July 2023 - Page 12 of 12

Why Your Business Should Invest Into Direct Mail

Like any good entrepreneur, I’m always thinking of ways that I can develop and grow our businesses and brands. One of the best marketing strategies does not occur in the digital world. Each week, one of my companies sends out over 1,000 pieces of direct mail. We have an excellent response rate, even with a younger demographic target audience.

Think about it; people are deluged with emails, social media posts and instant messaging. In the digital world, it’s a novelty to receive a great piece of direct response material in the mail. However, there are a few differences in what we do in our direct mail than what was done in the old school days.

We experiment with all types of colorful pieces.
We rarely send any letter.
The pieces are always vibrant with images and very little copy.

There are a couple of reasons why your business should consider direct response to prospect and grow your business.

Response Rate: Last year, Compu-mail noted, “Direct mail household response rate is 5.1% (compared to.6% email,.6% paid search,.2 online display,.4% social media). This is the highest response rate the DMA has ever reported, since coming out with the Response Rate Report in 2003.
Personalization: When your prospects receive mail (not including bills), particularly those who are of Generation X or older, there is a familiar feeling. The older generations still like to receive something in the mail with their names on it. They can touch the piece, and there’s something novel about it in today’s world.
Generational Myth: Believe it or not, a sizable portion of Millennials also like direct response because it’s something they too can touch and hold. According to a Forbes article, 36 percent of people under the age of 30 like to check their mailboxes, and 95 percent of those between the ages of 18 and 29 have a favorable view of mail, such as personalized cards.
QR Codes and PURLs: Companies have been experimenting with testing QR and PURLs (personal URLs), which redirects a person who receives a piece of mail back into the digital age. Since most people now have a smartphone, these codes can be scanned by the target audience for more information.
Messaging: If you’re doing a particular project or sale, consider using direct mail to bolster the urgency. My team and I have gotten high response rates to direct mail pieces that have had a deadline to partner with our companies. One of the key reasons we have seen this work is because with all of the emails people receive, lots of times they are dismissing this form of communication quickly just to get through their email box.
Multi-channel Marketing: Direct response is an excellent way to support your digital marketing efforts. We know that people have to see your brand and logo multiple times for it to begin to “stick” in their minds. Direct mail helps reinforce your brand’s digital efforts. Prospects not only see you in the digital world but also in the “real world.”
Testing: Direct mail provides your business with an opportunity to test another method for reaching out to your prospects. We’ve tested direct response with high-level prospects in our target audience, and the new accounts we’ve obtained has paid for the mailing expenses
Easy Analytics: Direct mail results are straightforward to understand. You don’t need to have anyone on your team sign-into a digital platform to pull a report for you. Direct response provides you an easy way to see how much you spent against the amount of new business you achieved.
Credibility: Direct mail, because it’s familiar and tactile, gives the recipients an automatic sense of your credibility. We live in a world of “fake news” and raging social media debates about content in the digital space that is authentic and real. Direct response cuts through the noise and instantly gives credibility because of the investment and its familiarity.
Creativity: Direct response is an excellent way to experiment with color, size, shape and different packaging for your pieces. Sophisticated marketers are experimenting with many different types of mailings to stand out from a regular sized and traditional letter and envelope, which encourages people to look at the piece.

The Data & Marketing Association (DMA) has reported that direct mail has declined. However, in a digital world where people are inundated with massive amounts of content, direct mail stands out as a creative way to cut through the noise. At the very least, direct mail is an excellent complement your digital efforts, and at best, it’s a great way to obtain new business.

Business Agility in a World of Artificial Intelligence

Business Agility, AI and Remaining Human

“The automation of factories has already decimated jobs in traditional manufacturing, and the rise of artificial intelligence is likely to extend this destruction deep into the middle classes, with only the most intelligent, caring and supervisory roles remaining.” Stephen Hawking.

It doesn’t take one of the world’s greatest living astrophysicists to understand there is a major shift going on in not only our workplaces, but in our society as a whole. The difference between what humans can do and what machines and computers are capable of is shifting, and at an accelerating rate. This reality becomes truly scary to those who currently earn a living by doing repetitive tasks or thinking in repeatable patterns; in other words, most of us.

If you are not able to distinguish what you do from that of a machine or a computer, then how can you really call yourself much more than a human doing? To remain a human being requires more!

The difference between a human doing and a human being?

Your ability to feel and relate.

Going forward, this will be most obvious in those roles that as Professor Hawking reminds us require feelings, leadership and creativity combined with intelligence. For the foreseeable future, this means that your economy will increasingly be influenced by your ability to listen, understand, empathize, create and lead. In short, the more you cultivate your ability to consciously feel, powerfully communicate and relate, the better chance you will have of getting paid. Transacting can be left to our increasingly sophisticated creations.

Even if increasing your ability to use your senses to relate is reduced down to the economics of being employed or not, just that is a positive start! Most of us are now being forced to learn that trying to compete with computers and machines only leads to increased stress and ultimately dis-ease.

“Life in a Spreadsheet”

A good friend, Tim Finucane, came up with this appropriate metaphor over ten years ago, and it rings truer today than when he first coined it. Since the advent of Lotus 1-2-3 and Microsoft Excel, 30 plus years ago, we have been able to measure job performance with increasing accuracy as well as more intrusiveness. Whereas, spreadsheets were first used to help us perform better, they have now morphed into being used to dictate and monitor increasingly challenging performance metrics. Is it any wonder that each little box in a spreadsheet is called a “cell”? Just like prison, these cells keep getting smaller and just like government budgets, each metric usually increases over time.

Spreadsheet technology gave way to the idea of Key Performance Indicators or KPIs. For your company, these are metrics based almost entirely upon historical performance, yet are prone to increase or tighten every time they are reviewed. This is fine for a machine that you can tweak and improve with newer technology, but when the key components are you and your co-worker, constant increases can stifle your creativity and crush your ability to care. The machine literally drains you of your humanity and what are human beings without that?

Powerful forces, problem or Agile Opportunity?

Thus we have two powerful forces working against us. Firstly, constantly increasing performance metrics keep limiting our ability to be human. Secondly, increasingly efficient computers and machines make obsolete more of our opportunities to earn. The good news is that those who understand these powerful forces and the change they are bringing can begin directly to increase their creativity, as well as hone their ability to sense, relate and lead.

What if this measurement trend also is forcing us to take more personal responsibility to relearn and improve the skills necessary for not just emotional, but social competence? Don’t think this is important? One of the seminars held at this year’s Davos World Economic Forum was titled, “Maintaining Your Humanity“. Even the Elites now get it.

Competing with an increasingly sophisticated computer or machine for jobs that technology can do better is not a winning strategy! Especially if you wish to remain healthy and prosperous. The one area that for the foreseeable future will remain the domain of humans is where feelings and relationships come into play. These areas include but are not limited to:

Customer Service
Healthcare
Sales
Leadership
Music and arts

Each one of these areas of human endeavor requires feeling and sensitivity to succeed. Computers and machines cannot do that. Machines can measure and they can perform without rest, but they cannot not feel anything while performing or when they objectively measure and communicate the results. This job is left for us to interpret and enjoy, or not.

Conclusion: Remain Human, Get Agile, or Be Swallowed by the Technology

If you want to insure your ability to earn a living going forward, you need to begin now to optimize your use of computer and machine skills, while simultaneously rediscovering and mastering your ability to be vibrant human being. Missing this opportunity may not affect you tomorrow, but sooner or later the Technologically Weighted Future we are all tumbling into will catch up to even you!

4 Of The Best Regions To Do Business Development In Latin America

Since the days of European colonialization beginning with Christopher Columbus and the journeys of Hernando Cortes and Francisco Pizarro, foreigners have always had an affinity for the countries of the western hemisphere. It is still true today, although the days of conquest are long gone. This region is one of the world’s most valued markets and with many of its countries promoting foreign investment, this may be the best time to get in on the business development in Latin America. All sorts of international companies, and start-ups as well, are choosing to set up shop in Central and South America. Here are four of the best regions in which to do business.

Brazil

The host of the 2016 Summer Olympic Games, Brazil is the world’s fifth largest country in terms of population. It is the largest in Latin America and offers up a huge market to foreign businesses looking to expand into the region. The country is one of the world’s fastest growing economies and is now the world’s seventh largest in terms of nominal Gross Domestic Product. It will continue to grow and will be bolstered by the hosting of the Olympics and also the 2014 World Cup soccer tournament. It is expected that the number of millionaire households in Brazil will reach 1 million by 2020.

Panama

The economy of Panama has always been related to its strategic location and the Panama Canal. This is still true today, however, in terms of business development in Latin America, Panama is one of the region’s leaders. It established the Colon Free Trade Zone, which has become the largest free trade zone in the western hemisphere. Companies that do business in the free trade zone receive all sorts of benefits from the Panamanian government. Those incentives include corporate tax breaks, no income tax, and no real estate property taxes. Businesses looking to expand should give Panama a good, hard look.

Colombia

While it seems that Colombia does not make the nightly news reports as a world-wide business power, that may soon change. After recovering from a recession in 1999, Colombia’s economy has expanded rapidly and GDP is now the third-highest in South America. The country is rich in natural resources such as petroleum and coal and is the world’s leading source of emeralds. With a population of more than 47 million and technology expanding throughout the country, Colombia can become a major player in the region’s economy.

Argentina

It is one of the G-20 major economies of the world. Argentina has always been a major player in business development in Latin America with its rich natural resources and highly literate population. The country has the third-largest economy in the region and foreign investment in Argentina grew 27 percent in 2012. Manufacturing is the largest sector of the nation’s economy with most of that happening in the Buenos Aires area. Almost 60 percent of the households in the country have internet access, the highest in the region and that number will continue to grow.

World Trade News Summary

During this week several significant events transpired particularly in the industrial world. These changes have influenced directly or indirectly not only the growing global trade, but likewise the developing economy of countries worldwide. On one hand, some events have positively contributed to the various sectors of international or local economy and they serve as harbingers of more future developments. On the other hand, there were also events that have negatively impacted and in fact continue to threaten the various sectors of both international and local trade and economy.

Oil Price Continues to Improve in the Global Market

This week has been full of good news for oil traders. Last Monday, oil rate plummeted by $2. As such, U.S crude oil dipped down to $1.6 thus settling to a rate of $62.41 per barrel at the Merchantile Exchange (New York). The decrease also calmed down a 4-day protest prompted by the oil price, which previously raised up to $63.92 per barrel. Meanwhile, the rate of oil in Nigeria continued to increase. This was due to the recent discovery of an oil pipe leak and the militant protests, which forced Nigeria to cut a large percentage of its oil production and supply. Although the situation of Nigeria affected the international oil trade, it did not keep the rate of oil from improving. The significant decrease has been attributed to current negotiations with Iran regarding its plans for nuclear production.

Last Tuesday, the oil rate slipped further by 2% ($1.26). Hence, U.S crude oil settled to a price of $61.58 per barrel. Meanwhile in London, brent crude decreased by 1.32 cents and remained at $61.02. The same trend was followed by the rest of the oil market worldwide. Oil value further improved due to Nigeria’s statement to restore a large part of its production and supply and to OPEC’s decision to maintain out near the maximum level. Nigeria would increase its output by 75% in the coming weeks. The OPEC officials, too, said that they would keep oil production and supply close to the limit in order to avoid gaps and prevent the oil price from increasing.

After the Energy Information Administration (EIA) released its report that crude oil inventories rose beyond the expected rates during the past 7 years, the oil rate slipped further last Wednesday by 2.5%. Based on the report, the inventories rose as high as 6.8M barrels during the past week. The results exceeded the expected rate of 1.6M barrels. Analysts added that the decision of OPEC to maintain the oil output close to the limit also contributed to this improvement. Another factor considered was Iran’s statement to maintain an adequate oil production and supply amidst the negotiations regarding its nuclear plans.

Several Partnerships Yield More Improvements in the World Trade

AT&T Inc. disclosed last Sunday its decision to acquire BellSouth Corp. for around $67B. This move was part of AT&T’s plan for further expansion especially in the southeastern region of the U.S. The agreement between the two companies would then bring Cingular Wireless, the leading wireless phone company in the U.S, under the sole ownership of AT&T. The deal would be completed within the span of one year. Although the transaction would need the approval of the anti-trust administrators including the Federal Communications Commission, analysts commented that the process would probably not encounter any opposition.

Upon the release of the news regarding AT&T’s acquisition of BellSouth, the stocks at the European telecom market significantly improved. The European division of DJ Stoxx telecoms rose by 2.2% thus ensuring more stability for 2006. BT earned as high as 4.3% up to a 7-month pence. Both the French and the Dutch telecom improved by 2%. Vodafone increased as high as 4.7% to a close 2 month 127.20 British pounds. The news of the acquisition excited several international telecom companies thus leaving positive results in this particular sector of trade.

Meanwhile in the gas industry, Linde AG, a leading supplier of medical and industrial gases and producer of warehouse machinery, agreed to pay 8.2B pounds ($14.$B) in order to acquire its rival, the British BOC Group. According to analysts, a counter-bid to buy BOC was least expected due to the pressure in the entire gas trade and the competitive amount proposed by Linde. The acquisition further boosted the assets and profits of the German company and placed it to the top place along with French Air Liquide as a leading gas industry worldwide.

Amidst the planned agreement of partnership with Arcelor, the Mittal family was rumored to lower its voting rights from 10-2 down to 2-1. This step would enable the Mittal clan to earn the support of many large investors and to still maintain a large percentage of voting stake. The leading steel company though denied those reports and stated that it would not precede the possible result of its negotiations with Arcelor, which is based in Luxembourg. The partnership though encountered several disapprovals thus causing the stocks of both companies to decrease.

A month ago, Whirlpool Corp. also disclosed its negotiations in order to buy Maytag Corp. Although both companies have not yet arrived at a decision, the proposed agreement has been opposed by the anti-trust division of the Justice Department. Recently, the sector has begun focusing its attention to the laundry appliance industry. Lawyers from the anti-trust department have initiated the process by gathering the testimonies of various rival companies regarding the possible impact of the merging to the entire appliance market. The deal would amount to $1.7B thus giving birth to the largest appliance manufacturer in the global market. Due to the opposition, the shares of both companies decreased.

Nike Inc. which is the number one athletic shoe producer worldwide, was rumored to buy Puma. The company denied the reports though and further supported its statement by saying that it expects more developments and expansion in its own products particularly with goods related to soccer sports. Nike, which would be sponsoring the 2006 World Cup in Germany, said that it would launch a wider advertising campaign compared to its efforts during the World Cup in Asia in 2002.

Automobile Companies Seek Ways to Stabilize and Improve Their Market

Although a decline is expected in the car industry next year, automakers are moving to stabilize and improve their sales and profits. Particularly, DaimlerChrysler, the 5th largest car industry worldwide, expressed its positive outlook regarding its business. Earlier this year, the automaker released its latest goods and empowered its competitiveness in certain areas. The company is expecting its sales to increase in 2007 and 2008.

Meanwhile, General Motors stated last Monday that it would sell back 17.4% of its share to Suzuki Motor Corp. This decision was made by the large U.S car industry to boost its balance and improve its shared in the market. Moreover, GM has also been planning to sell a significant percentage of its shares from General Motors Acceptance Corp, its financial department. Among the rumored bidders is the Norinchukin Bank. Currently, Norinchukin is one of the leading financial companies in Japan. Other companies that expressed their desire to bid were Citigroup and Cerberus Capital Management. Citigroup is, currently, the biggest bank in the United States.

Global Trade Witness Some of the Most Important Trials

Finally, the four former administrators of Ahold faced the court on charges of fraud. Ahold was considered as the biggest supermarket and retailer in the world. Moreover, it served as an icon of success and stability in the business world. Yet this reputation was tainted when its former directors admitted to have falsified documents thus misleading several investors including the company’s own accountants.

Microsoft Corporation also sought last Friday the aid of the U.S federal courts in order to pressure IBM, Novell Inc., Oracle Corp., and Sun Microsystems Inc. in order to hand certain documents necessary in its dispute against the European Commission. In 2004, EC fined the giant company after discovering that Microsoft used its position to damage the other developers of softwares, which are vital for printers, pass log-ins, and file access. The company, which did not yet fulfill its sanctions according to the EC, asked the case to be tried in Luxembourg. It was found out though that the other evidences asked by Microsoft pertained to the internal archives of the EC subject to its own rules and norms.

Netac Technology, based in mainland China, also made historical headlines last month after charging U.S company PNY Technologies for infringement. Although the news came as a surprise for many Americans, some analysts consider it as a harbinger of future possibilities in the technological industry. Many U.S and other foreign companies were also expecting that China would finally intensify its fight against piracy after experiencing the need to protect its own products and trademarks. Recently, China has received foreign complaints particularly a warning from the Washington regarding the widespread piracy in the Asian country.

U.S. Encounter Recommendations and Feedbacks in Trade and Investment

Recently, trademark experts strongly emphasized the responsibility of American Business to register their names immediately in China. This was necessary in order to avoid falling as preys of brand squatters. Stephen Baker, who works at Baker & Rannells as a trademark lawyer, stated the increase of brand squatting cases. Alarmingly, some of these brand squatters even successfully obtained a huge amount of cash from individuals or big time companies that sought to maintain and fully own their web domain name. He commented that regardless whether U.S firms have future plans to expand in China, enlisting their trademark was necessary.

The interference of the U.S Republic Senators against the Dubai Ports World also roused concerns that it would affect an $8B investment of UAE into the U.S regarding an early-warning system. Although the deal was already approved previously, the protest from the senators pushed the government to make another review period. But businessmen and analysts particularly the American Business Group of Abu Dhabi (ABG) based in UAE stated that stopping the agreement could affect the decision of Arabs in investing their money into the country. As such, the organization would be sending its representatives to talk with some 120 Republican Senators.

China Faces Several Issues Significant to its Economy and Position in the World Trade

According to reports, several trading partners of China might raise their complaints against the country at the World Trade Organization. The move would be part of the traders’ objective of pushing Beijing in order to effectively implement the international rules of trade. According to a U.S senior official, several trading partners of China may raise their complaints against the country at the World Trade Organization. The move would be part of the traders’ objective of pushing Beijing in order to effectively implement the international rules of trade. James Mendenhall, the general adviser for the office of the United Sates Trade Representative commented that the efforts of China to fight piracy was not yet enough since the problem has continued to spread and affect other foreign industries.

Meanwhile, John Snow, the Treasury Secretary, also said that China needed to initiate more changes in its currency. He added that the need for more flexibility in its currency was necessary since its role in the international trade was expanding due to its growing economy. Snow commented that promoting equal trade in the international market was a common responsibility of all nations involved.

Cuban Tobacco and Spirits Industry to Expand in Russia

Exporters of Cuba rum and cigarette announced their plan to establish a Floridita bar in Moscow, Russia. The chain of restaurants has earned its fame through the years by accommodating many Hollywood celebrities and other personalities especially in 1940’s and 1950’s. The said bar would be a blend of a fine restaurant, a cigarette shop, and great Cuban music. The opening of the bar was hoped to improve the trade of Cuban tobacco and spirits in Russia.

New Vaccine May Prevent Ear Infection among Children

GlaxoSmithKline Plc has recently discovered a powerful vaccine that could aid in the prevention of acute otitis media. The ear infection is among the common health problems that arise during the childhood phase and has led to the loss of the hearing capacity of many kids worldwide. Yet, the new treatment developed by the pharmaceutical company brings plenty of promises to many children who are at risk of ear infection. The medicine called Streptorix is still subject to the approval of both the European and the U.S regulatory board.

Importance Of Data Mining In Today’s Business World

What is Data Mining? Well, it can be defined as the process of getting hidden information from the piles of databases for analysis purposes. Data Mining is also known as Knowledge Discovery in Databases (KDD). It is nothing but extraction of data from large databases for some specialized work.

Data Mining is largely used in several applications such as understanding consumer research marketing, product analysis, demand and supply analysis, e-commerce, investment trend in stocks & real estates, telecommunications and so on. Data Mining is based on mathematical algorithm and analytical skills to drive the desired results from the huge database collection.

Data Mining has great importance in today’s highly competitive business environment. A new concept of Business Intelligence data mining has evolved now, which is widely used by leading corporate houses to stay ahead of their competitors. Business Intelligence (BI) can help in providing latest information and used for competition analysis, market research, economical trends, consume behavior, industry research, geographical information analysis and so on. Business Intelligence Data Mining helps in decision-making.

Data Mining applications are widely used in direct marketing, health industry, e-commerce, customer relationship management (CRM), FMCG industry, telecommunication industry and financial sector. Data mining is available in various forms like text mining, web mining, audio & video data mining, pictorial data mining, relational databases, and social networks data mining.

Data mining, however, is a crucial process and requires lots of time and patience in collecting desired data due to complexity and of the databases. This could also be possible that you need to look for help from outsourcing companies. These outsourcing companies are specialized in extracting or mining the data, filtering it and then keeping them in order for analysis. Data Mining has been used in different context but is being commonly used for business and organizational needs for analytical purposes

Usually data mining requires lots of manual job such as collecting information, assessing data, using internet to look for more details etc. The second option is to make software that will scan the internet to find relevant details and information. Software option could be the best for data mining as this will save tremendous amount of time and labor. Some of the popular data mining software programs available are Connexor Machines, Free Text Software Technologies, Megaputer Text Analyst, SAS Text Miner, LexiQuest, WordStat, Lextek Profiling Engine.

However, this could be possible that you won’t get appropriate software which will be suitable for your work or finding the suitable programmer would also be difficult or they may charge hefty amount for their services. Even if you are using the best software, you will still need human help in completion of projects. In that case, outsourcing data mining job will be advisable.