February 2016

Mohammad Anas Wahaj | 24 feb 2016

According to a study by Prof. Sachin Modi of Iowa State University (USA) and Saurabh Mishra of McGill University (Canada), a strong marketing department is crucial to helping a firm leverage its efforts to be socially responsible. Study results show the combination of marketing and CSR can provide shareholders with a 3.5 percent gain in stock returns. Researchers defined CSR as discretionary firm activities aimed at enhancing societal well-being and analyzed six different types of CSR activities - environment, products, diversity, corporate governance, employees and community - to determine whether marketing of these efforts increased long-term firm value and stock price. Firms often consider CSR as a cost and have to make an investment and may not always see the benefits. Prof. Modi says, 'What we want to show is that if a firm is good and has some complimentary capabilities, it can gain a lot from CSR activities...The return is dependent upon the type of activity. Firms benefited from five of the six types of CSR efforts studied, with the exception of charitable giving and philanthropy...We're not saying firms shouldn't give to charity, because it is a very important component, all we're saying is we don't see a financial return.' Prof. Modi further suggests, 'Our hope is that firms see it is important to be socially responsible. It's not a choice of one versus the other. Firms have to do multiple aspects of being socially responsible.' Read on...

ISU News Service: Marketing key to return on corporate social responsibility investment, ISU study shows
Author: Angie Hunt

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Mohammad Anas Wahaj | 23 feb 2016

As digital get seamlessly interwoven into the fabric of life, it will not remain anything extraordinary. In future, advancements in digital technologies will converge to enhance physical experiences that involve our bodies, feelings, emotions, actions and reactions. Auro Trini Castelli, Chief Strategy & Innovation Officer at gyro, explains how the 'Physical Revolution' will be driven by the following five trends - (1) Sensors will be the new devices (Virtual Reality; Motion and Gesture Recognition Technologies; Haptic Technology). (2) Surfaces will be the new screens (Interactive digital screens on walls, floors, ceilings, walkways etc). (3) Smart cities will make us smart citizens (Interactive city systems and digital environments). (4) Only meaningful interactions will survive (Well-integrated interfaces that get activated when required; Focus on human experience). (5) The world will be printed (3D printing for mass customization; Laser cutting; Computer modeling). In this experiential world, architects, designers, engineers, technologists, marketers, advertisers etc have to increasingly think and create with focus on providing solutions that appeal to all five human senses. The success will depend on how invisibly the digital will become part of the physical and improves every aspect of human interactions and experiences. Read on...

AdvertisingAge: The New Revolution Will Be Physical, Not Digital
Author: Auro Trini Castelli

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Mohammad Anas Wahaj | 12 feb 2016

Corporations can find themselves in situations where their profit seeking goals can develop conflict with their ethical and sustainability related direction. According to Wikipedia, 'Corporate sustainability is a business approach that creates long-term consumer and employee value by creating a "green" strategy aimed toward the natural environment and taking into consideration every dimension of how a business operates in the social, cultural, and economic environment. It also formulates strategies to build a company that fosters longevity through transparency and proper employee development.' Most reputed organizations now have sustainability department that manages sustainability issues and integrates them with overall business objectives. Sustainability and marketing departments are trying to develop a converged approach to influencing customer behavior and persuading more responsible habits. But it can be a challenging task to align strategy and resources of both these departments. 73% of 1000 listeners of a webinar 'Influence customer behaviour through integrated marketing and sustainability' on website ethicalcorp.com believe that their organisation has not successfully integrated marketing and sustainability to influence customer behaviour. To do so they can utilize the following tips - (1) Start at the top: Senior managers should be made aware of all sustainable efforts in the organization to drive their support and channel effective internal and external communication through them. (2) Ensure internal integration: Continuous and consistent sharing of ideas between different departments help in integration. According to Rupert Maitland-Titterton of Kellogg Company, 'Our marketing and sustainability departments report to one and other and see each other every day. This ensures that ideas are shared and a feeling of inclusion rather than "us and them" is created.' (3) Understand your customer: Customers demand more sustainable and responsible behavior from companies. Both departments should focus on customer-centricity and develop collaborative approach to fulfil consumer expectations. (4) Keeping messaging consistent: Have long-term sustainable goals, communicate regularly and involve customers in achieving them. Dr. Kirstie McIntyre of HP says, 'Companies need to make it part of the value proposition.' David Brunt of AkzoNobel suggests seeking a 'win-win' situation. (5) Make sustainability the norm: Sustainability should be integrated seemlessly into every process and product so that the overall organization is marketed as a sustainable one. Read on...

Ethical Corporation: How marketing and sustainability can drive customer behaviour change - 5 top tips
Author: Liam Dowd

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Mohammad Anas Wahaj | 06 feb 2016

Reviews and recommendations related to products and companies are an important part of consumer buying decisions. Nowadays, technology has transformed word of mouth into word of clicks and taps, bringing consumers closer to other consumers and brands. Online communities around interests, products, and brands have mushroomed. Social media has further brought quality, quantity and speed into the recommendation and review process. According to a study by McKinsey, social media recommendations induced an average of 26% of purchases in 2014, that's up from 10% in 2013. Kishore Kumar, serial entrepreneur and CEO of AllThingsMine, explains how social media networks are assisting cosumers in their buying and purchasing decisions and what companies need to do to effectively utilize these channels for their product marketing and competitive strategies. According to him three aspects of social media influence consumers, and companies have to incorporate them to expand their product sales - (1) Social Referrals: Brands have to encourage and invest in social media referrals. Adweek infographic suggests that 71% of consumers are more likely to make a purchase based on social media referrals. Recommendations from friends and trusted sources are more valuable than product advertisements. (2) Access to Reviews: Consumers research before buying products and reviews are an important source. Companies should provide product reviews and give incentives to those consumers that leave a review. (3) Social Media Accessibility: Social media is freely available to anyone with an internet connection. Consumers can now purchase products directly from their social media feeds when people in their network recommend them. Companies need to effectively tap this potential and reach out to larger public through influencers. Read on...

Young Upstarts: How Social Networks Impact Buying Decisions And The Modern Consumer Society
Author: Kishore Kumar

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