Your Business and New Media
Written by: iiGrowth
Your Business and New Media
The Retail Challenge
In the not so distant past a retailer’s marketing strategy was relatively straight forward: print, TV, and radio. Depending on the business, the choices by which to structure and implement a marketing strategy has now cascaded beyond the traditional media into the web, blogs, vlogs, cell phones, iPads (tablet computer), texting, social media, and so on. Thinking about these it is even hard to find where one medium stops and another ends. For instance are blogs part of the central web strategy or are they independent and managed in their own space? There is not one right answer; I think it suffices to say that the choices provided to businesses are out there and all are adding to how companies must communicate and build experiences with their customers. For instance, the average store visit before a consumer buys a big ticket item now is 1.5, it used to be 3.0 and higher, meaning consumers are first researching all the choices, primarily on the web, before they make their purchase. So even if you are just selling commodities you better have a website and good one at that, if you wish to remain competitive.
New Media & B2B
In the retail space, New Media and the necessity to create a compelling customer experience in this entirety of media choices is relatively easy to understand, but in B2B models this may not seem so straight forward. However, the challenge is still there, how to reach your customers when there are so many competing media: the web, print, TV, radio, smart phones, texting, iPads, etc? What message do you want your customers to hear, what do you want them to experience, and how do you deliver it via a clear consistent strategy? While trying to answer these questions may seem confusing and too much to comprehend, it is a necessity to succeed in business in this digital century. Companies like iiGrowth exist to help B2Bs gain this understanding and resulting competitive advantage.
Let’s say a company understands that it needs to have a new media presence and they have made the commitment to be out there. Beyond just sales, how do companies measure their success? Generally, until now, the basic measure has been long in depth hit reports developed by IT staff and only appreciated by IT staff. A challenge in this new world then would be to come up with a way to clearly define what is and not important and present in a balanced scorecard fashion (i.e. to include a balanced set of metrics including financial, customer, brand, process, and learning/growth) and understand how the metrics relate to one another. iiGrowth is working on just such a solution. A more in depth discussion on New Media scorecards will be a topic of a future Blog.