 70% of marketers expect their martech budgets to increase in the coming year while 2% expect a decrease. Research also shows that seven out of 10 marketers believe that their organizations invest the right amount of funds in martech. Those who feel that their company’s martech assists them to perform their duties more effectively has risen from 58% last year to 69% this year.
Over the years, marketers have been frustrated at their organizations’ slow adoption of marketing technology. This seems to be changing, and marketers are becoming more positive about innovation within their companies.
Taking your business onto the international stage can be an exciting transition. However, it can be filled with potential pitfalls. Marketers hurry to reach customers ahead of their competitors overlooking some of the finer points of internationalization. Even though translating a website into a local language and waiting for customers to roll in can be tempting, it won’t just work on the international platform.
If you are wondering why your marketing is doing greatly at home but underperforming on the global platform, then continue reading this post. It covers some of the most common mistakes companies make with global marketing.
- Not breaking up broader geographic markets
Marketing executives often assume that the rest of the world as an extension of their home market. They think of overseas markets in vague regional terms. Unfortunately, this assumption is problematic. “We’d like to shift our attention to South America.”If you ask different individuals what they mean by “South America,” you will get very different answers. With that said, marketing executives need to realize that breaking up broader geographic markets into individual countries helps a lot with prioritizing markets, budget allocation and formulation of a staffing strategy.
Product positioning at the country level entails a lot of things. Most companies overlook critical factors such as the market size, strong local competitors, challenges local customers face among other things.
- Translation issues
Good quality translation is a basic component of a global marketing strategy. The most effective way of translating the content of your website is by working with a native speaking translator who is familiar with the market niche you are targeting. “People are moving away from taking a [piece of content] and making 19 or 20 different quick translations…..A good translation can make a huge difference in how content is received,” said Dougal Cameron, COO of Pubsoft.
- Lack of consistency
Global marketing goes way beyond translating the content of a website. Companies must create a solid experience for their international audience. Texts in a sales promotion images, an order button or a shipping policy that is not translated can greatly turn off an international audience. Be consistent with your content to succeed on the global marketing platform.
Executives need to work extra hard to ensure that their brand stands out as the best in the market. A 2015 research conducted by PwC traced the success of over 6,700 brands around the world that have been in existence for almost 16 years. The study revealed that consumers expect renowned brands to have a crucial role in shaping their existence.
Leader brand executives understand that a culture of development can make their brands innovative and more visionary and trustworthy. To create such a culture, organizations must do away with traditional thinking and prioritize some cross-functional abilities that directly support the company’s objectives.
Leading brands have similar traits that help them drive innovation in the company:
1) Leverage customer knowledge – Leading brands take a wide approach to innovation as well as obtain crucial data from customers, employees, suppliers and other companies.
2) Embrace technology – These organizations create cultures of excellence by constantly seeking opportunities to automate the business. They analyze different emerging technologies and determine how to use them to improve their business.
3) Focus on innovation initiatives – Leading brands use structured processes to make informed decisions about new products and other company strategies. Marketing executives, for instance, can brainstorm potential successful concepts with internal experts, associates, and consumers. The company can then focus its innovation strategies on a few new concepts. This can boost sales since a company can produce new products that match with the latest trends.
The internet has changed they way we shop and the expectations we have of retailers. Our web experienced tend to personalize the ads we see, the videos we watch, and the results of searches. Fabletics takes that desire for personalization and provides subscribed members athletic clothing made specifically for each customer. The business model of Fabletics is so profitable the company is now worth over $250 million after existing for only 3 years.
It isn’t surprising given the previous ventures of Fabletics founders Adam Goldenberg and Don Ressler. Goldenberg started his first business at 15 and Ressler has generated over $1 billion selling various internet start ups. When the two decided to combine fashion and tech the result would give them a fortune.
Read more: The Only Fabletics Review You Need to Read
From the very beginning Fabletics has had major star power from its cofounder Kate Hudson. She has provided much of the vision behind the brand and even managed to get her brother, Oliver Hudson, involved in producing a line of men’s athletic wear. Hudson doesn’t want the fashion side of Fabletics to outshine the technology involved in promoting this brand on marieclaire.com. She is scheduled to speak at the next Code Commerce event to promote Fabletics as a innovator in the world of software.
Reaching Out Into The Real World
The success of Fabletics has allowed this brand to expand beyond online retail and into the physical world. Currently there are 6 Fabletics brick and mortar stores under the Fabletics name. Within the next five years the founders of Fabletics plan on opening stores in more than 100 locations. Originally an online alternative this brand now offers personalized clothing in the communities of its customers. From the direction Fabletics is heading it looks like this business model is certain to give the brand success for years to come.
Learn more about Fabletics: https://www.facebook.com/Fabletics/
It won’t be an exaggeration to say that construction runs though Jason Halpern’s veins. He is not a first generation builder from his family. Two more generations before him have devoted their careers to buildings and construction. While his family has worked mostly in New York City and its neighborhood in the state of Ney York, the company now also operates in Florida, specifically Miami Beach. His company JMH Development, for which he is the founder and managing director, has grown leaps and bounds in recent years and have also been busy acquiring properties in big commercial districts.
Jason has a unique philosophy of inclusion. He doesn’t want his buildings to stand like sore thumbs for the residents. He respects the heritage of the places he is constructing in and makes sure that his building add to the aura of the place he is building it in, rather than distorting it. His humanitarian side is visible in his numerous charitable endeavors. Being the principal, it is not surprising that he has passed on his philosophies to the organization as well. The organization has pledged to donate 20,000 dollars for every new construction they take up. This money will be diverted to help the under privileged in Africa and Asia.
Jason has also put good money in development of a trauma center in New York which specializes in treating people with serious injuries like burns and limb detachment, pregnant women and heart patients. Jason continues to lead the path for the organization both in terms of innovative business strategies and giving back to the society.
The company has taken some path breaking projects under its stride in recent years. One of the examples is the construction of the Aloft hotel on Miami Beach. With the area already saturated with hotels and other buildings, no hotel was built in the area for 7 years, starting 2009. However, JMH took up the project of developing a brand new hotel at the site where the renowned Motel Ankara stood. The engineers at JMH found a way to use the entire structure of the Motel to be used in the new hotel and added a tower of its own to boot. This is one example of the inclusion strategy that Jason and JMH are renowned for.
The hotel is one of the major construction jobs taken up by the company in Miami Beach though they are no strangers to taking up projects of this size and bigger in New York. The hotel is situated in a prime location, much like most of the other buildings constructed by JMH. The hotel was topped off in the last quarter of 2014 and was completed and inaugurated in 2015.
The tech industry has been the new hub for most of the upcoming billionaires in the world. The scalability of technology has allowed inspiring entrepreneurs to go from rags to riches in a few years. Below is a list of the 10 richest entrepreneurs in this lucrative industry as at 2016.
The mogul is the Founder of Microsoft, an American multinational technology company that develops, manufactures, licenses, supports, and sells computer software. Gates has an estimated net worth of around $78 billion. He is also the Chairman of the Bill and Melinda Gates Foundation.
He is the CEO of Amazon.com. Bezos’ company is an online merchant for books and a wide variety of products and services like video streaming. He has an estimated net worth of $66.2 billion.
Zuckerberg is the Chairman and CEO of Facebook. It is the largest and most popular social networking platform in the world. Facebook recently acquired other social network companies like Instagram and Whatsapp. Zuckerberg has an estimated net worth $54 billion. He is the youngest tech billionaire.
Ellison co-founded the Oracle Corporation. It is an American multinational computer technology company. He is the Executive Chairman and the Chief Technology Officer of the firm. His fortune is estimated to be worth $51.7 billion.
Page co-founded Alphabet Inc. and Google. He also invented Google’s best-known search ranking algorithm, PageRank. He has an estimated net worth of $39 billion.
Brin is the President of Alphabet Inc. He also played a significant role in co-founding the largest search engine in the world, Google. He is worth $38.2 billion.
Ballmer is the owner of Los Angeles Clippers. He is also the former CEO of Microsoft. Ballmer contributed significantly to the growth of Microsoft and release of Windows XP and Xbox. He has an estimated fortune worth $27.7 billion.
Jack Ma, Ma Huateng, and Michael Dell complete the list of top 10 richest tech billionaires in the world.
E-commerce has helped to erase all the boundaries in the global economic arena. In the past, businesses explored overseas markets and set up operation in new regions. It is the same reason why we see content providers are eager to venture into abroad locations.
Many American content-creating firms are motivated by an entrepreneurial drive and desire to make more profits. They look beyond the country’s borders in search of fertile terrain to map out a success plan. The reality of the matter is that some are successful while don’t succeed. The companies that have a better chance of becoming successful abroad are those that initially scout the new territory to recognize the opportunities available and the possible challenges that they may face before.
Currently, expanding your business to an overseas location has become an easy task because international trade restriction policies have been softened. Moreover, more consumers from all regions of the world are digitally connected through online channels and devices. However, that does not mean that all is easy. Many publishers face challenges such as piracy threats, difficult language translations, Jack of internet access, changing government regulations, shifting economic rules, and monetization and payment obstacles.
The CEO of Cue said that the biggest problem that American content firms face is the need to communicate to a global audience with messages that have been built around U.S. consumers. Paul Parreira added that localizing our message becomes a challenge regardless of the product. Another barrier to foreign markets is the conservative nature of foreign governments such as Burma, China, and Arab nations. Such countries restrict access and censor content that conveys messages that are at odds with the political ideology and opinions of the government. Moreover, some governments block content that they deem morally unacceptable or sexually suggestive. Asian countries like South Korea and China require users to register with internet providers using their real identification.
Such laws can promote identity theft. Monetizing content can be challenging depending on the territory because some consumers fear to make an online payment. Moreover, different countries have various forms of acceptable online payments.
About four years ago, many marketing agencies developed because of the explosion of social media. However, the same marketing companies did not want to be identified as purely “social” practitioners and said that they had grown beyond that. Recently, social media platforms have adopted a similar mindset. Several social networking sites are shrugging off the “social” tag. Snapchat recently announced that it is now a “camera company” because of the introduction of its video-recording sunglasses called Spectacles. During press meetings, the California-based company has tried to drop the tag when making its announcements.
Twitter has also tried to distant itself from the idea that it is a social site company. At the Advertising Week, Adam Bain mentioned that his firm had moved its mobile app listing from the social section to the news category in Apple’s App Store. He added that his team witnessed increased downloads of the app almost immediately.
Similar sentiments were echoed by Facebook’s Chief Operating Officer during a press conference in September. Sheryl Sandberg said that it had been long since the company was branded a social network site. There are certainly commercial reasons why most companies are suddenly joining the anti-social wagon. Scott Linzer of Organic Media stated that most of the social companies are working to diversify their portfolio and offer more in the spirit of innovation. Linzer continued by saying that Organic Media was trying to educate brands on how social media has continually collaborated in most forms of communications.
It is hard for an upcoming social media company to brand itself social after observing what has recently happened to Twitter. David Deal said that every enterprise that describes itself as social will always operate under the shadow of Facebook. Nick Cicero, CEO of Snapchat, stated that social media and social networks had undergone an evolution. Cicero added that the companies had to define themselves in a different way because of the evolution. Moreover, the Chief Marketing Officer of Ello said that his firm is not a social media company. He stated that they are a brand that puts creators first.
Considering how many users depend on Google’s search engines, analytics and ad campaigns to promote and sell their businesses, someone should have figured out awhile ago that this kind of end-to-end service lacks a built-in monitor. Simply put, why should anyone trust the viewing metrics provided by a company that is compensated for the success of its own viewing platform?
Although Google and Facebook haven’t been tagged for malicious behavior, both organizations have received poor ratings from the Media Rating Council, with Google losing its accreditation. The metrics Google provided weren’t always an accurate reflection of reality.
The problem isn’t with desktop ads but with mobile ads, and the problem most likely stems from ad blockers. Businesses have no desire to pay for ads that aren’t being viewed, but the existing analytics don’t take ad blockers into account. According to a report from Business Insider, “Advertisers want assurances that the majority of the pixels of their ad were viewed for at least a second or more (and most marketers demand far more than this) and that they were viewed by humans rather than a bot.”
The metrics at issue were DoubleClick for Publishers web impression measurements and Doubleclick for Publishers viewability metrics. Google is updating its technology to better distinguish rendered and viewed impressions. In the interim, this situation has reignited the issue of what has been called the “walled garden” of Google advertising. Marketers and consumer advocate groups are calling for third-party regulations which will hold Google, Facebook and similar organizations’ reporting accountable to outside measures.