Even social networks are struggling with influencer marketing

The following is a guest post from Gil Eyal, CEO and co-founder of HYPR Brands. Aside from the fact that they used a competitor’s platform, Snap’s approach was fairly standard. Snap hired social media star Luka Sabbat to promote Snap Spectacles on Instagram. The relationship was covered by the now standard industry “Pay and Pray” model where brands pay influencers in advance without tying the compensation to any concrete performance metrics.

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Harvard Business Journal’s Power of 1% in Digital Transformation

Many organizations are moving to adopt digital technologies, but the speed of adoption is ever increasing and most organizations need to move at a faster pace to avoid competitive disadvantage.
A new approach is needed where companies commit to an ongoing investment of one percent of revenue for digital transformation . It’s an intentional, proactive, radically applied investment that views the investment from the top down as opportunistic, rather than as a sum of locally isolated budget initiatives.
Below are three key steps to drive the results from the power of a one percent investment in digital transformation:
Planting the Seeds
  • Laying a digital foundation requires the acquisition of commerce technologies and their integration to core applications to establish the right foundation, and be in a position to move information across a company’s expanded ecosystem with speed. ERP, CRM and business intelligence (BI) applications will play core roles in the ecosystem along with other adjacent technologies.
  • The focus must be on the reinvention of core processes that are digitally enabled across these core systems. This becomes the foundation upon which all other technologies will be launched.
Compelling Product Content
  • Research shows 60-90 percent of buyers start their product search online, and search engines further dictate that this content must be differentiating for optimal SEO.
  • Content now goes well beyond product-only information and must incorporate social content such as ratings and reviews, questions and answers, access to product experts, etc. For organizations with large SKU counts, it is imperative that the program to acquire content be phased and multi-faceted so as to not inhibit the speed of digital deployments.
Strategic Marketing
  • Investing in marketing is the third mandatory key component. In Phase I, the balance of the investment not spent on technology and content primarily should be allocated to marketing and digital resource development. In subsequent phases, technology and content investments may be reduced but investments in marketing will likely rise.
  • Along with typical digital marketing investments, don’t overlook marketing and operational programs required to drive adoption. Continuous improvements must be intentionally sought out to achieve results that align with the goals driving the metric based returns established by an organization. Planning ahead to rapidly overcome objections to internal and external adoption as they arise will help companies gain momentum and drive success.
Digital transformation is a huge undertaking for any business, but the Power of One Percent is designed to make that process a little less daunting by taking a fundamentally different approach to how a company invests for the future. It’s shifting away from what is the least expensive or easiest digital decisions to make to what are the best digital investments for customer-centric operations, and a shift from annual plans to agile plans, with a focus on speed. The Power of One Percent is the fuel to drive toward an agile, operational, and goal-oriented model that accepts a higher level of risk to generate a higher level of return.
Branding in the Age of Social Media
In the era of Facebook and YouTube, brand building has become a vexing challenge. This is not how things were supposed to turn out. A decade ago most companies were heralding the arrival of a new golden age of branding. They hired creative agencies and armies of technologists to insert brands throughout the digital universe. Viral, buzz, memes, stickiness, and form factor became the lingua franca of branding. But despite all the hoopla, such efforts have had very little payoff.
As a central feature of their digital strategy, companies made huge bets on what is often called branded content. The thinking went like this: Social media would allow your company to leapfrog traditional media and forge relationships directly with customers. If you told them great stories and connected with them in real time, your brand would become a hub for a community of consumers. Businesses have invested billions pursuing this vision. Yet few brands have generated meaningful consumer interest online. In fact, social media seems to have made brands less significant. What has gone wrong?
To solve this puzzle, we need to remember that brands succeed when they break through in culture. And branding is a set of techniques designed to generate cultural relevance. Digital technologies have not only created potent new social networks but also dramatically altered how culture works. Digital crowds now serve as very effective and prolific innovators of culture—a phenomenon I call crowdculture.
Crowdculture changes the rules of branding—which techniques work and which do not. If we understand crowdculture, then, we can figure out why branded-content strategies have fallen flat—and what alternative branding methods are empowered by social media.
source: websitemagazine.com/m/blog/post/48933?name=the-power-of-1-in-digital-transformation&App=posts&y=2015&m=11&d=20&PostName=the-power-of-1-in-digital-transformation

THE DIGITAL TRANSFORMATION | Are you participating?

InkedDigital-Transformation_LI

 Digital transformation is the term given to the transformation of business activities, processes and models to fully leverage the opportunities of new digital technologies. The aim of integrating digital technology into all areas of a business is to improve operations and how they deliver value to customers, employees, suppliers, partners and stakeholders. This necessitates a cultural and leadership change to encourage innovation and new business models.

One of the most important and substantive technology changes driving digital transformation is the focus on solutions designed to work the way employees do, rather than forcing users to change. The “force fit” method was common in the past, as the people using the apps had little choice but to convert their processes to match the technology. Those days are over, and organizations that cannot provide a user-centric experience will be left behind.

People-centric computing, defined as digital workspaces that are designed around the end user’s workflow, is today’s reality. And organizations that don’t adopt this approach will have numerous problems, including an inability to attract talented employees, lost productivity and far higher costs. As your organization deploys new digital business platforms, it’s essential to provide the flexibility and interoperability that supports business stakeholders and delivers an improved user experience without compromising security. It is also important to note that maintaining security is not an excuse for disrupting the user, either. The focus should be on digital workspace platforms that let organizations manage and aggregate different apps, databases and other resources that enable employee productivity―all while managing the security issues and system complexity behind the scenes and improving the experience for the end user.

DXchallenges

 Because digital transformation will look different for every company, it can be hard to pinpoint a definition that applies to all. However, in general terms, we define digital transformation as the integration of digital technology into all areas of a business resulting in fundamental changes to how businesses operate and how they deliver value to customers. Beyond that, it’s a cultural change that requires organizations to continually challenge the status quo, experiment often, and get comfortable with failure. This sometimes means walking away from long-standing business processes that companies were built upon in favor of relatively new practices that are still being defined.

Researchers at IDG recently attempted to apply a unified field theory to the meaning of “digital transformation,” based on the results of a survey of 702 IT and business decision-makers. Essentially, they identified eight ways people look at it:
  • Employee productivity. For 52 percent of executives, “becoming a digital business means enabling worker productivity through tools such as mobile, data access and AI-assisted processes.”
  • Data-driven business performance. Close to half, 49 percent, also see digital transformation as “the ability to better manage business performance through data availability and visibility.”
  • Customer experience. “For 46 percent of decision-makers, digital transformation “means meeting customer experience expectations, while 44 percent see it as “understanding customer needs through data collection and analysis.”
  • Mobile capabilities. Another 46 percent see digital transformation as “providing secure, optimized anywhere/anytime access to assets.”
  • Process automaton. At least 37 percent say digital transformation means “digitally modifying business and/or processes .”
  • Revenue streams. One-third, 33 percent, say digital transformation means developing new digital business/revenue streams.
  • Product innovation. Another 31 percent see digital transformation as achieving top-line growth through digital product enhancements/new digital products or services.
  • Supply chain optimization. For more than a quarter of companies surveyed (27 percent), digital transformation means digitizing “the flow of data and information worldwide which enables the movement of goods, services, finance and people.”

What should you do next if you do believe in digital transformation?

 1. Regardless of your level in the company, talk to people and convince them that change is coming and action is needed.
 2. Get enough support to start with a Digital Transformation Modeling exercise as this will give your stakeholders a first insight on the digital impact, possible futures and activities you can roll-out.
 3. The next step is to understand how ready your company is for the digital future. The impact analysis from the Digital Transformation Modeling approach is a first step in a much wider audit of the digital readiness of your entire company and the people that work for it.
 4. This must lead to a concrete plan for setting up your Digital Transformation Team with their Digital Agenda.

DigitalTransformation-Triggers

You start from a strategic model (insights, impact, future) to build an organizational model that is able to run the on-going operational reality of digital transformation.

 

Even social networks are struggling with influencer marketing

The following is a guest post from Gil Eyal, CEO and co-founder of HYPR Brands. Aside from the fact that they used a competitor’s platform, Snap’s approach was fairly standard. Snap hired social media star Luka Sabbat to promote Snap Spectacles on Instagram. The relationship was covered by the now standard industry “Pay and Pray” model where brands pay influencers in advance without tying the compensation to any concrete performance metrics.

Read more

3 Influencer Marketing Lessons Learned From Queen Victoria’s Fierce Style

Nothing says influence like giving your name to an entire era. More than a century after the sun finally set on Queen Victoria’s remarkable 63-year reign, her name remains a byword not just for a time period but a set of values and cultural expectations.And if Victoria is still influencing us…

12 Top Tools To Complement Your Social Media Marketing Efforts

Around 37% of the world’s population is on social media. It’s a fantastic place to engage your customers, build relationships and ultimately sell more. Now, I know what you’re thinking – 37% of the world’s population is a lot. Moreover, social media campaigns can look absolutely exhausting. You have to strategize, create content, perform split-tests, engage with people, come up with awesome CTAs, and manage your brand across lots of different channels.

How to Add Video to Your Social Media Marketing Strategy

Video has taken over the internet. And I’m not just talking about cute cat videos or the latest delectable dessert from Buzzfeed’s Tasty (those things are amazing!). Over. every single day. businesses that use social media video see revenue grow 49% faster than those that don’Who doesn’t want more sales and faster growth!?

How Chatbots Are Influencing the Future of Content Marketing

Modern consumers crave authentic conversations. To deliver on those expectations and provide more personal experiences, marketers are constantly seeking powerful content tools and better, smarter tech. Although turning to robots doesn’t immediately sound like the best way to have more human conversations, chatbots can empower brands to improve their content marketing strategies and meet evolving customer needs.

How Chatbots Are Influencing the Future of Content Marketing

Modern consumers crave authentic conversations. To deliver on those expectations and provide more personal experiences, marketers are constantly seeking powerful content tools and better, smarter tech. Although turning to robots doesn’t immediately sound like the best way to have more human conversations, chatbots can empower brands to improve their content marketing strategies and meet evolving customer needs.

The Holy Mantras for a Successful Email Marketing Strategy [Infographic]

Oftentimes, a gap exists between an email marketer’s expectations and the subscriber’s perception of your email message. Such a gap exists because most marketers fail to strategize their campaigns to befit subscriber demand. . When you’re expecting a high open rate, and get a higher unsubscribe rate, it is time to close the gap between subscriber demand and the marketer expectation.