KNOW THE SUSTAINABLE DEVELOPMENT GOALS

This is the 2030 agenda for Sustainable Development to replace the MDGs.

Remember the MDGs enacted back in year 2000? Were we even able to achieve all 8 goals?

In September 25th 2015, New York hosted 193 countries in adopting and endorsing some set of goals to end poverty, protect the planet, and ensure prosperity for all as part of a new Sustainable Development Agenda. Each goal has specific targets to be achieved over the next 15 years.

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3 Ways Market Research Drives Revenue

By: Vikas Mittal

According to the 2017 AMA Gold Top 50 Report, the top 50 U.S.-based market research firms exceeded $11.5 billion in revenue in 2016. Market research activities cover customer surveys, social media monitoring, CRM, transaction monitoring, analytics and data visualization through dashboards. Each of these is a costly endeavor. Yet, executives wonder: Do market research and analytics really improve sales, margins and EBITDA? The answer is yes, in three different ways.

1. Market Research Directly Increases Sales

Market research often takes the form of customer satisfaction surveys, which indicate how satisfied customers are with a brand’s value proposition. But do they boost sales? Or, do they just annoy customers? The answer is both. Customers like satisfaction surveys but only if the surveys are conducted infrequently.

A 2017 study of 7,513 customers of a large North American automotive dealership examined the financial benefits of customer satisfaction surveys. Two findings stood out: First, customers who completed a satisfaction survey purchased more than those who did not, even after accounting for the satisfaction rating. On average, sales per visit were $12.18 greater among those who filled out the satisfaction survey. With an average of seven visits per customer, this amounts to roughly $85 per customer. Even if a relatively high average cost of $10 per customer is assumed for the survey, there is a 750% return on the survey investment. For B-to-B companies, the return should be even higher given the dollar volume of sales per customer.

Second, the purchase amount decreased as the frequency of surveys increased. Too many surveys cause survey fatigue and irritate customers. Transactional surveys that try to measure Net Promoter Score after every transaction backfire. Companies should measure cumulative satisfaction as part of a larger tracking study that is done no more than twice a year.

A customer satisfaction study signals and reminds customers that you care, motivating customers who complete a survey to purchase more. Over-surveying customers irritates them and decreases their purchase amount. Cumulative satisfaction, measured once or twice a year as part of a systematic tracking study should be a company’s gold standard. Especially in B-to-B contexts, companies should reduce the use of transactional and ad hoc customer surveys, instead focusing on benchmarked satisfaction surveys. The latter can increase sales directly and indirectly.

2. Investments in Analytics Increase ROI, Sales and Profitability

Marketing analytics use customer and market data along with statistical models to aid decision-making. Some argue that analytics slow down decision-making through analysis paralysis. Others cite the experience of companies such as Rhenania, a medium-sized German mail order company that expanded its customer base by 55% and quadrupled sales using marketing analytics.

A 2013 study of 212 executives from Fortune 1,000 firms addresses this issue. Executives rated analytics deployment in their company on a scale from one to seven, and the authors linked their ratings to return on assets using stock market data. A one-point improvement in analytics deployment was associated with an 8% increase in return on assets, or a $70 million increase in net income for the average Fortune 1,000 firm. This benefit of analytics deployment was stronger in companies where top management supported analytics deployment through hiring analytically skilled employees, investing in IT and creating a culture supportive of analytics.

Marketing analytics improve return on assets, net income and profitability. Executives must transform their traditional strategic planning processes to incorporate analytics through personnel and cultural changes. Housing analytics in the strategic planning function can provide the necessary boost to analytics deployment.

3. Market Research Increases Firm Value

Companies invest millions in strategic initiatives, even as they lack a systematic approach to quantifying the bottom-line benefits of the initiatives. It’s no wonder companies continue with failed initiatives when their negative effects on margins and EBITDA cannot be documented. On the other hand, a failure to quantify the positive impact of successful initiatives leads to their discontinuance. Both hurt the bottom line. Market research can eliminate guesswork and focus resources on successful initiatives.

Take the experience of a large bank (500-plus branches) that started a customer service initiative designed to reduce wait time at branch tellers. Was the initiative successful? Did it contribute to profitability? If yes, by how much? How much did the initiative add to the bank’s valuation?

To answer these questions, a marketing analytics group created a randomized field study with 200 branches implementing the initiative, and the remaining served as a control group. The idea was that reducing wait time should manifest as increased overall customer satisfaction. A statistical model that linked branch-level customer satisfaction to branch-level revenue metrics (deposits, loan volume) and margins was developed. The model showed that a one-unit improvement in customer satisfaction generated 1.2% improvement in EBITDA and increased net profit by $83 million after accounting for the cost of the initiative. Over time, the research-based model became an informational asset for the bank. Branch managers used the model to forecast their loan and deposit volume. Executives used the model to predict EBITDA and profitability based on customer satisfaction ratings. A financial simulator was developed to help with budgeting.

The research-based model became a key informational asset that was embedded in the strategic planning process. Over time, the bank grew at a 30% faster rate than its competitors. Executives attributed the growth to their ability to strategically use the research-based model to focus on successful initiatives while pulling the plug on unprofitable initiatives. This simultaneously increased revenues while decreasing expenses. The outcome: improved valuation for the bank’s stock.

By using research-based models, companies can create a rigorous and objective basis for identifying successful initiatives. The research-based model requires linking customer survey information to financial data in a statistically valid and rigorous manner to evaluate the return on a specific initiative. Over time, this can increase firm valuation as a direct result of information—market research.

Read more on https://www.ama.org

World Ozone Day

World Ozone Day

 

 

 

 

 

Today (16:09:2017) is the International Day for the Preservation of the Ozone Layer.

As we celebrate the World Ozone Day today, it’s good to refresh our memories on the importance of the ozone layers in our atmosphere.

By definition, ozone is a gas composed of three atoms of oxygen (O3) which occur both in the Earth’s upper atmosphere and at ground level.

At the ground level, it is called the tropospheric ozone (bad Ozone) while at the earth’s upper atmosphere, it is called the stratospheric  ozone (good ozone)

The stratospheric ozone occurs naturally and protects the earth’s from excessive insolation from the sun. The tropospheric ozone occurs as a result of chemical constituents that forms from the burning of fossil fuels amongst other green house gases which helps to trap solar radiation which increases the average temperature of the earth.

As we celebrate and relish the commitments of nations present at the Montreal protocol of September 1987 with about 46 signatories, it is important to continually uphold the pact by always considering the fragile nature of our environment over economic gains as we develop.

As individuals and earth inhabitants, we can play our part by planting trees and imbibing the principles of sustainable development in all we engage in.

Remember, we have to manage our resources in a way that the chances of our generation yet unborn will not be jeopardised. Likewise, let nature’s dynamism stir your imagination.

Happy World Ozone Day celebrations.

#WorldOzoneDay #Sustainability #Environment

 

BEYOND LIMITS?

By praise Etoh

You have counted times without number how you have tried but failed, to add to injury, people who you have trusted say to you i have told you; you cant make it. that’s a big lie! for the only person who can stop you from achieving beyond where you are is YOU.

“You alone can stop you” 

Most times, we look down on ourselves. How then can people look up to us? you have to discover who you really are to think beyond the normal and ascertain to get there.

You are beyond where you are, for every stage in life is a starting point to another level if only you can look deep within you.

As a man thinks so is He; WHAT ARE YOU ALWAYS THINKING OF?

“Let no man limit you; you have equal space at the top” 

Facebook: Praise Ajiri Etoh

INSTAGRAM: @Praiseetoh

Email: etohajiri@yahoo.com

THE FLOW OF TIME

By Praise Etoh

It was a Thursday morning, 7:30a.m. I felt too lazy to drive my car, so my son booked a taxi. In five minutes, the taxi reached at the entrance gate, waiting for my arrival. I just saw the cab number and entered inside the car. I was so busy that I didn’t pay any attention towards the driver. I was searching for an important paper from my leather bag, so instantly said, ‘Please, go quick! I’m in a hurry!’

The voice came, ‘Yes, Sir!’

I was literally surprised when I heard a female voice! I stopped my work for a second and looked at the driver. The driver was a young lady. Maybe, around thirty or thirty-two! For the first time, I saw a lady, driving a taxi!

The car was running on the national high-way towards the destination. It was quite a distance from my home. She was driving perfectly well. Hundred times, I had travelled in taxi, but never I saw any lady, driving a taxi! I didn’t know, why I became so enthusiastic to know why she had chosen this profession. I started the conversation,’If you don’t mind, can I ask you some questions?’

‘Yes, Sir! No problem.’

‘I guess, you are well qualified!’

‘Yes, Sir!I have completed my education. I have done my MBA course.

‘Oh, wow!!! Why did you then choose this profession, instead of going for an academic career?’

I could see her face in the rear view mirror. She smiled and the way she expressed her views, I was really amazed!

Very politely, she said, ‘Driving was my passion from my childhood, sir! Of course I do respect each and every job. In this case, at least I fulfilled my desire! I love driving! I don’t mind for big or small job. I wanted a job where I can get satisfaction. I got offers from m.n.c but this one I preferred because I like it! I know, I can’t get enough money out of it, yet as I told you ‘I love driving’!That’s it!’

‘But, are you not scared of any danger? You know, there are some people who create problems for ladies.”

With a smile, she answered,’We can not give up our living just because of a few trouble makers! By the way, which zone is danger free, Sir? Once we are out of our homes, we must prepared to face problems.’

‘Of course, you are absolutely right!!! Nowhere is safe, but yet…’ before I completed my speech, she chuckled and said,’Sir! As long as I am getting humble and gentle passengers, I have no problem but every time I may not be that lucky! If ever that awkward situation comes, I will see! Why should I give off my hope just for an uncertainty?’

Frankly speaking, I was totally flattered with her bold answers and especially her brave heart and courage!

Within our conversation, we already reached at the destination. I was so delighted that I couldn’t resist myself, said,’May God bless you, my dear!!! I am proud of your noble thoughts! Keep going!’

She smiled at me with gratitude and slowly pushed the accelerator to move forward. I had enough work to do but unconsciously my mind was fully occupied with her answers and I thought,’Truly, how fast ‘Time’ is changing! There was a time when girls were choosing only prestigious jobs, once they were highly qualified but how easily this girl defined the boundary of ‘job’ within two words ‘self satisfaction’! Let the rest of the world deeply understand the importance and value of ‘the flow of time’!

(C)Ajiri Etoh