Category Archives: Business

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Humility, in Life & Business

Category : Business , humility , life

Humility is a trait that lets a person be grounded, no matter what the situation is. It’s considered a virtue in many religious and philosophical traditions. Humility is multi-dimensional and includes self-understanding and awareness and openness.
Humility stops the ego or arrogance from creeping in to our minds. It is a great team building asset and vital in a business/life scenario. In a way it helps us to think beyond ourselves and see the larger picture. Hence, it is considered an important characteristic of an effective Leader. C.K. Prahalad, the renowned management guru said “Leadership is about self-awareness, recognizing your failings, and developing modesty, humility, and humanity.” It’s sad to see the corporate world today where the big cheese don’t exactly demonstrate those qualities and get into unethical/irresponsible acts, driven by their blatant self-interest and greed.
Success plays a critical role when it comes to humility in Life and Business. In the journey of life, achievement of success- expected or unexpected can boost anybody’s ego and put them in a spot of complacency. Furthermore milestones of success are keenly anticipated. Subsequent successes are hugely welcomed but at that point of time, the occurrence of any possible failure can really demoralize the person. In the case of the humble ones, the wings of airs are rarely obtained. Even in times of adversity the humble ones stay put. Humility can bring more success in the long run.
The quality of caring within the society, within organizations and in relationships between people is what a humble person is all about. Humility is about gracefully accepting a compliment and replying with a polite “Thank you”. It’s about loyally doing your job and not going about bragging about it. It’s about performing acts of service in an anonymous capacity. The kind of contentment you’d receive in doing the above is unimaginable. Take it upon yourself to perform a random act of kindness to someone and see your Feel Good factor going sky high!
Someone who is truly loving and caring at home with their family, with friends, neighbors,  have that capacity to bring it to the work place.


Courtesy: 
– Margaret Pundmann
– Business of Life


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Consumerization of the Enterprise- Social CRM


With the advent of the ‘Web’, the world has shrunken into a small community in itself and that has made an enormous difference to Businesses, both service oriented and product development firms. We’re living in the era of the ‘Customer’/Consumer or rather the ‘Social Customer’. With such extensive use of Social media– Facebook, Twitter, LinkedIn, MouthShut, Hotpot, Yelp, Blogs, etc. the voice of the customer is amplified. Here, the customers give opinions and share their experiences with their purchased products or catered services. Potential customers get to have a glimpse of prior user experiences of the Vendor’s offerings (products and services) and get to rethink or retract their decisions. Customer reviews can either make or break sales. Customer feedback can easily push a Business to its zenith of glory or nadir of ignominy.

CRM has many definitions but the one that covers all aspects of CRM is given by our good old Wikipedia, which defines Customer relationship management (CRM) as a widely-implemented strategy for managing a company’s interactions with customers, clients and sales prospects. The overall goals are to find, attract, and win new clients, nurture and retain those the company already has, entice former clients back into the fold, and reduce the costs of marketing and client service.

In Social CRM, as in traditional CRM, the focus is completely on the Customer and there are tremendous efforts undertaken by the Vendor to please the customer and build a relationship with him.

The first step of CRM is to Acquire the customer. This can be done either through proper Contact, i.e. – Ads, referrals or word-of-mouth.

The second step is Servicing/Enhancement. Here the customer is literally treated like a God by the Vendors. This is also the most critical step in the CRM Process. The ultimate objective is offer convenience to the customer. If the Vendor fails to please or falls short of delivering the promised service, he is sure to have a furious customer.(And, seriously there is nothing worse for vendor than having an irate customer posting his feedback or ‘bad experience all over social media). It attracts negative publicity and can even damage the reputation of the Vendor. Nothing travels faster than negative stories on Social Media. This is also the reason why some brands have restricted themselves from entering the Social Media realm.

Lastly, the final step of CRM process is ‘Retaining’. Here the customer is rewarded for his loyalty & faithfulness in the Vendor and his brand. This could be in the form of special offers, discounts, or various promotional deals.

The biggest challenge here is to see how Social Media can make CRM happen and at the same time help the brand to build/further strengthen the relationships with its customers. The key is to Engage with the customers. Engagement simply refers to healthy Interaction and good reception. This will contribute in creating an optimistic brand perception, enhance brand recall and eventually promote loyalty towards the brand, thereby resulting in sales.

Social Media Experts feel the need for B2B models to tread with an ultra-cautious approach on social media. The experts advise an intense market research and to weigh the pros and cons, for this is truly the Consumerization of the Enterprise.

So, if the Vendors see good returns, in terms of sales, brand awareness, etc they should definitely go for it and leverage the power of Social Media to benefit their Business. Your time is Now!

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social_commerce_wordle

The advent of Social Commerce

Of late, I had been thinking how Social Media could be integrated into various other realms. This time, how it can be plugged into E-Commerce. So, here goes…
So, what exactly is Social commerce? 
Well, in very simple words, Social Commerce is the use of Social Media in an E-Commerce environment.


As we all know, with the increasing amount of users on Social Networks (especially Facebook and Twitter) every day, the scope for carrying out Business on them has grown enormously.
Almost all the Sellers/Vendors have forayed into Social Media and made a significant presence there, in terms of their brand recognition and fan following. Thanks to Social Media, all of them have been able to build their own respective communities and narrowed down on their buyers to a great extent. Social Media is a great channel to reach out to your customers. Be it the arrival of the latest range of products or promotional deals or sales, the followers are up-to-date with everything.
As per a comScore Report, 23% of Twitter users follow businesses to find special deals, promotions, or sales, while 14% of Twitter users reported taking to the stream to find and share product reviews and opinions. According to another study by Chadwick Martin Bailey, it was observed that 25% of consumers connected to brands on Facebook did so to receive discounts. Another interesting fact that comScore found was- Facebook and Twitter visitors spend 1.5x more online than average Internet users. Therefore, with growing number of users on Facebook, Twitter and other social networks, the tendency to spend online also augments.
    



 

Social Commerce now has under its fold a variety of social media tools and content used in the context of e-commerce. A few of them are:
  • Customer ratings
  • Customer reviews
  • User recommendations
  • Social Shopping tools
  • Dedicated platforms (Forums and communities)
  • SEO
  • Social Advertising
More and more companies are coming up with strategies to capitalize on Social Commerce. Facebook came out with a new strategy wherein its members who use the company’s location-based ‘Places’ feature will be alerted to special deals and discounts offered by retailers in their vicinity. The users can take advantage of this feature by showing their phones at participating stores. Facebook said that this action would be posted on users’ news feed so that their friends might also utilize the special offers. Amazon is charting out its strategy as well.
Few of the most popular Social Commerce players are Amazon, Best Buy, Starbucks, Dell and Hallmark.
And here are a list of Social Commerce sites
  • ShopSocially
  • Kactoos
  • Groupon
  • BuyWithMe
So, what more do the Sellers need now, they’ve got dedicated Communities with active Conversations happening and now even the Commerce factor comes in to play. Your time is Now!