September 2022

Mohammad Anas Wahaj | 26 sep 2022

E. Jerome McCarthy's 1960 book 'Basic Marketing: A Managerial Approach' first proposed the four P's of merketing - price, product, promotion and place. The concept continues to be relevant, but over the years the business environment has evolved and major component of this change is technology and most recently COVID-19 exacerbated the digital push. All this brought about an additional P to the marketing mix - the payments. The fifth P brings about a new element to the customer journey as they demand seamless experience till the end. B2C companies have adopted efficient payment systems but B2B companies are trying to refine them. According to DigitalCommerce360's '2022 U.S. B2B Ecommerce Market Report', 51% of business buyers are attracted to B2B sites with an excellent B2C-like user experience. In present times B2B companies can't ignore the fifth P - payments - and risk losing B2B customers expectations of seamless transactions. B2B companies can learn a lot from B2C as they have mastered the understanding of customer preferences and have designed their systems to offer fast convenient ways to pay their way during a seamless, omnichannel experience. Even though most B2B buyers pay online through credit cards but that is not their most favored method. According to the statistics from TreviPay's 'Why More Payment Options Mean More Purchases' report, 'Although more than half of B2B buyers use credit cards to make online purchases, but they don't want to and 50% actually prefer to pay with methods other than credit cards when given the option...90% of B2B buyers research payment options before purchasing from a new supplier...15% of B2B buyers spend more when offered trade credit,..82% would choose one vendor over others if that vendor offered invoicing at checkout with 30-, 60- or 90-day terms.' According to Forrester Tech Tide 2022, 'B2B payment augmentation is increasingly critical to companies' ability to win, serve and retain business customers. Offering trade credit and net terms invoicing, automatic onboarding, instant decisioning and digitizing A/R are all needed...' To stay ahead B2B organizations must provide B2C-like payment methods; digital and mobile purchasing options; payments, invoicing and billing in one centralized location; invoicing, account reconciliation and overdue reminders; risk management and sophisticated fraud detection; more working capital for buyers; and integrations with a myriad of technology vendors. Including the 5th P in the marketing mix offers customer-centric benefits the entire organization should champion. This benefits would include offering buyers consistent, quality service and support throughout their entire customer journey, creating a virtuous cycle of repeat purchases. Read on...

Entrepreneur: Why B2B Companies Can't Ignore the 5th P of Marketing - Payments
Author: Brandon Spear

Mohammad Anas Wahaj | 21 sep 2022

Technology startups have different sets of thought and work processes that differentiate them from the ways of traditional corporations. They often work with tight budgets and keep a high focus on fulfilling customer needs. They work with an out-of-the-box solution approach. Many times nonprofits work in the same environment and face similar challenges. 15 Forbes Nonprofit Council members suggest ways through which nonprofits can adopt 'tech startup mentality' to better serve their communities - (1) Dominic Kalms, B Generous: Have an agile mindset. (2) Kimberly Lewis, Goodwill Industries of East Texas, Inc.: Do your due diligence. (3) Gloria Horsley, Open to Hope: Assess the user experience. (4) Jennifer Hill, Refugee Protection International: Be ready to wear multiple hats. (5) Christopher Dipnarine, 4MyCiTy Inc: Create a flexible work environment. (6) Deidre Lind, Mayor's Fund for Los Angeles: Prioritize your staff's needs. (7) Sepideh Nasiri, Women Of MENA In Technology: Pay your staff well. (8) Jono Anzalone, The Climate Initiative: Embrace failure. (9) Pablo Listingart, ComIT: Understand how society is being impacted. (10) Jennifer Thompson, National Association of Social Workers New Jersey/Delaware: Take risks. (11) Albert L. Reyes, Buckner International: Lean on your team's rookiness. (12) Victoria Burkhart, The More Than Giving Company: Make technological investments after careful thought. (13) Jesse Bethke Gomez, Metropolitan Center for Independent Living: Commit to lifelong learning. (14) Betsy Chapin Taylor, FAHP, Accordant: Let go of past traditions. (15) Jose Luis Castro, Vital Strategies: Be adaptable. Read on...

Forbes: 15 Simple Ways To Adopt A 'Tech Startup Mentality' In Your Nonprofit Organization
Author: NA

Mohammad Anas Wahaj | 12 sep 2022

The U.S. National Science Foundation's (NSF) Innovation Corps (I-Corps™) program established in 2011 is an experiential education and training program designed to facilitate entrepreneurial innovations in universities towards commercialization and expand their economic and social benefits and impact. The program has three aims - (1) Train an entreprenneurial workforce (2) Bring cutting-edge technologies to market (3) Nurturing an innovation ecosystem. According to the NSF website (nsf.gov) article 'NSF expands the National Innovation Network (NIN) with 5 new I-Corps Hubs' dated 08 sep 2022, NSF now has 10 hubs in total spread all across US with each hub funded for up to US$ 3 million per year for five years and comprises a regional alliance of at least eight universities. The I-Corps™ Hubs work collaboratively to build and sustain a diverse and inclusive innovation ecosystem. Erwin Gianchandani, NSF Assistant Director for Technology, Innovation and Partnerships, says, 'I am delighted the I-Corps™ Hubs that we are awarding today will expand the footprint of the National Innovation Network, harnessing the innovation potential that exists all across the country by establishing clear pathways for researchers to engage with NSF's Lab-to-Market Platform. Each regional I-Corps™ Hub provides training essential in entrepreneurship and customer discovery, leading to new products, startups and jobs. In this way, the I-Corps™ program will open up new economic opportunities throughout the United States.' Vanderbilt University is the lead institution for the new Mid-South Region Hub and will coordinate the program through the Wond'ry Innovation Center. Daniel Diermeier, Chancellor of Vanderbilt, says, 'This role aligns perfectly with our position as a leading center of research and innovation, and with our efforts to help cultivate a thriving ecosystem supporting invention and entrepreneurship in our region...' Wond'ry's Charleson Bell, director of entrepreneurship, biomedical innovation and I-Corps™, and Deanna Meador, deputy director, in a joint statement say, 'The Mid-South I-Corps™ Hub is for everyone. Led by Vanderbilt with an intentional emphasis on inclusive innovation, this hub will accelerate the translation of groundbreaking university research outcomes into commercialized ventures that seed emergent, prosperous innovation ecosystems across the Midsouth. We are thrilled to extend our local successes with I-Corps™ to the greater Midsouth and help underrepresented innovators bring their ideas to life.' David A. Owens, Evans Family Executive Director, and Mandy Lalrindiki, program manager of innovation and design research, are other members of I-Corps™ team. The effort received broad bipartisan support from politicians including Tennessee's U.S. Sens. Marsha Blackburn and Bill Hagerty, and U.S. Reps. Jim Cooper, Tim Burchett and Chuck Fleischmann. C. Cybele Raver, provost of Vanderbilt, says, '...In keeping with NSF's aims, Vanderbilt drives discovery, harnessing big ideas in ways that dramatically increase their economic and social impact...' Padma Raghavan, vice provost for research and innovation at Vanderbilt, says, 'The spirit of collaborative innovation that defines our Vanderbilt community is key to our success...advance the development of an inclusive innovation corridor.' Read on...

Vanderbilst University Research News: The Wond'ry, Vanderbilt's Innovation Center, named National Science Foundation Innovation Corps Hub lead institution
Author: NA