35 Burst results for "Omni Channel"
"omni channel" Discussed on Talking Automotive
"And i think from what you're saying that we now sort of knock you back from thirty percent but i think as mark says i think we can see that maybe guy into fifty percent over the next three or four years. I think i think you guys address. Stow are leading the. Thanks for for sharing what you really appreciated. Of course yeah. Happy to and what i would say is a lot for a lot of dealerships to one hundred percent because it really is not just about the consumer starting in going from start to finish. It's about the dealership making it part of their sales process in using with every customer so we've had dealerships on the platform that had been at one hundred percent for years. I think that's actually the the goal. It's not about selling cars online. It is but it's also so much more right it's about. How do we actually digitize process regardless of where the customer is just to make it a lot more streamlined and efficient and delightful experience. Should i say so. I have high hopes. Well thanks for having me guys instead. It's been a pleasure was fantastic. Don't think stiffy the way everything's hitting on getting onto. I think they're going to be behind. But the thing huge on and this is the k learning and you sit tom-tom again when a product gets purchased because of the grudging purchased which is all we're going to get something to be on all an think. You had the compensation with a dealer that we we tried that chattan. It didn't work because they wasn't a champion to actually drive the digitization of the process. That i just have a price that's embedded that it's the price is the price of the process. A infected auto dealers struggled to embiid price. Because it's is a lot of has been round personality. That's that's muscles go. I will majia missiles. He's been here forever and we just do this. And we sylvia's many times and the brain has just coasted throwing because the brand has had this many people come for the shut right so just just take. I take out of a tight end on. Sold beckham With jay and was a very strong brand. She is that we had some very good operatives but also we had just Custos coming straight through and when customers are just working in it was like elvis. Just new release a new. Commodore there's going to be lineup of paypal. You're just making the demand but as things taught nothing yet to really be proactive in the digital janney april white guy like philip manses so good at a. He's bryce the digital jenny. Many as enough has taken from the very top of the dealership down through management gets driven really well and as you said with with of but then in other situations that try and drive it through and they sometimes not speaking to stop drugging tra- champion in the organization and i really have difficulties getting some of those prices implemental stuff done because as as you said the busy with other toss too difficult to start changing doing doing something differently. I've already thanks for listening if you like what you heard. Take the bell and lock us on lincoln. If you like to know more about what we've said today please reach out to either pedal vesta or myself johnson lincoln and we can do this issue on any of the topics and thanks very much for listening. Thanks john and say it
"omni channel" Discussed on Talking Automotive
"Espouse consultant that what we do in the traditional method if with a linear approach if you got to attain you'll see a soy school customer satisfaction scores would drop because you was spending enough time with the people's because the process was Attracted with your technology. You can get to attain and actually Customer satisfaction school. Because he getting back to the fun stuff again and you really engaging with the customer so that's a really big big plus and then when we look at what's changed its off concert coming back to pre covid label spoke is sort went from fifty percent of online transactions to three percent. Come back a little bit. But as the journey continues off on with you think it's gotta still continue to be at that. High percentage as production increases. Because the cop on is of the world in a tasteless Forced the industry to go through this journey and change as the winners have embraced that a they've looked at will got embiid. Omni channel business is. That's what the disrupters is doing. If i want to live and it comes dance looking at why prices and having a champion in the business that cakes driving that end with that that champion you get paid until the adoption guarded but now it's actually doing anything with it. So that's that's the winning strategy. The losing is just having a gym membership amount actually doing with side. I think it's fantastic. Thank you very much for coming on tonight because the tight gets there. Different is process Point and then headed embiid. The system to overcome and annette is a formula for success. And then having vice able to your worship. What's the system. Continue to get the best out of every city has incredible. Actually he said it better than i did. I think the gym the gym membership. I might have to steal that mark. I think the gym membership is a great analogy. If you if you take if you buy a gym membership and don't use it it's wasted versus actually putting it into action. And i love that so i might have to take that one place to because Thank you for sharing you wisdom with us because it's through the insights you've got will change the bring and really hallock opportunities for the industry as tailings for me and it just reinforces the stuff that Went through the list of the big. Thanks to of nights. That until just saying it's it just makes much sense and really stands out if you if you not your process. And then looking at digitizing it and taking at the manual stuff but then focusing on the fun bits and winning when win say the funded defense stop is what makes us industry the industry to begin because there's always something new washing machines. We sell stuff that's cool. Xl forgot to mention that relate knowledge. That you're you're you're karen susie so you arrest Taza explosive on your luck dropping and fast. Yes but is my current vehicle. I've always had fast cars. I think i was tell you the story the other day. That previous Was that edmonds here in the states and one of the former. Ceo's they're looked at me one day. When i was in the middle of you know purchasing a vehicle and he's like so a mom who likes to really drive fast. You have the lead foot and your mother. I think you should go talk. Somebody's gonna put those two things together. But yes i've always. I think i get it from my dad. He's always been a sports car. Nut and Just always had the need for speeds speak so and the dream car which blew me away because it's on your website so if goes when you got a bright is a fifty seven shipbuilder amazing. Yeah and i think my my husband is aiming to restore when of those at as we get closer to my fiftieth What's more talk in the background there. That's limited so that'd be doing a little bit of wickham that's kamara Older americans stuff there. Beautiful beautiful design wack michelle. Thanks very much as i think. There's been a fascinating discussion. And i think
"omni channel" Discussed on Talking Automotive
"We have information about our products that we've got a whole resources section so the white paper that dealer impact study is there as well as a lot of other white papers that we've done in best practices we also really try to aggregate case studies for a lot of the stores that we work with. And you know we always say. We don't think people want to hear from us. They want to hear from each other. So we try our best to surface the voices of other dealers so they can kind of see how they embraced it. What they did you know through the process of on boarding with with platform and so on. So there's really great information In addition to the product if people are just looking to learn like what does it take to actually implement something like this. What are some of the best practices And then finally you know. I we keep it real. Roads were very approachable. So if somebody really does have questions there they can email me. My email address is just michelle at register dot com. They're more than happy to do that as well. They have questions fantastic. Well thanks for shelter. This has been a terrific. Did the lots of insights what we've come favorite fitbit tonight now highly Enough of miss anything. He but just came to summarize the points of tonight and It's it's been alive enough The transit you already saying in the us with still a lot of loved to dealerships knitting big close because covid with very fortunate Rodney outweigh in the situation. Way all sights now are open to try. It's interesting background. At amazing you talked about the real estate the the the dieting and automotive industry being simla is ultimately connecting people. Something that i really need to. Which is a fundamental life whether somebody to leave someone to be with all summer had some had around so you gotta similarities with people connecting. I think that was one thing that released early in the in the conversation but one thing that are ugly took away was the sales process and the digitization of that prices and having the customer pace feet in that so that there is a disconnect between what is the physical experience and the online experience and is that multiple in different variations old. So it talked about him embracing in call omni channel way. The showroom and the online is one but not not transactions. If you like other sign potentially his is gonna be there's gonna be different connections. Why but making sure that you people in your charen Respect that and the customer is actually the full everything that you do so modernizing that customer experience is. What you're saying is a kate change and one of the benefits that you can actually do multiple customers at one time. 'cause the eld stall is linear so multiple customers and you actually put the customer to work and it's a bit like i think back to the they all dies plan Service stations used to serve you for fuel where conditions to put fuel in your car and pay in the store down. We didn't boy chocolates etcetera sexy. Spent more money through that business To do that she feeling comfortable zone. Sieves is because done touch cow but what does it actually brings back the fun stuff in south process because all the manual stuff can be done law and can digitize that gets the fishing back because the fun stuff becomes the ending over the top. The the final negotiations of the charon the and the draw the test drive of the cast really put more energy into the good things about the price they send manual stuff is actually done a flawed in at their own pace and then we looked at Changed is the the world actually wants to do the stuff remotely and you can actually do more with less so you can get more sows. Get more information out. You can build more trust with liz paypal and really in a shorter time director with those customers. So they officiency And heading a major success is a using the system with all been guilty of buying a gym membership or a Some sort of software package where we can do all that stuff. And i'm gonna lose. All his lied on. Gotta get gotta Do whatever we actually actually use it. It's no good to us and would get the full benefit out of what we invested. So you've got your same that measure and you'll k. Measurers are using it and when you look at the adoption rights is that level one through two level if way live wadis of got it. It's got a pack of gym membership. Just ill an online presence. That's it but then there's the amusing it. And i'm actually doing something with on proactive sunny label to and then as you can get interactive with win customers committee showroom event. You actually sharing the system together. Which is part of this whole prices breaking down the barriers so that you feel at one with each other and that's trust at the moment look. The industry
"omni channel" Discussed on Talking Automotive
"To have the ability to sell cars online so we're just gonna plug it in and hope for the best. I think the people that plug it in and hoped that it would just sort of rain. Additional sales online are the people that are going to need the most coaching moving forward. Because it to me. It's it's not necessarily about the fact that you've got the capability it's what you do with it. And so they need to adopt more holistically. They don't have to boil the ocean. They don't have to do it all at once. And i think that's the big scare. Honestly like when when i say omni channel and people understand what that means after they talk about it. The fear is there to overall everything and that actually is not. What really is happening. What it is is it's looking at your existing sales process where the friction points and figuring out how technology can be incorporated like. I said it doesn't happen Why we have those implementation levels because you can be a really successful dealership is retelling with a very strong. Internet bbc that skydiving people to do as much online as possible. It's have you phase it. We have some dealerships that ripped the band it off all at once but those are pretty rare so it's pretty powerful summary of the so you look at the process what other friction points and then had to you implemented so hat. Had you implement you'll system with your deal. It's because if you look at the basis of zip bay do you have a field team that goes ad and supports them in that. Or is there a sanctuary or online or is zoom. Set up a halfway. This is how you should be doing it. What what's the process to engage. And just give them comfort to overcome any potential resistance to the system or adoption to the system. Yeah no it's a great question. We are are so proud of our customer support. I think The industry that now knows you know that that is a value that we provide to to everybody. At least i love hearing about it when i talked to. Her dealer partners always comment on So success managers so great but what we wanted to do at the outset was make sure that we had the support in the field the sales teams at the dealership. We didn't wanna have software that they just turn on and figure out so we actually have a both in team and a success team that is dedicated to on boarding that dealership making sure that the technologies working but then also sitting down with the leadership team at that store and talking through their process and making sure that before we train their team on the technology. We really understand how they want to use it. That's part of that implementation levels in coaching and guidance that we give but that that success team is is there Our support for them. Is there twenty. Four seven for the dealership is their on boarding iterating and we're constantly retraining. It's a little different right now. Because of what's going on in the world we used to go spend two to three days in the dealership and train satanic leadership team and then train each individual store. Now we're we're doing that remotely just out of necessity that we look forward to seeing every day in person at some point here in the future and then on top of that we also Have invested in online at learning platform. So we call it red star academy in so there we've got certifications and courses and materials for all of their agents to actually learn in and dive into the technology so that they're up to speed so we tried to get them certified before they actually start using the platform so it's not the new guy that stats you'll at starts on the showroom floor. He go he's a online program. Customer walks in. Or can you just figure it out at the same time the customer etcetera is. That's also a great question. So yes in the ass so we do have an online like if you started tomorrow and we weren't statue Training for a few weeks. Let's say with the store than all of the online components are there so they can easily get certified. We have also heard from a lot of our partners that one of the benefits that we provide is our technology is so easy to use the they get their sales people up and running so much faster because the training it's a digital sales process so they really just need to learn the technology and walk the customer through so it's it's reduced significantly a lot of the training time in on boarding new employees over. Show your spoken about some rudy fantastic products as being fascinating for us to listen to you today. So if someone wants to find out more information where can i find blonde more information about your platform and services you offer and so they can come to our website which is roadster dot com. And not only do. We have
"omni channel" Discussed on Talking Automotive
"The peak of a lot of the closures. We were up to a third of transactions that were happening in unlike fast. Now some of that is. That's the only way that those could sell cars and so that number has come down back down a little bit since then but it still stayed quite elevated. So i think what's interesting is Actually one of our dealer partners made this great comment Along the way he said what are we gonna do if we take longer to sell cars after this pandemic's over people are gonna say it didn't even taking this long during a pandemic taking this long now and so i i think i think we've we've educated whether we wanted to or not just based on need we've educated the market that this is possible and that's one of the biggest things that i think was lacking in when in the early days with this is most consumers didn't know that they could start this transaction online. And now you know. Through this time period everybody has had to promote it and so it's just elevating the capability across the board. So that's that's one. i think. definitely the activity. The other thing. I would say is like i said before you know the utilization levels across the stores whereas once it was maybe a novelty. Maybe you know certain stores. It was relegated to a team have expressed to our team. We now see it permeating throughout the dealership and i think that has a lot to do with what i was saying before about the leadership having to do some of this themselves and really recognizing in and being a champion for baking this part of their their sales process amateur question completely off to the widow. What did the winning dealers do. Yeah i think that the winning dealers really thought very hard about how they're going to make this part of their processes on a permanent basis and we always say that there's really one thing that sets a successful dealer apart from somebody that's not as successful when it comes to this. And that really is their ability optimize their process. It's not about whether or not you're in metro area or your you know you've got a large volume of cars luxury brands or not. It's really about are you. Do you have somebody that really is gonna focus on making sure that this is how you do business moving forward and so it's partly your process. It's partly having some kind of desert retail champion in the store. That's gonna really shape this moving forward so those that are really successful. Are those that have that champion. Sometimes it's them right sometimes. It's the buyer. That is that champions. Sometimes it's somebody else but really having somebody that's driving it and you know it's like anything else. It's it's not a set and forget it's it definitely takes time to figure out how it's gonna work for for each individual dealerships. So it's that commitment to over time as well that makes them successful. I can usually tell within the first fifteen minutes of talking to one of our partners y. They're an advocate. I'll hear things like yeah. You know when we were looking at different retailing providers. We really started map out our sales process and so when we were talking to the providers. We knew exactly what we wanted to make. Sure we could do okay. You're a process person got it. That's why here successful. So i think it really comes down to the buyin and bat champion in the store Sorta spark about in the beginning that if someone doesn't engage in omni channel online and that there's a high risk that they might not be around in five years in terms of the losers. Can you tell us a bit. About what the losers and can they come that and get on track quad quick to you. How long would it take for them to catch up. I think first of all. I don't think that there's like winners and losers. I have an opportunity. That's my my optimism in life. I do think that there are a lot of people that especially during this pandemic did a little bit of panic buying right and they just took something and said we've got to have the ability
"omni channel" Discussed on Talking Automotive
"Of the things that i saw personally and talking to a lot of our partners in the beginning of the pandemic was scaled back so much that the leadership team was actually selling cars and so they learned firsthand what it took and what it meant and what kind of process changes they needed to put in place so as they brought back people they were thinking about who would be best suited to follow this process. And i think that it was a very different thought process for dealerships than who is my best selling salesperson. There's a lot of people with with pretty significant. Portfolios of clients just didn't follow the rules in the process. They just sold a lot of cars themselves and when push came to shove they were looking at okay. We want to create a repeatable process. So maybe we should look for the people that are process driven a little bit about the technology. Technology savviness is important but really process driven. Was the key that we saw sort of rise to the top as it relates to what they needed and frankly customer service driven as well. Are they here to support the customer. They have that mentality. are they technologically. Savvy are they process-oriented. Those characteristics rose above the ability to be a strong negotiator. Sound to say that's not important. But i think that's where we saw the tilt happened because the customers researching as little information now. They've educated to be online if you're not accustomed is not focusing on that. Customer experience They've got the information right. So if you feel that the all wise of a strong the guy shed it because you've got information that the customer does not have a stronger position is now. that's not the case. And then you've got to drill back into what is the actual problem for the customer. You're solving with your products and service that you selling with us. I that makes the take seven as because if you reject the fact that not understand the fact that they've actually gone to undertake jeremy and you're not speaking the same language as them Ray the take the using than the trust is a big i would say. Don't don't confuse the need for technology with age. We have some of our best sales. People are the tenured salespeople once they get it they love the technology so i. I know that we tend to do that in our brains like. Oh we need the millennials or whatever generation or the generation is they're going to be more technologically savvy but it is less about bad in. It's more about mindset in adaptation in your study units herself console in in this country and a lot of the industry. Benchmarks is ten units Monks we didn't think of how long it takes to silica and then get a paid. Then do the handover deliver experience. Ten ten units provides a reasonable income for ice house. Consult opposite wall is good but then as usually tipping way. If it's too many than the customer service big drops alive because the closeness The intimacies not Mukasa but in your patriots have doubted that. With the technology the cells poed units also person has significantly increased. Now i chain is correct. That's correct. I think what's what's interesting is. We've assumed for actually turns out over thirty five years. At least i. I have not yet. I need to ask actually my friends at nada. If that's when they started tracking that or when that became the benchmark but for thirty five years the average units for salesperson has been his ten point one to be exact and so it's been consistent until now and i think really the driver is the technology is allowing them to do that more efficiently. But to your point about you know is there. Is there a tipping point where the relationship turns i think that removed that also because now that they can handle so much of digitally. The relationship is really. What's what's left to to shine right so they can't have that engagement and candle that relationship because they're pushing so much of the transactional elements into a digital format. But yeah. i think one of the big i've had is. It's almost like the way that we've planned as an industry is stopped us from being more productive because that ten units isn't every staffing model with every dealership that i've talked to write. This is how we plan if each person on average could sell ten. I need this many salespeople and so that in that limits how much each salesperson can sell see so it's sort of like a self fulfilling prophecy one of the big things that we've learned during this timeframe is to reset the bar and say my expectation for each of my sales people is more and then you're staffing model is quite different so make sure you've you collect a huge amount of data from your platform. Heavy seen any trains of a covid lockdown that you picked up from that data. Yeah i think that couple For sure so. The percentage of consumers that are Engaging in online transactions from our own data when we looked at this sort of pre hoven when you looked at how many what percentage of the transactions at any given dealership were happening online it was more like fifteen percent and as we got to the peak of a lot of
"omni channel" Discussed on Talking Automotive
"To engage within your capabilities online but your sales team is proactively guiding customers through the process. Kind of like what we talked about before right working with multiple customers at once encouraging them to take steps on their own time so that typically is the role of somebody that's maybe in the business development centre or the internet team right. That's taking phone calls or responding to leads to sort of guide them through and get as much as they're comfortable doing before the appointment done and then level three four and five is really about that omni channel experience we were talking about. It's about how do i had next the experience that happened online to the showroom so a level three they might use it as a presentation tool pre pre. Covid it was. I'm going to hand you the mouse and let you drive now. I think it's i'm going to share this link to your phone so that you can use the safety of your own device versus shared device. But but it's really about that transparency in and shared experience within the showroom and then level level four and five or really about using it with every customer just different levels of that. So that's incredible so for me. Liberal to sounds far where they actually proactively beginning at using it. But there's actually a law ward sued the janik to level three. You'll letting all the south consult pre covid with with healy countdown. This janney on online Aware of your journey. I'm not making a rehash that side that you feel that we have had a relationship for quite a while. We now get down to this point. The trustees the pre covid you insight. Here is the mouse. We're doing some interactivity with the vehicle with the specs and the options. He's your clicking. You'll get the customer to click the finance options themselves and then they can actually work on the valuation naked site will all would. He's the valuation. We've got on your Inside will that could entering this much for the cia general terms yes. They don't enter the value in. There's not a negotiation on the trade in In application they ask their. They're entering all the information. And i think the big thing to realize is that when the customer comes into the show when you're a level three you're checking in that customer pulling up everything. They did ahead of time so that they can finish what they started online. And at that point your using so so it is level to as servic level to plus where you guided them through as much as they're willing to do online when they come in. You're connecting that experience together turning the screen handing the mouse in santa. Let's let's finish this process together. I'm here as your as your coach as your concierge to sort of talk you through the options like maybe you didn't pick your your ear service in protection plan. So let's talk about those a little bit her. Icu uploaded your your. Are you with that. No let's go take a look at your car. You know so. I think those things make it a lot more interactive but it becomes a shared experience. It makes the customer part of the process is zero even the hedwig With each other in the in the chevron was the disc is sort of a ram roundtable said. they're a facing the same way at olisa. Stop these lead zinc preseason. You can change the. It's not an visceral us us. Damn it's will. Let's wig on the base deal for your her share. I've seen all sorts of different versions of this sin. It really depends on the dealership. But i've seen where the computer is sort of at the end of the desk in your bo- sort of sitting facing i seen it done on a kiosk right where they've got these big kiosk screens on touch screens. Where the customer can go in touch. Everything and the salesperson is just standing next to them so it just really depends. But i do think to your point. It changes the dynamic because it is no longer. You're sitting on the other side of the desk. And i sort of have this -tated view it's much more of a partnership over. Show a question for me because incident you. We've mentioned the matrix of simony units per salesperson and you mentioned levels of it and compared to twelve but then you walk pampa you also a lot about. They're also starting to change because we hostage Out of stockholm. And i drive this online experience. And he found when i started the salesman was dating online with customers in that transaction and they need outside busy that he needed to bring and other staff to be doing the actual district on every worker. Whatever because his online sales people were. We're doing a pretty good job. Do you think this kind of change or where do you see the future. I mean we did ask quite a bit about that. In our dealer impact study because we were hearing some interesting sort of staffing models i think the contraction of the employee base made us really reflect on the types of capabilities. We need our employees to have. I think it is the line so one of the things that we found was that when we asked back in may what roles they thought would change most of it came down to either that or internet or business development centre role or the showroom team was always kind of on the sales side at least on variable that was with the study was on and then when we came back around in september and ask him what did change what we saw was a lot more investment in the sort of internet. Btc team and if not for everybody. I think every dealership is different. What it comes down to the skill sets. We actually need to be successful. Is one of the things
"omni channel" Discussed on Talking Automotive
"Is this idea that because they did that. They proved that there are people can sell more cars per person so when we come back to whatever normalcy looks like they'll be able to sell even more interesting for us is deal is here. Did the same cuts off that has been actually a very profitable period for them for two reasons. It was given support so government's paying the stuff cost and then the second thing is the supply and demand because government in santo certain sectors of the industry. There was big demand on will sit and vehicles. And so there's a big shortage vehicles can leather. The factories have closed down so us. 'cause in short supply data's making really good margins and they say that actually being very profitable i think mark coletta discussions. And we think it's kinda go back to normal. I think the dealers on up. I think is rocked. What you say those sort of said well we can get us. I think we'll keep that little model future isn't very similar here in the states. They are definitely. They may not be selling as many vehicles. Although demand has come back right. I think one of the things we're seeing is that people are spending a lot more time in their vehicles than in airplanes so the car buying process hasn't slowed down. Like i think a lot of us thought might happen but the margins are higher because the demand me outweigh even. If it's not quite where it was that weighs the supply because we have the same thing. We've got issues with new vehicle inventory you've got used cars being something that everybody's trying to adopt more and more of because they can't keep them on the lot. So i i do think that dealerships are finding that. This model is a lot more profitable partly because they are doing more with less and making more per vehicle. Doing that said be interesting to see. I guess you guys are maybe a little ahead with things being more open but it'll be interesting to see. Is things sort of co back to regular supply what happens with you know dealerships. In how much of this they keep when they the profitability gets a little bit less than than what i think. They're seeing right now just because they'll be so much inventory on hand again. It's an interesting On metrics we we talk about the the what i want to cross of of the economics on came to get not the same way. Sows guys Next question might say more strange fun but had a you. Measure success sales volume. So what are the metrics that massa the the using system one of the came That's a lady indebted. Got a i think. The biggest one in our platform is utilization. I don't know much of a surprise to definitely have a saying that. I've talked a lot about you. Guys have heard it before which is using the technology being successful which is a retelling. It's really twenty percent the technology and it's eighty percent. What you do with it. It's not to minimize what we bring to the table. It just means that it really has to do with the adoption and how well the dealership has really embraced it. Within their sales process for for us we are constantly measuring utilization. In how much of it. How are they using it. So we have five different levels of adoption that we mapped to constantly working with dealerships to get from level one to level five. So i think that's the biggest one because i think that's a huge leading indicator of success. So what would live a one boy. Yeah second walk. Through the steps so level one is just online utilization. This is kind of like I plug it into my website. Because i want to sell cars online and i want to look like i have a a modern experience and I want to make sure that. I'm staying ahead of the competition right. Offer something that nobody else is offering level. Two is similar the differences that you become very proactive with the tool and so from a proactive standpoint. It means that you're not just sitting passively in waiting for consumers
"omni channel" Discussed on Talking Automotive
"We're so used to self service and doing a lot of the stuff ourselves. So i think there's a lot to be said in. How do you work with multiple customers at one time in. That's what's driving the efficiency though the self service bit mike sold makes the big difference because the customers filling out. They personal day tile. They getting the driver's license. They doing all the work that someone in the dealership nola have to manually enter. And that's puppet that linear process are like after a customer guys often in between doing zoom meetings etcetera feels out the forums that south Could have three or four customers on the guy at that time and the customers would not be feeling that they getting bit Getting lists service in the post next to them which would be getting a shower. That's right and i think they appreciate it more because it's on their time right one of the data points that we've been watching for a while this is not related necessarily to the pandemic in what's happening now but we've always seen that thirty percent of the dealmaking activity is happening when the stores are closed. If you think about that just by itself you know. They can't physically walk into your sherman. But they're doing that behavior at eleven o'clock at night in their vaginas. So it's it's on your and if you think about your your own shopping experience than anything else you buy. A guy was last night shopping for holiday presents for my children at about eleven o'clock at night. So that's when. I had time to do that right so i think people really appreciate it being on their time and a lot of that stuff is much more transactional in nature and let the fun. Stuff is really driving the car and taking delivery and building relationships. It's not okay. Fill out your credit applic- that's not fun. So let's get that out of the way ahead of time so that we can leave room for that relationship to shine. Even in the hand of prices getting product information understanding simple things how to work your radio in that that can be done online. You can send videos the customer experience that incident having this housman that they're trying to expand into the custom it'd be number welcomed with so much information that he can't remember anyway right the nasa lawn anyway to learn it. Yeah i definitely get. That was true during my last purchase. I was not listening to half of what they were telling me about my car. I just wanted to get home and experience it but you know two or three days later. You're like shoot. How does the radio worker phone. So i yeah. Hundred percent agree. See john show in terms of the main problems that you solve or that rise salsa what would you say the real problems assaults for the both of data and the customer. Yeah in a great question. I think it really comes down to three main areas. One would be engagement with the customer. Like i said you know thirty percents. That activity is happening after hours. And so you know so. Much of our industry is dependent on auto responders. And just you know trying to make the appointments maybe not being as transparent as we should be about the price. So we're really what's happening is that we really aren't always answering the question that the customer actually has when they submit a lead into our dealership to begin with so regardless of the source wherever that customer came from so i definitely think with digital retailing. What you are able to do is really respond to all the questions. Because you're you're basically putting the levers in the hands of the customer so they wanna know pricing. They can go look at the price they can pull the levers See what the payment is. And what works for them if they want a trade valuation. They can do that. So there's so much capability for them to self service and answer the questions that i think whereas maybe consumers would stop the engagement or be shy to submit a lead in in get contacted by the dealership. They now have this all available for them. You can get
"omni channel" Discussed on Talking Automotive
"Because at least here in the us there were many states where dealerships couldn't sell in person anymore for a time period. They had only sell online and so became a forcing function That became much more about remote sales activity than it was necessarily just about a a great customer experience. When it became part of the operation it became part of. How are we going to have any kind of business. Continuity it became a lot more impactful to the day to day. and so i think it shifted. I think now and we just did a survey was part of our dealer impact. Study that we conducted in september where we asked dealerships. What's the one thing that you've learned this year that you are planning to keep right. Everybody did a lot of different. Things tried on a lot of different ways to do business. I think as an industry. We were extremely creative and Resilient as it relates to what was happening when things shutdown. But i think the one thing that resonated with his almost a hundred percent of those that we surveyed was that this idea of remote selling makes their dealership more efficient. That bad i think is is true. I think we are now in the situation where it's not just about. I'm going to plug this into my website and enable people to buy cars online now or in phase two. Which is and. We're going to be proactive about it. We're not gonna just let them do that and then quickly try to make the appointment. We're actually going to encourage the behaviour because the more they do online. The last time they spend in store and the less time. I people need to spend with them in. So we're seeing these huge productivity gains of as sales people being able to sell more units per person inciting that's driving a lot of of dealerships to consider. These tools is mandatory sales process enablers. And what was the specifics when he talked about that productivity. So if you'll do it. If bullet to a productivity tomlin motion studied citra which bid stood side widget fund the case in cost and time and then the uplift teen in profitability. I think from a cost time perspective if you look at the way that we have been selling cars for decades. It's very linear process when somebody's in the showroom with you write your salesperson is not going to get up and leave you to go handle another customer. That walked in the door. They might leave for a minute to go to the desk or get another pencil. Or what have you. But they're not gonna leave because another customer and so with that the figure. They're spending two three four hours with one individual customer finishing that transaction now with the ability to do a lot of it remotely you can work with multiple customers at the same time and so were you would never have him and i. I wouldn't recommend anybody that. Just get up from the customer your back. There's another customer watching. The door. time becomes less linear digitally meaning as a customer. I might come in and do my credit up in. Then you know do some work for the day and then come back in in maybe finish my trade information or look at my you know financed options in so because there's time delays like that. It's a little micro moments versus one lump amount of time now. The salesperson can work with a lot of different customers at different stages. I actually think it's not that the that there's a lot being taken out of the process. Although i will tell you. There's a sentiment that the sales people can put the customer to work. And i say it that way specifically because i think as an industry we always talk about empowering the customer and it is because the customer wants to be put to work but i like to say it like that because i think it it makes dealerships really think about you know putting the customer work a different mindset it need there's less work for me and in this world in where we are as consumers
"omni channel" Discussed on Talking Automotive
"I what backwards always in customers are both sides of that equation right so whether it's the consumer or in our space the the retailer deeply understanding where they come from is. I always say that the fastest way to successful positioning of of your company in successful business in general. Because if you don't understand like you said it's the fastest way business. I like data hadn't heard that before but you have to be able to walk in their shoes. You don't know what their pain points. Are that yourself solving. Not solving the problem. See become relevant. Real of is extremely good. That is such a powerful word of the comes through and john. How many podcasts. We hear that would resonate. Trust comes through you'll be relevant and complexity is is bad. Our industries is full of complexity. Which i think is why a lot of the newer technologies aiming to solve. I have i have another. I have another saying that Which is that. You can't really modernize the customer experience until you modernize the selling experience. I think that's a big piece of that. Omni channel park mark that we were talking about to just to start off michelle. Can you tell us a bit about rights to the top of services you offer just to get background of. We come from and your approach to the market. Yeah absolutely so so. Roadster is What we like to call it. A digital sales platform that sits in the digital retailing category. That has been the big buzzword of the last many years especially this year but but we the reason we call it a platform is because we think beyond what i think most people deem as digital retailing. Which is the ability to sell. Cars online into our platform goes deep into the dealership sales process in figuring out how to digitize a lot of what they do inside the store for a salesperson perspective that it's really creating a seamless and consistent experience for the consumer from the time they start online to the time they might finish that transaction in the showroom so our tools and functionality are all built with the consumer in mind that also the salesperson in mind and how they interact through technology with the customer to navigate them through the process. Sober show deals. Do you also do the transactional law we do. So that's that's that's why. I think people talk to you. Know digital retailing is more like ecommerce. So the end to end transaction to us. That's like table stakes. Like you have to be able to do that and do that. Well and then the next layer is okay. Well how do you connect with the showroom experience and give the team in store tools to navigate that process because today even today with covid. There's only a certain percentage of consumers will buy the car sight unseen one hundred percent online. The rest of the emmer going to have an omni channel experience where they come into the showroom to take over from wherever they started and so our goal and our mission is to be able to enable dealers to use our our software with every customer. You omni channel of came to get the the real definition of omni channel for ella's There can you wind owner. The channel in has a look so from from my perspective. Omni channel is connecting the online experience with the in store experience in having it. Be a seamless in in continuous process. So i like to say it's how you avoid the groundhogs day of buying a car. Where i always. I always talk about it. Like the Marketing one one right. You never want to promote something that you can't deliver on so if you put out there this whole concept of you can buy a car online for me. And they start the process new bunch staff and then you come into the showroom. And there's the salespeople act like. You never did any of that in ask you to do all of that stuff again. That's really really frustrating. All right that's that's worse than not giving them the opportunity star online because now you've wasted their time figures. See a lot of companies doing that way. You have to verify yourself like some government departments and that you verify your identity and then when you actually start to speak to so you start from the beginning again so let's actually quadros writing right now that you mention it. That's a good example calling the phone company. That's my that's my go-to example. You've ever had to call an hour now. If it's it's this way out where you are but if you ever call the phone company you get daisy chained in the different departments and every time you get transferred to somebody else and you explain your whole situation in what happened and why you're frustrated you have to then go and start again in explain all of that again and that's a really really frustrating experience in unfortunately it happens quite a bit in our industry where people do as much as they can online and then they get into the showroom in the dealership just has no idea that they did those things so connecting. That together is what i think. Omni channel really is about another good example. Is you'll laugh. Chat of comes on and has some discussions with the dealer. Go away
"omni channel" Discussed on Talking Automotive
"John talked about Just yesterday assist really powerful stuff that really raise the as the way we way we need to go as a as a as an industry in. That's what you guys in the adoption in the. Us is much faster than bank. This is us. He still thinking that online listings. For years cazes a good thing in a net cutting edge raisin haram do you to have the omni channel and what is on the channel that main the word is out there but that really comprehend. What does that make I was having a conversation with a Dealer here in the states earlier today. We're doing some research on sort of their they're buying journey for digital retailing. And it's interesting to hear how the progressive dealers have been all about. You know how do i. How do i modernize customer experience. And that seems to be where a lot of people were leading the conversation in their own organizations until covid. And then everybody's like oh wait this could be really great for productivity to hours talking hats. Never like that immediate hurt. You know that we're all responding to but it's that moment that's sort of what the omni channel steph. I think brings Beaches what we've what would they added. That way would be spending a lot of time. Educating not to seal us but even just people who worked within the ends that would be countless thomas guys for different organizations and you'd have to read trying not retrying but just get people up to speed. This is how dealer works. You'd get inflexible. A williams were really good at bringing. Fm cj to into the auto industry but then the deal is wouldn't were liked to the principal's side. We found that we would spend all his time. Just got through. This is had the business thinks this is how consumers upright at mrs Comes but just a reeducate but then the downside also is that there were people now games. That are so blinking into thinking. This is just how estimate and something new comes in nightcap. adjust to it with a whether it's a pivot or even just a mind move The thought patented by should go down that road because now we've always done so therefore we must do it this way. So you Al mission if you like without series is to it's one of enlightenment But this one. Also you'll come as i should with with david that was an autograph mesa. Yes gotta get shell on on the shire to give your insights and your expertise because the journey that use shea is the journey that many needs to be undertaking Oh actually i should have been undertaking five years ago. But if you're not on that right now you hear it's yeah it's it's tough. I think that. I know we talked to mike. About how the pandemic has been a bit shorter of a time period for you guys than it is here at this in the states but i think it was a forcing function for the future so that was a big wake up call. Thank for even dealers here. I don't think it's just internationally. I think in general change is hard and it's hard to contemplate in until after requirement. You know there's a lot of people that will just sort of sit and wait anyways. I know we're getting into the type of the content of action won't Person because of open up with talking about a bit of history for yourself. backstories Very interesting you started at your career. Eight hamady you've been gone from a human digital platform to that. Real estate is a correct. Either way round started in real estate when dating into cars are the list is that we wanna really understanding is there a similarity between all right. I think they're i think there definitely is the big similarity is you're connecting people with people whenever you're doing that it's always about getting to know po- sides that equation. It's sort of like a a marketplace right. You have to understand the supply and the demand at great length so whether it's people looking for houses it's people looking for cars or people looking for other people there's just it's really how deeply understand your customers and their needs and desires and in my position at each of these companies for marketing pointing at is what it's all about. I like to tell people. I may not necessarily be the ultimate car person but i am the ultimate customer person and i spend hours upon hours talking to customers every single week. Just trying to live in their shoes. A war is main told Awards mentor of mine told me early. Keurigs asana agenda which within lighter mockery. He told me your customers will put you out of business if you get it wrong and you need to get back to back to the customer. Which is why the the custom metrics the critical ones that we've been always working with And it's interesting that you stop with the customer. I what backwards
"omni channel" Discussed on Talking Automotive
"Hi everybody welcome to Talking Automotive my and name John is my co-host Sinclair Mark Palvestra . Thanks John. Today we've got Michelle de Novian the chief marketing officer from rhode. Stay in the us at right. Sta are omni channel digital platform for the auto industry dealerships and michelle. Hsieh's some very powerful information with the insights that have that she saying from the covid situation change and move to more digital transactions of more importantly h transaction is different sets not just a pure one hundred percent digital plight it is interacting digital with the dealership experience and actually improving efficiencies with the sales put units unit sold per south consultant has moved from ten units units and customer satisfaction has increased significantly some very powerful information that she shares all support bossom. Very strong data is fascinating for me. Is that the sales price as Longer linear where thousand works with one. Customer from beginning to end delivers a vehicle. He's not working with multiple customers at different touch points. And it's happening in the customers on tomek when the dealerships close very exciting think. This is the way things are going to and such. It's a really with listen for this jump into talking automatic analysis identification
Kohl's CEO Explains Company's Relationship With Amazon
"Us about the relationship with Amazon now and are they a friend or a friend of me or how does that whole relationship work? Yeah, I would I would definitely put them in the friend category page, you know, when you meet created this relationship a few years ago and started testing and I can describe that in a moment. It definitely got a few questions like wait a minute aren't you competing with Amazon course, I would say there's plenty of market share to be had right there's billions of dollars in the kinds of products we sell but a few years ago. I mean we're looking at the incredible company they were building them tell when they had and we have assets they have and they have assets we don't have I mean we look at our you know, we get the store base. I keep talking about right healthy robust and you know another way to our earlier discussion the future of brick-and-mortar. It's not just about transacting and buying products as I mentioned. We're using them to fulfill Goods. So they're omni-channel fulfillment center as well. And so we've really dead. Challenge ourselves to think creatively about all the ways that a this this physical space can be used and serve our families. So, you know a few years ago we connected with a guy has on and talked about, you know, lots of ideas actually on how we could bring our complementary strengths. We've got this incredible store base and this consumer base. They have this tremendous reach and loyalty offer. Is there a win-win in here in can we think differently and build on each other's strengths. And so we started testing this idea where at the core of it. We accept Amazon returns and one of the insights we have about our customers. Andy is that and we knew this from our own experience customers hate dealing with returns packaging up finding the packing slip going dealing with it and we have already seen that 90% of our returns happen in the store. So how could we extend that and have that really be a skill of the company that we can leverage into other spaces and Amazon didn't have the convenience of these twelve hundred years. Is that we offer so the service and a nutshell is we take Amazon returns and we make it really easy for the customer. We have a dedicated space. It takes literally seconds to process the return the big Advantage free and the customer doesn't have to pack it to that. So literally they can just walk in with Whatever item that maybe they change their mind on and bring it to Kohl's and they're you know, they're done and what we get is we get our new traffic and importantly building a relationship with some new customers and what we're finding is we are getting new customers and we're seeing a younger customer and those are both very strategically important to us,
Interview With Signet EVP And Global CIO Howard Melnick
"Howard melnik. Welcome to second ovation. Thank you peter adding me. That's a pleasure. I thought we begin a howard with your your role. You're the executive vice president global chief information officer of signet. And i wonder if you could take a moment for those who may be less familiar with the company. Can you provide a brief overview as to what you all do. Let me tell you a little bit about my role and a little about signet. So i i've been at signet for about two and a half years and drew me to signet was that the company was launching transformation with a digital focus and a real customer first mentality. My sweet spot has always been integrating business and technology to create value as you mentioned. I'm accountable for information technology as well as analytics programs really focusing on things like being customer centric digital first or accelerating our cloud adoption and using analytics with machine learning in ai the Overall focus is really on driving business value. I part very closely with both our chief innovation officer arner chief digital officer To really create a world class customer experience. And so peter as you mentioned many people may not know the name sick but you're probably really familiar with the brands that we represent so first. Six cygnets mission is to celebrate life and express love so kind of what a what a great place to work at a particularly in these times where the world's largest retailer diamond jewelry and the largest specialty retailer in the us the uk and canada the brands that we have our kay jewelers zales. Jared piercing pagoda people's jewelers in canada h samuel and ernest jones in the uk and james allen which is actually a digitally native company which was a out of tel. Aviv's will thank you for that overview howard. I appreciate it Would love to talk a little bit about your your current strategy. I know from our past conversations that you've talked about the aspects like the path brilliants Some of the omni channel type aspects that you're doing and so on maybe you can dive a little bit further into some of the details of those if you would okay. Great peter so. I let me give a little background which i think really helps frame up the business strategy so signet. The group was founded in nineteen forty nine and grew organically until the late eighties early nineties. Back in february of two thousand fourteen signet acquired zales corporation which was based in dallas. And then two thousand seventeen we purchased to net. Which are the owner of the company. James allen which really starts to be our innovation hub so these acquisitions were great because they gave us breath and scale but gave me the ability now to say i have multiple technologies. Or how do i leverage that scale but at the same time be able to create really unique experiences by brand for our customers so with that we born are packed. Brilliant strategy now if you go back and think five or ten years ago. Julia was not a big on line. Purchase category jewelries intricate people. It wasn't a book and so we started to develop a strategy back in two thousand eighteen. That had three strategic pillars the customer first on the channel with a digital focus and building a culture of agility inefficiency and so peter when we last spoke which was about eighteen months ago we were just in kind of wrapping up to your one and one for us was fixing operational issues building a foundation getting us ready ear to came and that's really what strengthening our foundation rebuilding on the channel capabilities. We're actually getting us more product diversity and starting to really focus on innovation and then in year three where we sit now when we really were gaining momentum cova hit and coded for us was actually an accelerate. I would say in two months of kobe. We probably did two years worth of work. And so many companies kind of shutdown. We really started to accelerate areas of digital growth. And i think what we've seen is customer treads also accelerated things like buying line up in store curbside pickup. These are things that were kind of emerging at at slow pace but have really accelerated. I think in a post covid world are going to last forever very interesting and talk. Talk a bit if you will about the the way in which that. It strategy that path the brilliance supports the broader enterprise strategy with paths brilliance laid out. We developed an it strategy that had four key areas. I was when i called fix improved so a certain areas that we inherited that we wanted to make better Around people process technology data than the next area was with multiple brands. What are the areas. I should harmonize and then modernize and then the last area was really around innovation when we think of innovation innovation for us isn't just catch up. Its halloway leapfrog the competition. What can i do to really position as well so let me walk you through each one of those areas in some of the give some examples of things we did so if we look at one of the first area which was fixing improve. I'm a big fan of jim collins. The author good to great and one of the things he says. Is you get the right people on the bus. So the first thing we did is get the right people on the bus and then we started to look at our operating model and so since we had grown up with multiple banners multiple campuses traditionally were organized by technology by geography with some people sitting in akron in some people sitting in dallas. What we wanted to do is organize by foce. And so we started to make that shift where e-commerce team moved from traditional project teams to product teams but in other areas we started to leverage the concept centers of excellence particularly around areas like integration. Devops testing analytics.
Black Friday 2020 Sales Reports
"In store sales on black friday where fifty two percent lower than a year ago. That should not surprise anyone online. Sales were up big also not surprise. This actually did surprise me a little bit. Though jason online sales on friday in the united states made it the second biggest day ever for online sales cyber monday last year is the biggest all time black friday this year second-placed that might get bumped down to third place after this year cyber monday. But what did you think of the reports of black friday. Yeah i mean. I think you hit on something there in to today cyber monday. I think you're right. No surprise almond spending on black. Friday grew twenty one point six percent. That was a new record. It was around nine billion dollars worth of purchases that were recorded in the forecast for today for cyber monday this year. It's slated it's it's it's slated to become the largest digital sales day ever spending is forecast to reach somewhere between ten point. Eight billion in twelve point seven billion dollars that would represent growth of fifteen to thirty five percent from last year. You no surprise really there. I think to me what really stood out and again not surprising but still stood out. Because it's just pretty darn impressive was shop by shop by his stock obviously a lot of our listeners. A lot of our members and subscribers are all very familiar with in. It's been a good year for shoplifting. Is stock up around one hundred and seventy five percent. The numbers that day chalked up for black friday really impressive two point. Four billion dollars in black friday sales that was about seventy five percent growth from last year so clearly the investments. They've been making in business all along the way or paying off. And i think the thing the thing there is because we can sit there and criticize shop five for example oh it's overvalued or you know it doesn't make a lot of sense because the business doesn't make that much money yet that that may be true but these are the type of these types of numbers that will i think afford some time i think as long as they continue to record these types of numbers the market is going to continue giving it Some wiggle room there. We've seen it with amazon. We've seen it certainly with wayfair. I think i don't think it'll be different but there were some interesting numbers. There within shop of is report that i think are just worth noting average black friday cart price. Globally was just under ninety one dollars. That was up eleven percent from a year ago so people spent a little bit more in need thing here in this mobile world. We always talk about how mobile is really leading. Four mobile sales on black friday this year. If you look at the breakdown between mobile sales and desktop it was sixty seven percent mobile versus thirty three percent desktop in last year that was sixty nine percent mobile and thirty one percent desktop so the differences is marginal but it seems worse shopping on desktop this year for obvious reasons and so the data i think but yeah it all goes back towards this digital economy that we're witnessing in it. It's it's seems like it has a lot of traction. I don't know that we're necessarily going to be going back anytime soon. I'm glad you mentioned shop five because we have talked a lot about the big retailers like walmart and target in particular the investments that they have made this year for curbside pickup for delivery all of that but worth as you said pointing out the investments shop by his made and this is a stock that i do not own i. I understand both sides of it. It is definitely on my watch. List having pulled the trigger yet. But but i understand the concerns. I understand the around valuation the lack of profitability. And maybe that's why we've seen the rise that we've seen for target and walmart this year because those are just fundamentally. I think a little easier for people to wrap their heads around. But as you said. I mean what what is the future going to be. Is it going. is it going to be well. Wants to all this is behind us. We're just to start going back to the mall now. I don't think so it's going to be more online shopping and to your point more mobile shopping. I think you are. I think you're right there. I just continued to be impressed with wayfair for example the mobile mobile numbers that they continue to record are really impressive. And that's that's furniture. Man i mean like people are shopping for furniture on their phones in regard to shop applied. I think when you when you look at the future. I don't think it's going to be one or the other. I think we've talked about this before really when we talk about target and walmart i mean it really is becoming about omni channel right. It's just meeting. The consumer wherever the consumer wants to be met in the more that companies the more that retailers are able to do this They're going to be able to take advantage of the digital economy. They're going to be able to take advantage of people wanting to actually physically go to stores In so i. I think the future is going to be a little bit of both but certainly shop. A fi is keying in on their specialty. In and i think more growth is going to be coming in. Obviously bad digital space shop is is absolutely one of the companies dictating the development of that space so even even next year. When i think it's probably safe to assume that that we get a little bit more back to normal in and the the the in person shopping experiences a little bit less risky. We'll see people wanting to get out. We'll see people wanting to go to stores and have fun with that experience But but that that. I don't think it's going to really Deter people from shopping online. I mean hopefully. I think ultimately what i'd love to see just this whole black friday cyber monday thing. I really like the fact that we're stretching and just this whole month so it's not really about fewer sales. It's just about timing right. We're just stretching over the course of a month as opposed to really isolating on on individual days. I liked to see that. Continue to wear these concepts. These retailers are not just leveraged to a couple of particular days toward the end of the year. Just real quick before we move onto our next story on that point. Are you seeing this in your own personal life. Because i have in. The last week noticed that the promotional emails i get from different retailers are basically saying. Hey our black. Friday sale is gonna last for the next ten days. It's like the subject line in the email is black friday sale. And then you look. It's like oh this is actually going through december ninth. Yeah i feel like. I've seen a lot of that just anecdotally. I do feel like. I've seen a lot more of that. I think that's that's the right thing to do again. It's just it's a bit of a different time but hopefully as we've seen throughout this whole year this year has been an accelerator for change and a lot of good ways. And maybe this'll be one more thing one more change that will witness over the course of the coming years in the i think ultimately they'll be a
"omni channel" Discussed on Bloomberg Radio New York
"Especially with the surgeon online orders and worries over delivery and things like that. So whereas Omni Channel used to be Oh, you know we have our store and we also have our website and we're bringing the two together. Now it's really how can we use our store base to fulfill orders from online and yes, customers might come in, but not in the numbers that they used to. Yeah, I listen. I got to say to you I have done a lot of shopping around on the packages us. I've warned our team today that I've gotta listen for the door when packages airdrop because we've some porch pirates in the neighborhood, so I've got to be careful and get them. But what's interesting to me? I know your neighborhood. It's a good neighborhood. It's just they know the packages that are delivered a really good to, um, but what's interesting is when I order I think about What's the exchange policy? How easy it How much is going to cost for shipping back and forth because I love shopping online, but often ordering multiple sizes and doing things like that. But I look at the store policies and that really determines where I shop a lot now. No, that's that's a very good point. And I think consumers are going to become more and more wary and informed about those types of things, and also the key crunch point is The delivery times. And, you know, I think predictions are now that pretty much December 11th is going to be the cut off. I keep hearing different opinions. On the one hand, A lot of people say, Oh, consumers are much more forgiving. They recognized the crunch on retailers on so if packages don't arrive on time, they're much more forgiving, and I keep thinking myself. They're forgiving until December 24th when they're waiting for that one kiss for their last one That's not arrived. And then, um, so I think it's going to be a lot of pressure on retailers this year, particularly the logistics systems. And again, the benefit is how quickly they can leverage their store basis to fulfill those orders and drive the consumer to the store to pick up the product because again that gives the retailer bigger margin. Um, you know, the key to the question of this holiday is going to be yes, growth of online. But one of the march is gonna look like yes, wondered gym. You know, we're seeing boxes pile up outside of much everybody's door up and down the street here, talk to us about luxury. I mean, if I'm going to spend a lot of money on a luxury watch Is that also work in an detail, e commerce type of environment or I want to order you finding consumers want to go to the store. Look at it, Hold it, feeling all that kind of stuff. Surprisingly, the luxury players are saying that more and more consumers are shopping online for those very high priced items. It's also forced those luxury players offer those items online, because luxury very much to your point was kind of snobbish about a lot of things but very much snobbish about the online experience. They thought the consumer wanted that personal. Touch. Personal service had to be in the store cetera now because consumers haven't been, you know stores were closed. They didn't have access to this consumers, so they were setting up a lot of online shopping. A lot of videoconferencing type shopping on Do you know the retailers? I've spoken to have said they've sold Jewelry worth hundreds of thousands of dollars by videoconference and just then drove it up to the woman's house and dropped it off. So this is what I think. I think this is something that's really dramatically different. We caught up with the CEO of watches of Switzerland, and they talked about how you know the whole idea of online shopping shifted to we were, you know, Thank you Zoom and all these other platforms that we were setting up. You know, sales personnel with customers online and doing, you know, like we would be at a counter right? Like the shifting, you know that we moved to that, you know, changing kind of how we shop and that that is something that will probably stay with us. On. I think about that How important it could be for especially luxury goods very much so And as I said, I don't think it makes slipped back a little bit when hopefully the vaccines take effect, and people are protected against the virus and so forth. But this behavior is a fundamental shift in the way everybody's going to shop, and I think it's the combination of convenience. If you can get that personal service, even via zoom or whatever. Then you might not travel to a store and, you know, in a sense, traveling to a store. Versus getting the one on one zoom experience. You might get better attention, actually, via zoom by one. So what are some of the items that are hot this year? And what are some of the items that maybe are not? I think you know you're going to see the normal electronic seems to be taking off a lot of TV discounts today, um, apparel, the sweaters that you know the things like that jewelry may do well because again, it's one of the few things that you women particularly will be able to show off when their on their conference calls on the computer at home. Um guys like to show off like that new watches? Well, I'm just getting that out there. That's true. That's true. Very much, um And so you know very much cops because none of us were bottoms when we're on the computers, All right. Full disclosure. I have a bottom on right there. Um, but I want to go. You are seeing some growth and shoes and things like that. What The consumers at all price points are beginning to under beginning to do is They want to treat themselves. They're not eating out in restaurants. They're not going on vacation. So there's been this spending boom because, like I have this liquidity as you mentioned earlier in the program I want to do something with it. I need a treat. And so they're spending money on things that they might not wear.
Walmart's Commitment to Hiring Veterans
"The right skills obviously is one of the core values that you have there. And the company is a foundational member of a new vet tech employer consortium. That's going to be helping. Provide training for high tech skills for careers in technology for veterans. Tell me about that program. How did it come about in. Who can access it. Well all answer it by by stepping back just a little bit and talking about things from a workforce development and labour market could perspective and even before that when walmart entered into lower the last five years we entered into this period where we really needed to integrate bland. The worlds of in store experience and an online experience for customers and through those efforts in kobe really highlighted the need and importance of us to be able to provide this omni channel or omni experienced for people. That's just a seamless. Shopping experience between the online and the in person domains. And what that has entailed is that we have any number of roles as part of this this leap into digital in leaning into digital where we have product developers and project managers and user experience individuals data scientists obviously the software developers and engineers in the cybersecurity information security individuals and it creates created. This huge demand going back to that workforce prominent so we needed to figure out how we considered our demand. What was the supply opportunities that were out there in. How do we build an opportunity to connect the two and this tech program that was established by the veterans administration or funded by the veterans administration and in partners with the us chamber of commerce accenture and others. We recognize the importance of it right away and so what it does is it helps take military service members. It gives them certain skills like cloud architecture or any number of other areas and with through those skills makes them exactly what we're looking for and we can bring people in who have those foundational skills and then continued to develop them into the people that were looking to grow over time. So we're super excited about that program itself that just one example within the employment heller that we're very interested in it. Aligned with our workforce demand and lets us tap into the veteran talent pipeline in a way that is that skill bridging activity in puts all that together in a really interesting and fun public private partnership example a model that we hope to see happen. Not just in the technologies but other areas over time how veteran access program through the va. It's just a simple google to the vet tech program. B. e. t. t. e. c. And the us chamber of commerce or the veterans administration. You can follow the path to that father clicks to that and check it out and we hope to see you through the program. How important is for a company
7 Laws of Podcasting
"Welcome to another episode of Marketing School I'm Eric Su and I'm the orbital and today we are going to be talking about the seven laws of podcasting. So Neil that I've been podcasting for about been four years now a little over four years for marketing longer if you think about your growth everywhere yeah. Longer will leveling off for for seven years on that one. So it's been a long time. So seven years. For seven laws. Right. But I guess I'll kick it off I. so before I could get off meal and I did it no this podcast was going to go and we've realized that we caught onto a trend that is still taking off right now and podcasting is just going to get bigger and bigger last year the number was about seven hundred, thousand podcast in the world has probably got a lot bigger since. Then, and there's a lot of advertising dollars going into podcasting Joe, Rogan's podcast. They did a deal as spotify for over one hundred, million dollars. So it's just going to continue to be good times. It's a nice medium for people and you know the first law will say about podcasting is you know you've got to be consistent and share story around that my leveling up podcast for the first year only nine dollars. A day off of their first year after second year only thirty downloads a day, and then from there, it started compound, and then that led to that podcast is still there and now we have the mark podcast but we've been very consistent with it on the same lesson that goes over to if you're doing youtube if you're doing blogging if you're doing any type of content at all, it just it just consistency. Number two, you need half quantity the more quantity you have the more episodes you have the more listens yoga time it really does stacking compound. So don't just think that you're GONNA do well, even if you're consistent and you're pretty senior episodes every quarter or even weekly, you're not gonNA do as well as if you just did a daily with people like us John Lee Dumas, there's quite a few players who just Do daily a is more work, but you get the listens in the Dallas away quicker if you just quit way more quantity number three. So if you look at the Joe Rogan's of the world when he does video podcast, it actually gets chopped up into a lot of different pieces. So we've often talked about Omni channel and hasn't changed air if you do a video podcast like we're doing right now and you. Can make a bunch of different pieces. One sixty minute long form interview can become six mini pieces and you can put it onto youtube. You can put onto podcast whilst now you have thirteen pieces right there and then you can make little micro content for social. There's just a lot that you can do chopping things up and you can use a service like repurpose house dot io, the adding Babbit two, hundred, fifty. Dollars a month find on a five, hundred, dollar a month plan. Eventually, you can have your own team, do it for you, but that's a good way to get started with repurposing number four. You GotTa do Keyword Research. It doesn't matter what you end up talking about. If you don't have the right keywords with the title of your podcast and your descriptions, you won't get as many listens in Dallas. So Do Keyword Research. Number five seems like a dust and but still a lot of people fail in this. I, remember back in the day I was using Blue Yeti microphone and the problem with that one was I plugged it into my USB port. What you should be doing is you should be using a mixer so both nearly have a mixer read one called focus right and you can use focus right and then we both have higher pr forty microphones and so these are high quality microphones route four, hundred dollars from the Mike and the mixer. I believes anywhere from one hundred, one, hundred, fifty dollars or so you don't need a start with anything crazy but. If, you're going to be using a blue Yeti, which one hundred dollars still make sure you have a mixer because you sound a lot better and a very important thing is the quality of your sound 'cause when Neil I used to record next each other when we first started this ambiguous when we had to turn off the air conditioner, it would get really hot but also more importantly, it was really echoey and done a terrible because we're right next to each other and people said, oh you guys sound like you're recording from the bathroom Blah Blah Blah and we started getting bad rating from it it just it's not a good user experience. Number six aspirations. If you don't ask for ratings, you won't climb the charts and you won't get as many new listeners and downloads. So at the end of each podcast, there's nothing wrong with asking for ratings. Yeah and on top of that, if you're GONNA ask for the ratings, we haven't done the best job of this incentivizing people to put a rating. You'll probably get a lot more exotic just neil haven't done a good job about it number. Seven, you gotTa know your numbers. You can use look at the apple podcasts analytics look at spotify analytics as we look at where retention is and you can see retention will tell you what episode you should be doing more of. So for example, what we do episodes Seo retention might be ninety, five percent but if we start talking about how we like to plant tomatoes than our retention might be forty percent or so so it might not do as. Well, the other thing too is when we use chargeable chart able, that's how you spell it. They will show you your thirty day performance or your seven day performance for new content that you have coming out. So now I've been looking at them like, oh, well, people really latch on what we talk about certain things and they just they totally get disinterested when we talk about other things such as I don't know whether I'm just making things up. So, use chargeable has a lot of different features. It's probably the most complete podcast analytics tool out there were not affiliated and we just use the free version, but she's been really good for us.
The Role of Marketing Has Changed (Here's How)
"Super committed to your success online. We've worked with them to a special offer just remarking school listeners. All you have to do is go to dream host dot com slash marking school to learn more and get your website online today. Welcome to another episode of Marketing School I'm Eric Su and I'm Neil Patel and today we're GonNa talk about how the role of marketing has changed and how so I was actually looking at a there's a link imposed our mutual friend Yaniv shared and I thought it was interesting. So I can kick it off I just to give you an idea of what the template looks like and then we can kind of go back and forth if you think about the old way of doing mark disposals by guy named David Lewis, the old way was a lot of. Outbound marketing right album marketing could be maybe you're posting something on a billboard, for example, right and so you know outbound marketing is that's one thing. The other one is thinking about sales owning the buying process right so that was the past right sales like marketing is marketing, but you know sales sales and. You know. The other thing I'll I'll say here is sales and marketing in the old ways they were more focused on alignment, and so now if you think about it, they're more focused on being integrated. So it's not just US versus you type of thing, but they're you're actually together as one. So that's an example then versus now of the thing that's big to before there wasn't tons of channels. Now, there's a lot of channels you could do TV, print, radio billboards desert mentioned but now there's so many channels like even online. There are facebook youtube linked. In Red Pinterest snapchat TIKTOK GOOGLE ADS Tebboula out brain like the amount of places that you can go in the networks in the inventory that each people control is drastically different and for that reason, just marking has become now Omni channel whereas a marketer. If you can't figure out to wear multiple hats, you're not gonNA do well in the long run it doesn't mean you have to be great at everything you know but more. So even if you're really good at one thing, one channel, that's fine too. But if you really want to scale and be that executive. You gotta understand multiple hats and how to run a team that can leverage all of them instead of one of them because you can no longer build a company just a one channel like when you used to facebook was built off the email if I go and create another copycat facebook that's better and I just did it won't work look at Tiktok. They blitzed the whole web everywhere and offline to grow their popularity quickly they couldn't just use it invite slow from that facebook used. To grow I think the other thing I would add is back in the day marketing would-be targeting individuals. Now, what it is, now as a lot of people say account based marketing, what you're targeting in the account. So if I'm targeting Coca Cola I used to maybe just picked the VP of Marketing Coca Cola. Now, I might pick the entire marketing team or maybe even the broader team around coca-cola some targeting the entire count and eventually hope is that you know we'll get a hold of. Somebody and be able to hit them up and then utilize things such as dynamic retargeting to constantly be top of mind for these people and Neil just mentioned earlier being on the channel right 'cause you know maybe the rule of seven is is maybe the rule fourteen. Now, right people need to see a lot more to take an action and I truly believe that you know the people that do branding. Well, we're kind of all over the place when they're aiming for reach. That's how. They're gonNA drive long-term success in general look if you WANNA. Do well, try to understand all the channels understand how they play nice together and understand how in the organization everyone can move and think about sales and marketing because it's all intertwined and that's how concentrate growth hacking came about and if you do that I, think you're going to be much better off you're going to have to know fine tuning your processes you're GonNa, find your workflows but the concepts are still the same in which. The more people you get more eyeballs as long as it's converting the better off you are, and the final thing I'll add from my side is that you have to understand technology as a modern marketer back in the day maybe not so much. But if you look at how things are being done online right now, there's a lot of personalization going on right now you have a lot of data coming through your website. You might be enriching that
Designing human-like voice bots for IVR with Einav Itamar
"For those who? have. Never. Come across Volk. It is is A. Platform describe as a platform technology enables you to. Automate in coming calls into the in the Houston. conversationally, I. You describe. It. Wa. You're automating. Both incoming and outbound calls using the I. We also providing solutions for Omni Channel. On top of feats, you know many auto companies. The are Chad with companies are trying to into the space of voice. But then the extent that you get these, you know naturally suitable because voice is much more complex than I'm your shed, but we went the other way around I created. A solution that is good for contact center. Now, we're also studying to provide the solution channels and to provide also on me across channels solutions. Across. Messaging Chats websites in-app in many other channels, swell. Rhonda's this because eventually customers today expect to get the best service across the channels to get it also to be consistent and fluent. so you're talking. On about trade-offs, contacts and trade offs, and how you kind of you develop the plow foam to try and counteract some of the. Can you elaborate a little bit on what kind of trade offs? You UTAH. Yeah, sure. So S I mentioned. I. Think Sense. There is such thing as customer service. There is always a trade off between. You know. The company's you know our clients at one to provide. Good. Customer experience, but Dan their cost. For providing customer experience and especially. When there is a your scaly. So as no telecommunication companies and banks as A. Growth in a number of customers, a number of agents, it becomes more and more challenging to keep the level of customer experiences still keep the cost same. Venture. Customers what we experienced when we are calling. Is. Experienced long waiting times. We experienced sometimes inexperienced agents or you know all short agents, we know maybe limited access to internal systems or. Out Maybe. So So. Then on the other hand when companies try to solve skill ability issues and use technologies like. Then again, they get. They throw their customers into amaze rights with the that is not great. Awesome experience, and then sometimes they try to. Come these using. Trying to divert customers the other channels that they're more scalable like email and chat, and so on. That eventually, still customers are still calling and again receipts during co-lead more and more again because if you want something and you now. You still need to call. So it's not one or the other, he needed to provide great customer experience across channels and I think that if chat was where like a trim two or three years ago. Now, it's clear that the voice is as important as jet and you need to provide again a solution across channels and. Make sure that you don't need voice s like. Sumptuous is. Completed to. Jets. It's interesting that you mentioned or what you mentioned earlier makes me think about how a lot of times customer service can actually be a differentiator. Sorts can be a competitive advantage for starting companies. In. The US you've got a handful of companies that are just like really known for good customer service like jet blue, a trader Joe's. Maybe, there is something that you as well. Cain any companies that Spring to mind. You're like, okay. I. Don't mind calling them. I think John Lewis Typically tend to have a pretty good customer service, but another one from the US is Tom's shoes. Of you've had this dog is where some very agents have spent like twenty thirty minutes on the call was among and something. I think any complaints they ended up just giving you a new pair of shoes in insulin, and then there's another one about flower. Flower. Company where? They, they missed delivery to someone's There was an important delivery wasn't birthday with something else and the Mr Delivery, the person foreign open ended up giving them free flowers not announced just free flowers everyone. Constantly after that. For Making one mistake. So it just shows how important is to have customer service because people like me who have nothing to do with it tells stories about. That's going to be really expensive if you're going to be willing to stay on the phone for hours with the human. So I guess Vocal Da da driven customer service help companies close that gap a little bit when it comes to that customer service advantage. I don't think they relate to that. you. You mentioned several companies that could. A similar experience. No. Before costs and for civil ones. Not just automated, but I will make sure that. The customer experience comes first. So this is our ideal customer. So for instance, American Express is also where known. In. you know in in their? Ability and willingness to invest quite a lot. In order to provide great experience. So when we met with them initially, they were very excited about us both from the ventures you need. innovation and business the different business units. So that got us into a place where they invested in as they are one of our. Trusted the Bucknell's and we are Again one example for. For Great Company that believes in US and knows the importance. So great customer experience and not just
"omni channel" Discussed on Real Marketing Real Fast
"Twenty years experience in the field of digital communications and has introduced digital marketing to a whole variety of companies, large and small part of our conversation. Today was around a movement to ECOMMERCE and some recent stats. I was looking at the fact that over this last. Period where the world was shutdown that in the UK alone, there was eighty five thousand new ECOMMERCE store set up so tink has been pivotal in developing different digital marketing strategies since the outset, both in Canada the US and the UK he served as an influential member of the the UK, Direct Marketing Association the Email Marketing, council and charing the partnership. Of The deliverability his. Later chaired the email mobile marketing agency categories of the UK DNA for over the last half decade. He's also served on the email marketing council and the UK Internet advertising, Bureau. He first launched digital digital in the US back in two thousand and twelve, and then he later took dot digital to APEC in two thousand fifteen. He's currently a strategic advisor to dive digital and on the piece pl seaboard and he's. He's always striving to help individual organizations in the industry as a whole to develop and progress acting as a serial tech developer and investor in outside of dot digital, so I'm super excited to have him back on the show, and just to get an update on how the world has changed over the last couple of years in the digital space, so join me in welcoming. tink Taylor to the real marketing real fast podcast today. Well super excited heavy in the podcast today. Welcome to the real marketing real fast podcast how you doing. Hi thanks for having me. We had a great conversation. I guess early on when we were starting the podcast and you know as things have changed in the world has changed. There's been so much happening in the e mail space and I can't think of anyone better to share kind of how the world has evolved then than yourself so. You WanNa. Give us an update kind of what you see from your side. Yeah it's. It's quite interesting. position I find myself INS. Whistle by much global companies operate US Loath America Mea APEC I think the overriding trend that we say it is the obvious. Industries suffering the travel account Abbey but the ECOMMERCE soy of business, which is fundamentally probably most of what we do in north, America we see, that is a really booming growing. Market just in general in tons of ECOMMERCE WE. City people growing the Rica's offering them a lot projects that were put on hold, which now everyone's getting accustomed to the the the new normal that price, but. It's one that everyone will be familiar with projects. The now been given the go ahead to. We realize it wasn't just looking down for three months. This is gonNA run home for a while, and as a consequence of that obviously the. Coming OB expanding what they're already doing the spinning awesome. Maybe not just be to see that begin to be to become. The deceased office well. That needs marketing and that means awesome heritage in email marketing people are doing more than ever overseas days. Where an Omni? Channel Platform Serena massive uplift in other channels facebook SMS, and seeing how they work in a complimentary way together is really quite exciting. I think we were talking. About a lot of this stuff of aspirational. Austral NESTLES, Reps. Get badgered imagined a RFP stage where we must be able to do XYZ you win the business. People know actually doing. in this world where maybe there's less do. We haven't physical events in the marketing to our about. People now really starting to look at the digital channels emails being the top of that incentives, the list of all right while I. Get from all digital channels so people to focusing on doing that stuff properly. Never folded determines inappropriate. I'm commuting than having to worry about Xyz. Other marketing activities, said the amount of time and effort that appropriate always should've the into the likes of email and on channel marketing. But. Maybe it wasn't as fun wasn't the sexy. There was something else to get distracted with. Maybe. Flowing off to Kilimanjaro to fill that TV commercials, but we way will on setting up and abandoned call. Like you said to the trade shows and the travel all the stocks that they were doing before so now they can just focus on moving the sales dial using digital exactly in it is. We are in a downturn economy so critical that we're looking at sales. Sales funneled pipeline. Does all of these things all can get battered for during the peace? Process in features the we've built into the platform time every single one of those. Function is actually to drive greater engagement which drives greater conversion retention and ultimately a driving driving sales. So actually feature adoption, and making the most of what you have I. Think is critical I. I've served home. The Email Marketing Council for the direct monetization in the UK for many years on the equivalent. In the US as well and there's a lot of our competitors in. It's brain industry because will really good fun friends outside of A. A A pitch maybe! How often after council meeting, WE'LL HAVE A. Conversation he's is typical it's the same mccaw smicer vendors way in feature adoption, and.
Levi's to lay off hundreds of workers as revenue plunges and losses grow
"Shares of Levi's down eight percent this morning. After second quarter, sales fell more than sixty percent. There's a lot going on with Levi's Andy including some layoffs will get to those. This is one of those situations where. The online sales just could not make up for the fact. That Levi's stores were closed for roughly ten weeks yet. Chris Online sales ECOMMERCE. Business was up twenty five percent, and the actually in May the the run rate them. The may growth was eighty percent year over year, so it was some really nice acceleration. This is a quarter by the way that captured March April and May for the most part all those months are really the heart of the of the Cova pandemic. But overall revenues fell sixty percent year over year during that quarter, most of their stores were closed. For Up to ten weeks at a time there, so like you said the e commerce sales just really couldn't make up for the for the lack of of the regular retail sales. Lots of just worries about what was happening leave. They entered the the year of actually doing doing pretty pretty well. They were pretty excited that they're they're. They're a CEO chipper talked about how the the beginning of the year looked pretty positive, but then obviously they committed pandemic, really hit them, and then they ran a net loss of three, hundred and sixty, four, million, most of that was two hundred and forty, two million, due to a restructuring inventory, costs and other costs tied directly to the pandemic, so the good news is now that most of their stores North Ninety percent are. Are Now back open. However, one of the things that has many of us worried is just that the resurgence of some of the cases, the covid nineteen cases were seen around the country in the US cases spike gene on a per day level has them has leave is looking at up to forty of their stores and wondering how do we have to kind of re shut those down for the time? Being similar to what apple is, so? They suspended their share repurchase. They did pay a dividend, but they they. They are not going to pay that in the third quarter. And so, and they suspended their guidance for the year so. Tough Times leave is and other retailers Chris that came public about a year ago little over a year ago. They raised. Their money at seven dollars stock price and had a really nice day. ONE JUMP UP TO I! Think as high as twenty three, and now the stocks back down to thirteen, so we're really tough ride for Levi shareholders over the past year. And laying off somewhere in the neighborhood of fifteen percent of corporate positions, so that's one more cost saving measures. They're. They're trying to pull in terms of levers. twenty-five percent ecommerce jump, you know. Under normal circumstances that would be seen as really good, but we've seen plenty of other retailers. Come Out, andy and maybe their online sales don't make up for stores being closed, but they come a lot closer. We've seen any number of retailers, not just the the big ones like target and Walmart, but smaller niche players whether ECOMMERCE is in some cases doubling so I mean that's that's one thing that Levi's has to do an even better job of. Of over the next six to twelve months. Chris you got that right, so it's fifteen percent of their sales that's up from five percent last year, but only five percent so five percent was really ECOMMERCE, so so unlike I think so many the other companies you mentioned Walmart for example with what Doug Macmillan's been doing and target and Home Depot, and so many of these companies that are making these big investments in in the in the Omni Channel. Efforts to be able to sell directly to consumers through their channels online as well as retail whatever strategy it may be leave is obviously has a lot of work to do, and they're. They're talking all the right language now, but you know I think there's some some some hesitations doubt there. I mean the Haas family is still largest shareholder in the Levi's. Shareholder base by far. Across their their family, the on large amounts of steak, so so they have a very stable shareholder base. Maybe wither the weather this storm, but on the margin It's you know the the cost reduction. Chris you mentioned from the seven hundred positions or fifteen percent of their workforce that maybe as a savings of one hundred million per year. That's about two percent of their annual cost structure, so so it's it's meaningful in the margin I. Think, but it's not like game changer. They're really. They gotta make sure. They have a new strategy for how to sell her
Why Learning to Say "No" Will Accelerate Your Success
"Welcome to another episode of Marketing School I'm Eric. Su and I'm Neil Patel and today. We're GONNA. Talk about why learning to say no will accelerate your success. Let's reframe this real quick and early days Neil when you're starting out as an entrepreneur. You would always look at the newest opportunities. And what would you do about those opportunities? I always said not always what most cases I said. Yes, and that's what ended up causing me to do one too many things derailing my focus and funny enough 'cause less success over time I think what Neil's also saying is a lot of us become more and more successful. You're going to have more and more opportunities coming your way, and you can either accept the fact that you're. You're drowning in opportunity, or you can do something about it and say no more and funny enough Steve Jobs said this in the past. He says what's really lead to apple. Success was the ability to say no. They said no way more things than they said yes to. And when he first came back to apple after he was fired, he shut down many different product lines, and that's just the basis of it. It's really saying no all the opportunities that you're drowning in. When you say no, and you end up focusing on the stuff that really matters. That's when you double down I was once talking to entrepreneur name Brian Lee, and he created a company called shootout with Kim Kardashian before that was legalzoom, and the most recent one was honest company with Jessica Alba. And I remember years and years ago I. Don't know Bryan while at all I. don't even know him really by interviewed him for my blog years and years ago, and he mentioned one thing that really resonated with me, and he said you need to have super laser focus only tried to do one thing at a time and the moment your growth slows down and you can't get it to keep growing. That's when you expand until then you just stick with what you're doing. Yeah more Buffett and Bill Gates when they first met I believe this is a story, or this wasn't when they first met someone albums. Like what's the secret to your success? They both wrote down one word on a piece of paper and flip it over, and they said focus was the main obey. And the other thing to do just to give more examples. You look at Zillow. You look at glass door. You look at all those companies it's who's the one guy that started all those companies again rich partner. Expedia, glass, door and Zillow, yeah, but he focused on each one. He didn't try to do all of them. At the same time, he took the domain expertise that he had is like I. Know How to build a two sided marketplace. I know how to take advantage of Joe I know that there is a gap in the marketplace attack that so he used the same thesis three times, but he didn't try to do them all at the same time and I can tell you. These guys are older and more experienced than I. can say Neal My. We're getting older. We're not up there yet with them. We don't have the. The experience that they have yet, but I can tell you as Neela I've gotten older. We've gotten better at saying. No, I'll say better than before, but still trying to get better at it. It's hard because we all have the shiny. Object Syndrome. And when you learn to say no, it'll make you really understand what you should be focusing on. Because there's so many opportunities out there. In many cases, we missed the ones that are the best ones because we say. Yes, to so many that we don't spend enough time uncovering the true potential of anyone, business or anyone, strategy or anyone concept, and the same goes with your marketing. Even in the air. Can I talk Omni Channel? Yes, you should go omni channel, but focus on one or two marketing tactics out once doom, really well before you expand into all in because there's not enough time in the day to do everything perfectly well, unless you have a massive team, the other thing is I would google the T. sheets, marketer, and really understand as a marketer that you should try to go deep on one. One thing and then you try to expand and get a little more breadth, but the depth is what you really want to folks when people talk about what Neal's known for Seo or what I'm doing for I think largely people was. This is weird, sometimes WANNA go speak at a conference. They don't know what to call way, so they called me an seo extraordinary and I don't know where the hell they got that from. The same problem yeah. Seo Eric. All right. Put into this box, but I guess that's what we know and Belize pisses me off sometimes when I'm lying. Put into a box, but you have to be okay with that because you try to be everything being nothing
E-commerce Is Changing. Heres How to Prepare
"Welcome to another episode of Marketing School I'm Neil, Patel and two and today we're GONNA discuss e commerce changing. Here's how to prepare. All, right I wasn't prepared to do this intro. To do the episode is so that's what's important. So ecommerce changing as a matter of fact shop advice dog is going through the roof right now. WanNa. Talk about comparing a lot of people right now. We have a guy on the growth accelerator do he's brushing it with his vice store, so if you're just starting out, I would. there's more bands, but there's for beginners to do. I'll just get started. Go shop fibers. Basic starting point I. Yeah and the thing with ECOMMERCE isn't Amazon right now? Like everyday is like black Friday or is that shop if I? was saying like everyday day is like Black Friday shocked by? It's just ridiculous. The big thing with ecommerce right now is you would have a lot a big set. It's an ECOMMERCE Amazons of the world selling everything, but what's doing really well right now is people to selling one product, and that's it may have your up sells down cells, but just like a one product e commerce store. You know I know someone who sells insoles for high heels and she's like yeah, I'll Outta high heel. Shoes are uncomfortable. She created better insoles for high heels and I think she's doing around like two hundred, thirty, two hundred forty thousand dollars a month in profit. Yeah I think so fashions coming back. What is fired luxury fashion? Not so much right? So I think what's important. There's link that I shared. If you Google, covid nineteen within I think you should be defined this. Basically, it's numbers around how ECOMMERCE is performing right also co Van Dyke Jane. Within DOT CO and have been for the retail sales, so you can see where trends are right now and what I would say is. If you're E congress in terms of how to prepare, what would you say? People need to do Neil for people that are a little more established right now. The big thing is make sure that you have your inventory. I think if you don't have a good supply chain and you don't have a ton of inventory going. You could end up. Getting screwed the other big thing with ECOMMERCE. If you're trying to adapt your goal is you're trying to maintain right, or is it to grow grow? The other thing that I would do is if you're ECOMMERCE is spend a lot of money on conversion optimization. There's way too many people that are spending time trying to figure out a new AD channels figuring out new creatives instead just focusing on. Hey, how do I maximize conversion by my downfalls might funnels, so I can scale from one hundred to two hundred three hundred. Because if you don't have that, funnel right over time. It's already proven you. You know other than co bid that adds continually rise, even during a recession I think covered was a rare circumstance because you had a lot of people had a shutdown, because business couldn't have people but I would really focus on commercial optimization, because it's pretty much guarantee just like taxes that Google ads on facebook. ADS ARE GONNA, go up a year from now and getting more expensive three years from now even more expensive five years from now. Yep any related to emerge. Read. Optimization is talking on my your funnel to so in the last episode talk about having a one time offer or or bump on her pages, so the most important thing I think at least to me or one of those things is making sure your supply chain lockdown amateur. It does matter how much you scale your ads, but as you have that lockdown, you're driving people. They by the. Thank you. Page you another offer right there and then. Maybe there was another offer right after again. Cleveland's doesn't really good with this, but I think. Think a lot of people in the e-commerce world. You're not taking as much advantage as they could be. The say to is so I. Remember I bought a bustle records just to cut up. You know, be safe if back, wait, but silver coins They're actually Tori. If you're out of inventory, they actually do. Would you like the texture lower back? We have inventory yet, so I thought that was really Nice I'm pretty sure there's a fly out. I appreciate it must be on platforms must also that was helpful and came back and it was a big burden. Yeah and then the other thing, too is think subscriptions ECOMMERCE. It's been around there for a long time, but a lot of products that you sell. People constantly need when I get him to subscribing to the Senate products so ECOMMERCE business and turn it into subscription. Kind of like a Chewy I think to offer subscriptions and even Amazon does as well versus just selling people something one off especially if they continue need your product like bursts bursts offers really amazing fos I don't know if you use the Eric. It's legit. Do like you just gotta by the birth squash. Ten dollars, but don't buy from their website because they make you subscribe to school by from Amazon. Faster shipping to? are going to try. It aren't Ya. It's like ten bucks by. Way Birth the brush. No, they have lost to be U. R. S. T.. A.. You are at the. They know you're big on glossing lake me, trust me, it's best loss. I've ever tried all right. I will do that the only thing I'll add I have the retail polls thing. But, yeah, looking at Omni Channel e commerce is continuing like when I hit. The numbers were flat now everything's going up into the right so things. Spends cutting back consumer confidence something about so yes, you want to capitalize on it, and it's always good look at. The other thing Neil night light look. Every now and then is looking at railroad traffic meeting. How often are goods being transported least around the United States that would we're kind of confidence is as well
How AI Will Impact the Future of Digital Marketing | Ep.
"Welcome to another episode of Marketing School. I'm Eric Su and I'm meal and today we're going to talk about how I or artificial intelligence will impact the future of digital marketing. So let's preface this a little bit. A obviously is artificial intelligence. A lot of people are talking about machine learning. If you look at the biggest companies in the world right now you look at the googles the Amazons of the world the facebooks of the world all these companies. They're putting a ton of money into artificial intelligence because it is basically the future I think it is the final frontier of one of the most important. If not the most important invention humankind comes up with a WHO knows what's going to happen afterwards. You look at. We talked about Softbank Their Vision Fund. Masa son the founder of it. His whole thesis was to invest in companies that are centered around a now. I don't know if we work sitting around. Ai He claims it is but that remains to be seen right so if all these big companies all these smart people even the apples of the world are putting money into the question is. How's it going to impact the future of digital marketing? So Neil do you WANNA kick it off. Yes so I think about the world now. You're no longer Brosnan Internet and buying just off of your desktop computer laptop there's ipads now there's tablets there's mobile devices. There's voiced devices. Heck even rages are now starting to have smart technology built in same with Evans and stoves and all these types of things like toasters. You're gonNA start seeing integrated more and more right. Your car's already you're starting to have It's GonNa continue increasing over and over after time. And that's why Eric and I are really big in the Omni channel approach. But what you're gonNA start seeing when it comes to is. Your Fridge will do things I tell you that you're almost out of milk. And you get one brand but if you decide to switch other brand they'll send you a free sample arrive to your house in less than an hour through Amazon. And from there you'll be a happy camper new company would have got you as a customer in the leaving stats on data. Like seventy three percent of the people who switch enjoy drinking this brand and on top of that it is eighty three percent cheaper. You get what I mean like doing things like that. That's where you're going to start seeing artificial intelligence kick in. It's going to be all big data. How can computer it and give you recommendations based on what they know that you would like to simplify. I think some people tend to get scared when it's like artificial intelligence such a big word but at the end of the what's happening is you have computers basically looking at large data sets and they're analyzing it and they're they're giving you insights from it or maybe they're acting on insight sometimes so as an example. Ai Now where it can scan your body and and really detect you know if you might potentially have your risk for cancer and you know what kind in the future and there's also. This really reason actually new antibiotic that was developed from a and they were just looking over a hundred million data points right and they're just like at that point if it's so many data points human beings not really going to be able to get through that so you want to rely on a machine and the easiest way to look at. This is if you look at. This is a very simple way. You look a calculator you as a human being. Maybe you can do. Math decently well but a calculator forced to kind of do like a repetitive task. You know it's going to do it better than you. So that's basically what it is right. We've been seeing a lot of things get improved over time. That don't need that. Frankly use machines and they're better than human being so. How does this apply to digital marketing? What you WANNA look at ads. Smart bidding where a lot of people right in. There's a lot of paid media managers there. They're managing the bid on their own and in some cases are getting assistance from Google or facebook's kind of a and are saying hey maybe should be doing this. And then you know maybe you should be decreasing your bid cost here. You're losing too much money here. So there's a lot of insights that are going on what's going to happen in the future. I believe is that kind of authorization. Work is going to go for the machines and then the humans are going to be left to basically come up with more creative ideas and you know they don't have to do kind of the manual work around that the other thing you'll start seeing who is air will start leveraging database on what you like as well as your friends like to end up coming up with ideas on what you should see products and services because there's so much data that now. These companies have based off of Frederick described facebook. At how much data they know about you based on your friends so these are all things that you're going to start seeing integrated with marketing and a in the future. The real question is one. Is this all GonNa end up happening? I think Neil and we look at both of our. We have multiple products on the on the click flow side. At least you know. We're going to be leveraging. A lot of the data says that we haven't been able to tell people. Hey you should be writing this type of content should be adding these hypoc words. You don't want to do it for you. You should be reading this title tag dispatch description so I think a lot of marketing is going to be done for you by machines in the future because a lot of the people I mean they just need you know. They're they're short on resources that they need things done for you and I think you know you look at Ai. Leveraging data sets and saying hey. You should be doing this and we'll just do it for you. I think that's where you build leverage for the long term and that's why I think you know again. It sounds scary but AI. There's a lot of out of the box solutions. It doesn't mean it's not hard to do but it makes it a lot easier to execute on kind of what your vision might be so I recommend looking at Google's tensor flow and there's other solutions out there.
How You Should Measure Your SEO Efforts |
"Super committed to your success online. We've worked with them. To a special offer just remarking school listeners. All you have to do is go to dream. Host DOT COM slash marking school to learn more and get your website online today. Welcome to another episode of Marketing School. I'm Eric Su and I'm meal and today we are going to talk about how you should measure your seo efforts so neil. I mean there's the old way of doing things and there's the new way of doing things. But how should we look at it in the Modern Day? Well most people look at. Seo As you get traffic to your website an how many of those people convert right away. You and I both believe marking has turned into Omni Channel. And it's not that we believe it. The data shows marketing has turned into Omni channel poetry. You can no longer build a business just off up one channel whether it's paper quick or social media or SEO. And I know companies have in the past but that doesn't exist anymore as Andrew. Chen says all good channels go to shit and SEO is one of those competitive channel. So I like doing when it comes to measuring my seo efforts when we're trying to increase rankings as we look at impression count and is it going up over time then of course as time goes on we get more impressions. We look at Click. Cow Are the clicks going up right because impressions tend to go first and then we look at revenue and conversions. But if I'm not mistaken you'll look at the same way when it comes to your efforts but the real question is how do you look at it from grand scheme of things with all the marketing? Do you lump it in together and combine it or do you keep it as a separate channel. Yeah so I mean I think the way I look at it is. I think there's a way to look at the blended metrics but I think you should always look at it separately to you know at the end of the day. Otherwise it's hard to kind of turn which efforts are actually working. What's not what I will say is how you don't measure them. You know sure you can look at a higher level. Metrics such as rankings and things like that but rankings doesn't always guarantee that you're going to be successful because what if you're ranking number one for something and then the search volume for that keyword is maybe fifty searches a month or something like that? Maybe it could be good for your business maybe to LTV. The lifetime value is good. But if you're selling a bunch of ECOMMERCE products and you're looking for volume that's not necessarily the way to look at. I think a lot of people when they played the game. They spend too much time looking at keyword volume they spend too much time looking at rankings. I certainly did that in the very beginning and ended up building. You know very small websites. That didn't get a lot of volume because I wasn't thinking about the bigger picture which is overall the big Pie. How do we drive more traffic? And then ultimately how does that convert to sales because just because we're driving traffic doesn't necessarily mean sales like I rank for something right now? I think strike through text generator and I actually made like a strike through text widget just for the hell of it and I think we rank pretty highly for. We're getting five figures and traffic. Each month from it literally converts to nothing. We've got nothing from it right so I think back to. Neil's point you gotta look at traffic conversions and and hopefully let Dahlan into revenue at the end of the day. And we look at it at the same way as you. Do we look at a separate and we look at as blended the big risk that you end up running into any look at blended you'll have some channels at a really poorly performing and people like. Oh yeah works like I know some people who spend a ton of money on paid advertising yet it loses a ton of money but they blended in with their SEO. Be like look it's profitable now and you have to be careful with that because spending more on pay doesn't necessarily help you increase your seo but on the flip side if you get a ton of Seo traffic and you're using it for remarketing purposes for paid while some of your paid attribution in the success of your pay campaign is also there because of your seo efforts but if you're spending a ton of money on paid usually we don't see a big correlation with spending a ton of money on paid boosting up your seo but we do see it the other way around because you can remark and people who read your content are familiar with the brand and then get them to buy. Yes so I think you have to look at it from the entire slice sure you can use Google analytics to measure but there are other tools now that kind of help you make use of your data there's customer data platforms out there where you can kind of see a timeline of user. And how they've been behaving then there's multichannel attribution for Google analytics. But there's other tools out there that you can certainly use as well. Are you familiar with any of them kneel one that we love?
Designing Alexa Skills in Canada with Ben Fisher of MagicCo
"You know. I'm I'm Ben Fisher and I I'm a CTO A lot of startups here in New York work. That's the attitude here in New York The technical capacity and Also did kind of the start up. Send building products but Started Magic Oh As a place for a lot of the Disaffected advertising community and technical people to To gather to do cool stuff for brands And we kind of have focused in the last four years on voice You know and it's really amazing to see you know the community and how things are how things are developing in the global nature of these devices and stuff like that. So Yeah that's that's kind of who I am. I we. You know the company's in Dumbo you know has some distributed people and I live in Dumbo as well And we're glad to be talking to you so amazing and so the the company said you've been doing voice for about four years. Is that how old the company is or the company date back prior to that now? It's the company's always four years old. It's interesting 'cause there's you know. Even two thousand sixteen early two thousand seventeen. There was interest even in Canada. You know around Alexa Google Tons of tons of interest But no one ever did anything and no one really every clunk all we had was just kind of an informative call. No-one no-one took the action. You know it was pretty bad back then but People were interested in in. You know some people who are leading edge you know some companies like Obama and stuff like that. I mean they. They were prepared to do something. It's interesting how it's become a part of our lives now Where it goes from interest actually doing something right right. And so when did you? When did you think you saw that shift when when people in Canada were started? We're becoming more when that happened from being interested to talking action. How long ago do you think that was roughly well in the? Us and people get stuff did stuff in two thousand seventeen in the US. We we started getting. Us You know serious. Reuse projects around that time ended up two thousand seventeen than two dozen eighteen. It really started picking up. And that's when we started developing a real business around this in Canada for US. At least it was really late. Two thousand eighteen that people started signing onto signing onto projects and and all over the place. So what I don't WanNa say signing on but You know th they were they were considering purchasing right. And maybe that took a little longer but That's really when we started seeing at least. Yeah that that doesn't doesn't totally surprise me because just just given the history of the fact that like Alexa and the voice technology big companies have really been in the states for about two years or so longer than Canada than that. That seems to make sense so Yeah no that's great. And so you've had a lot of experience now in terms of developing these voice applications our actions or skills. Whatever you WANNA call them depending on the platform. Can you give us just some examples of things that you've worked on? I in the states maybe just to Kinda give us an idea. The breath of the stuff. You worked on a number of talk more about some of the Canadian stuff. Oh yes sure I mean. Now we work on you know different Business models that we call them right. Some of them are running. Omni channel campaigns for brands whether using Alexa as a as a as a distribution mechanism Other companies are using it. As a you know something that's a little bit more of a product per se not really meant to be part of a campaign only and You know our client list ranges from hospital for Special Surgery Here in New York to Try Bond Yogurt to illy coffee to energy empowered companies like national grid the Air Force as a client. Now I mean there's a we work a lot of different industries. Energy Financial Services. Consumer product could healthcare. You know we have a pretty list of clients and that's one of the things we really liked here. We tell people that they like travelling like travelling and meeting different cultures because all these different organizations are very different right. I mean totally different. Some are more loose than bic. Pen Right is actually Client to you know. That's very different than like Chess S. So I mean you have to like learning about people's problems and what who their customer is and how to help them so Yeah we're pretty diverse. That's great that's great and and our and you said you're on the Omni channel Sir you're covering essentially all the major Companies or platforms. That are out there. Yep Yeah we cover You Know Samsung Alexa Google beyond that we also go into the into the TEX category What that means. Is You know chat. Bots that are connected to these voice assistance you know Kinda Kinda coexisting And we're on twelve different platforms. Something on the chat world Including China and put it we chat. So that's Kinda that's kind of an interesting because we started as a voice thing but a lot of people saw the connections there and we just kind of built that capability and have some cool technology. Additional stuff. Coming out actually. That's that's A piece of Chat Technology that that's kind of advanced. I can't really talk about it right now. But it's so so. All of our systems are becoming more integrated and and somebody really application from from just voiced other places. That's great that's great. Yeah yeah so I'm curious now. Let's let's let's talk a little bit more about Canada and I think this is a unique at this stage. Because they're they're not a lot of agencies that are really focusing on the Canadian market per se. Like like you guys are so maybe you can talk a little bit about. How did you break into the Canadian market with this and And then you know an example of something that you're doing in Canada with the skills and that sort of thing. I'd love to hear a little about that sure. So we find candidates to be a pretty robust market. I mean you know when you add up Google home. You add up the demographic makeup of Canada And the Alexa. You know who what's going on there. I mean the numbers are sure you know about this but the growth curve essentially at Canada right actually outpaces the US growth curve in terms of you know how fast Alexa Google home are being adopted. So there's a lot of Potential. There's a lot of installed devices also interesting. Is You know you have the Quebec market? That takes French. And you know everybody else's English or created English if that's I don't think I don't know if Canadian English is actually setting in terms of language but it's a set of determines location settings right But but yeah I mean It's pretty robust. The real kicker was you know working with Reebok on their global campaign when we were launching Canada and some of the some of the regulatory things around some of the more highly regulated industries wherein So I mentioned we're in financial services we're in healthcare. We're an energy and power. You know those are highly regulated industries. So when you're deploying a skill in the US for Canada there's there's actually legal differences that one has to be aware of and it's interesting because the most of this certification teams that Alexa and and google sort of Amazon and Google are also aware of those. And so you know. I was surprised that that I thought it was a little bit more closer. In terms of regulations specifically around sweepstakes right in the case of Reebok and and what kind of disclosures you have to give to that sweepstakes that's one case and there's a lot of other privacy at at and other considerations especially in banking And healthcare which are two areas that we are working on in Canada their version of HIP I think there's there's some there's some overlap with some language NAFTA but that recently changed to the US Mexico trade deal so there's a lot of regulatory considerations and highly regulated industries. And that was that was one thing that the big deal right. I mean because they won't let you deploy it could take months or something. So that's that's a blocker but feature wise you know there's some I think some features that aren't available in Canada that are available the US. But it's funny because all what we found out through data analytics and we're tracking. Who's we are giving people the option to be tracked to to to learn about who these people are so our clients can better serve them. They change where they're located right but people say they're in the US a lot of time. Ten to twelve percent of the of the Reebok. Sneaker dropped were where people actually in Canada who's who said there in the US. You know that kind of threw things off right so we had to do manual verification of of WHO? These people are aware that whether addresses actually were we were caught off guard by that and Yeah I don't I don't know exactly why I mean I guess you know. I guess it isn't a feature feed but like I can t I can speak to that but I know that there are a lot of that will really address to the to the United States just to get access to the in the US skills because we just don't have some of the actors in and some of the
"omni channel" Discussed on Knowledge@Wharton
"Twenty plus years old and you've had a very dominant position in multiple multiple of these products over time a few years ago and we decided that we need to go beyond India so many times. What happens in this still reasonably large market but of funding coming in during the also for in the Beatles he space especially on that we don't tend to think of the world outside so I didn't want to make that mistake So we I looked at South East Asia and we've had very good success. Their countries like Indonesia Malaysia. Philippines Vietnam are going very rapidly. They've lodge letting similar large populist and solve them have large populations and of course. Consumers impacting on while phone's APP mobile devices. I tweeted similar characteristics to India. And that's a very very good journey for us and over the last year we've just commenced operations in the. Us idea is to take all of our products starting with the email our email campaign management solutions personalization overtime automation also into the US market. I think got a proposition companies. Here is that we have basically full stack solution. So only of the few companies globally which can communications can automation which candle in a single stack. So they don't need to interact with multiple vendors best in class products which are all combined together into a single platform. We have outstanding service. Which we've used in India. We have what we call customer success. In many cases we also pick up. Kpi's with the CMO and the Moose and their teams to ensure that eventually outcomes delivered. So it's not just the use of technology.
How to Leverage Unfair Advantages in Your Marketing
"Welcome to another episode of Marketing School. I'm Eric Su and I'm Neil Patel and today we are going to talk about how to leverage wjr unfair advantages in your marketing. So Neil what are some examples of unfair advantages. Sure unfair advantages is like Kylie Jenner really releasing Kylie caused medics when she already has a huge following and allows her to instantly become a billionaire but close enough in which I know. That's not Overnight success that's a overnight success ten years in the making it's more so she's able to leverage her brand and grow superfast or beats by dre leveraging aging all their celebrity connections to having them where their product and then apple ends up buying him out. But the list goes on and on. And you're seeing this kind of stuff in Seo Seo email marketing you know like people getting influencers in having him on their landing page giving testimonials which helps improve conversions. But there's a lot of ways that you can have have a unfair advantage over your competition. Yeah my opinion is if artists start all over today doing a business. I think it's most important to build an audience. I you know if I were starting. I'll all say look I gotTa Take Care of survival so maybe I might be working fulltime for a while so I gotTa Take Care of you know my my bill's GonNa take care of my food and everything like food and drink but once I got to think about okay how can I start building. My brand and example of this would be when I think about Jake and Logan Paul. They built their brand off off of vine. Initially and now they're superstars not only on they. They have like a huge volume. They have a huge instagram volunteers. All over the place so I think fundamentally you build the audience. I and that's how you build your unfair advantage and to Neil's point once you get your unfair advantage going. You're going to have a group of people that you can serve your audience and you figure out what they need and you can build around that where we can buy around that. But the unfair advantage is Warren Buffet and Charlie Munger always talk about the moat. I think when you look at Coca Cola is an example. Their brand is there moat right. That's what makes him such a good company yet and Eric's really spot on like a prime example of this is what with Uber suggests now Has Grown. I'm not saying it's the best APP or anything out there but the reason is also grown so fast because I had a huge brandon had such a large traffic traffic in the marketing SEO space. I probably in the digital marketing specifically space performance marketing. I probably have more traffic fake than anyone else. When you combine social and web like blogs podcasts all that kind of stuff yes there are Gary v's who have a huge audience but He's not necessarily in the performance marketing space. But when I did that and I ended up. Releasing Uber suggests I'm getting more monthly sign ups shorts free but but I'm still getting more monthly free sign ups than any of my competitors are even if they have a free version like sem rush. I'm still being an. I'm doing that without paying for ads. But it's because I built up millions and millions of visitors and followers over the years. The question than Neil is people are thinking okay. Look we're starting out right now. How do we build an unfair advantage? In how long did it take you to build your unfair advantage. You think like to get it to start to take off. It takes three plus years ears. You know I said it takes three years to do anything decency traction. You should see results within the first six months but really three years for anything to truly start taking off. It doesn't mean you'll get to where you want in three years. It just means us when it really starts taking off and what you'll find is the web already saturated. Yeah you already know yet to go Omni Channel. We've talked talked about this. But if I were you and your unfair advantage start off with the channels at your competitors. Aren't leveraging you know a lot of them aren't leveraging social platforms like tick tock yet and you you may say it's not a right fit for my audience that's fine. You'll also find that Lincoln's been around for a long time but very few. Your competitors are posting on there on a daily basis this or going live on Lincoln even though they have that feature and gets tons and tons of reach yet very little to no people are using that feature online. Did Yeah Awesome but also from my side is as I see that things are things from personal side. When I look at the twitter that I had in the past and my other channels I really wasn't touching it that much and I was kind of leading people? My team manage it but once I started to manage it. The engagement rates shot up. Because it's actually me talking and it's stuff stuff that I mean I post stuff that makes my blood boil right and I test different things. So keeping here is if you're building as your unfair advantage is starting to build. It's starting to snowball all you have to think about how you can also try to deals point earlier go a little Omni. Chen diversify a little bit and let the snowball continued to build. It seems like you might be losing focus there. But which if you had the same focus message across. Those shouldn't take you that long to repurpose it. And you see everyone starting to repurpose now. So everyone's doing it. Then you are not going to have advantage if you don't do it right so think about that as well
Microsoft plans to erase its entire carbon footprint since 1975
"Microsoft announced that they plan to fight climate change with the gold becoming better than carbon neutral by two thousand thirty and they WANNA retroactively offset all the countries emissions from its entire history by twenty fifty. You know how I've been telling you. Wall Street subway cares about sustainability. Well I think that's part of the reason why mcso Stock Rally Free Bucks today. The Times they are changing cubs great track records investors a fortune in recent years so they now have the leeway to take a stand so a few moments ago. I sat down with great Sachin Adela. He's the bankable CEO of Microsoft in his first ever appearance on the show. Take a look so real reminding okay and we gotta talk about because this is a day where you basically redefined this company and became what I think is the capitalist leader doing something. That's maybe more important than than just earning per share. You're doing impact per share. Why I what thank you for being so awesome to have you here on campus? You're absolutely right. It's a big day. A in fact it's I would say a big decade in front of all of us and today's start. What is I think about our mission to empower every person in every every organization on the planet to achieve more the fundamental thing is? Let's put more depth to what achieve more looks like for the world to who us. It means we need of course as a company we need to be able to drive brought economic growth but it's just on economic growth. But it's about really having that core inclusive growth trust in technology and all that we do should lead to a more sustainable work and so today's announcements were that last part which is commitments rear making by twenty thirty to become become carbon negative. Do we in fact go back in history all the way to our founding in nineteen seventy five look at all of our energy consumption from electricity and other sources and and make sure that we recapture that and of course. We're also know that it's not just about what we do. It's the ecosystem and the innovation. We need breakthrough so even putting a billion dollars in an innovation fund. So we're very excited. We know it's a small part quite frankly. All of us remember to do to achieve more but unless assured small out twenty fifty. If you don't do these things what does it mean for both the planet and of course for Microsoft I mean the signs that think at this point is very clear if the the temperatures rise I think the impact. It's going to have unless talk about the economy. The economy all enjoy or the capitalist system that we all arleen joy. I think we'll fundamentally jeopardy if the planet which is the resource the factor of production that has fueled all of our capital else capitalist. Society will be dangerous to me. That's the existential priority. And for us as a company for now it is all about making sure the commitments is the start off then ensuring that we are living up to those commitments. So I think it's really twenty thirty twenty fifty that we're looking forward to doing part your rigorous stanton. Your company is rigorous about numbers. This is the first time I've heard anybody lay out an actual let's say yardstick. That's hard and it's not just for your company but your suppliers and even for the users of your technology. How can you enforce it? And what does it mean when someone says you know what the we're not playing ball look. This is not the first time we've done these things first of all. You're absolutely right. We have to be rigorous and it's not about making commitments or making claims. It's about fall through so for example when be changed some of the benefit policies Just say that anybody who works at Microsoft even if they are a vendor will get yet the parental leave or sick leave. We had to pay for it from piano because we fully expected that the companies that are employing these these people are probably not going to be able to increase wages. So in some sense we have account. We've done our homework. We know what our emissions are in both on all the scope scope one one two and three and we feel that. We've had a bottoms up plan on how we go about it. We were one of the things that has really helped us is the carbon tax which we introduced multiple years physicals has built an internal rigor sort of speak on. What does it mean hard to actually have a way to think about an accounting for carbon and then go after it go a little bit bigger than carbon you care about other values including carbon artificial intelligence? Many of us are worried that it can be he used for harm. Not just for good. You're thinking about what technology will mean. I've been talking about tech intensity city ice here that and I say I'm concerned the text too intense and powerful you walk but largest coming and use the things you're thinking about first of well let's I'm an optimist. Technology can make a huge difference. I mean think about it. It's the most malleable resource that we as humans. I've ever found a software right and to think about. This is a factor of production that changes in a precision medicine. Precision agriculture feed every body body right or connected cars connected factories. I think that this is amazing. If the technology in terms of computing is getting embedded in the real world artificial intelligence for example. I mean think about what the state of the art of whether it's reinforcement learning or this what we call multi modal large scale model training. It's essentially helping US discover new knowledge. That is not possible even before. And I'll take somebody with disabilities today with breakthroughs in computer vision for someone with visual impairment. They can interpret the world. Someone with dyslexia can read because of what I can provide. But that doesn't mean we shouldn't be clear eyed about the unintended consequences of let's say technologically driven unemployment or bias in any algorithm and so we have to counter onto that so take bias first of all we as a software company a building tools. Just like how we build tools in order to ensure that people don't have security bugs in software. We should say if anybody what he believe in the model how can they D- by the model and by the way the team we've learned the best reader debiasi modest have a diverse team building it in the first place. He's suzy so smart. And you won't be able to track the diversity unless you do some things we're talking about at the same time that you're doing all these things. You are a competitor. Now you have different styles from your predecessor. Who was oh golden? Good friend of mine from college. You are a cerebral lead by example person. But you're also competitive and when and watch your National Retail Federation piece. You mentioned it's Walgreens. You mentioned Walmart starbucks. Those are three gigantic retailers. You're still you're in a titanic battle against another company to get those customers and you also offer value position that aws. Doesn't I care about that. Tell people I mean first of all. I think what's happening in retail. It's pretty exciting. I mean if you think about it everyone. Twenty nine thousand nine has sort of realized that. What retail is it's about Omni channel retail? So you need the physical stores you need the online presence but most importantly you got to connect the two things seamlessly one of the things that I talked about was what how Walmart is completely changed. The game came around. How they're doing delivery so you can order my groceries? I can start going to the store. It given the geofencing features their I o t Essentially inside the store wakes up. Make sure that things get back fresh and is really for delivery. So it's the best example Walmart taking their physical assets that digital digital capability and we're partnering with them. Same thing with Walgreens what they WANNA do. Even for chronic care management like diabetes or what marks and Spencers is done by essentially taking the store and making it a computer embedded computing. So this is one of the fascinating thing is people places and things are increasingly having digital twins this and since a digital infrastructure is more malleable. You can predict things. Automate things gain insights are like unprecedented raised. How'd you Guinea's Guinea's Azure when I saw you last? You made bold claims. I said at the time of how much money you could make with Azure. You've vastly exceeded them. Even as some of us were pleased. Who is this man? How did you see it? How did you know and how much of the future will be quite frankly? It's sort of the guy who gave me permission to do all this. Well Steve Bomber. If you think about it he wanted us to be bold and go at the cloud very aggressively. And that's what we did and one of the key things Jimmy did was. We didn't even think about azure separate from Microsoft three six five or dynamics three six five or now even xbox live or ex Ex Club we had a vision AFL Europe computing infrastructure structure and platform company. What is that next generation? We and by the way I was always grounded on the fact that it will be distributed computing infrastructure. It's the cloud doc and the edge for example. One of the fascinating. Things is is to talk about the edge. In fact I even started talking about the cloud and the edge probably four years ago and people say. What's he talking about except for now? It is conventional wisdom. That's what it takes. I think you have to have conviction on where the world is going. Make sure you bet long before anybody gives you credit credit for it and then of course execute and that's what we've done in every layer of the stack the infrastructure level platforms of service SAS layer. And that's that's what we're doing. Do you think that the marketplace will continue to pay as much as it does for your perfect execution for instance stop four hundred and ten percent return since as you start one point. Four trillion dollars will be some executives at major foreign firms funds. That say you know what I'm not going to buy that stock tears too much much about these things war will. The world changed so much that if you don't care about these mandates you're stock's GONNA go down. It's a great question. I mean you know you and I were talking before we got on the air which is You know there's this great book by Colin Mayor Called Prosperity and he talks about what is a corporation ration- and the corporations purpose is to find profitable solutions to the problems of people and planet. Okay profitable is the key would but problems is the other keyword for people and planet I so I think what happens is if you're creating a lot of profit and cree end creating more problems for for planet or people. I think it'll catch up with you so in some sense the way I look at it and say. Hey let's go after the core of what we're doing it's not about carrying about a funeral. Well things are shareholders. I always saying our shareholders are the ones who are giving US permission to be able to think about whether it is the affordable liberal housing order. That it's the carbon it's our shareholders who care as much about this as anyone else and they permission and therefore we are accountable to them to execute execute on these commitments. We make and that's good for business. It's interesting look twenty. Eight times earnings one of the highest both sort of the highest multiple for any of the plus one one hundred hundred billion companies because they want you to have that permission other issues in tech that use spoken about that are. Let's say on a hot griddle right now. Privacy Apple versus the Justice Department corporations upholding things. That aren't necessarily the constitution. There's nothing about privacy. Obviously the constitution sadly I think versus a government that is intrusive once again. We've got situation. Government wants coal you know. Coal government wants intrusion. Corporations corporations want privacy. Where do you come down these first of all? We're clear that both things matter here. The two things being privacy as a citizen as a user. I care deeply about privacy and as a citizen I also care about public safety right so both of these have been balanced and I think we have to come up with legislative mechanisms for that things like back doors and so on just bad ideas but like the cloud act which is a completely different carell. Today is actually a good first step in terms of having the legal framework for how we can in fact protect the privacy of anybody anybody who has data in the cloud and yet have the ability for any law enforcement agency to issue legal warrants. So we now have to have a technical technical and a legislative breakthrough around what is considered personal information. That's not in the cloud and so. I think that this is something that we will have to work out.
Walmart fights back against Amazon with one-day shipping in some U.S. markets
"We begin with WalMart taking it to Amazon WalMart announcing that they're offering free next day delivery on two hundred and twenty thousand of their most popular items. That's nearly double the number of items. Walmart offers in store Jason. What do you think that sounds like a lot of items for sure two hundred twenty thousand I've always kind of wonder how relevant those items are at the end of the day. But the pair they're basing these decisions on data that they're the most. Popular item. So perhaps it works out. But I think here's the thing. Walmart has to do this. Like, I I understand people have to say, wow. This is a great move good for WalMart. But they have no choice in the matter. They have to do this. If they don't they will continue to lose share to Amazon on the retail space this move at least helps them keep pace. You cannot dismiss the market's perspective here though, in when I look at these two companies we talked about this before. But when you look at the companies in you, and you look at their sales their annual sales, and then what the market's valuing them at. I mean, it's really pretty stark the difference here that WalMart has over five hundred billion dollars in annual sales in a market cap of around two hundred eighty five billion dollars now Amazon, obviously is a bit more diversified. There's the web services out of the business has back that out. Okay. That's around twenty six billion dollars last year. Let's back that out and say, okay, they made a bit more than two hundred and five billion in retail sales in two thousand eighteen. So less than half of what? Walmart brought in in the market is valuing Amazon at nine hundred billion dollars Amazon's already crossed that one trillion dollar Mark too. So I mean, clearly the market's telling you where they think the leader in the space is so that's nothing really new the only way you keep pace with the leader. In the space is by doing what WalMart's doing today. Okay. And when you when you sketch it out that way, do you think that the market giving Amazon such a rich valuation, the market giving Amazon such rich multiple is that primarily because of Jeff Bezos this idea that you've gotten this visionary leader, and we're going to just trust you going forward. I think that's part of it. I mean, I think that the market is giving Amazon a lot of credit because of this move towards ecommerce this reshaping of the retail space, the optionality the business has beyond just ecommerce. I mean things like Amazon web services looks not forget the investments they're making an actual shipping. And. Logistics in. I think that's another important point to note here with WalMart, and Amazon and all of these other businesses that are playing their role in this in this ecommerce environment today, I mean shipping and logistics that will become a very central part to this. And remember it was just a few holidays seasons ago where FedEx and UPS weren't really able to handle the volume the volume that came in during a holiday season, primarily from Amazon that led Amazon to star making more investments in that shipping, logistics market, which is a hundreds and hundreds of billion dollar opportunity as well. I imagined that this is going to be additional volume that flows into UPS FedEx probably the US PS in some some way in. So how are shipping infrastructure handles? This. That's going to be interesting to see as well. But there's no question that Amazon has been in been planning a lot of seeds along the way there as well. And it's worth noting that on Tuesday. Walmart said that it has been building out a network of distribue. Centers if they're going to ramp up this next day delivery, it's going to to your point requires some serious serious distribution it is. And I mean, I think that's a great point in a good thing to note when it comes to WalMart is they do have a tremendous advantage in the physical presence that they maintain already. I mean, having that physical network of stores all over the country all over the world that helps if you can leverage that right? I mean, we're seeing a lot of companies trying to do that sort of ship from store Omni channel type strategy and WalMart can do that. They they can you know, build out these these fulfillment centers of distribution centers and in line with the physical presence. They had that they have all around the around the country in the world. Really? So so that is something the investments have been made there. I mean, I think a lot of these investments they're gonna make they're going to be somewhat incremental from the shipping and logistics side of things the tech making all of these things work together, in harmony, it's obviously not an easy thing to do. But I do. Do think that ultimately what this does puts the consumer in a really great position. Because for the longest time. I mean, Amazon lumping they done very well is to breed it very loyal customer base through that prime relationship. And now, they're making bigger promises. They're telling you, they're going to do things even better in for some reason, they don't live up to that promise now, but consumer can say, well, wait a minute. You know what I mean? Amazon just kinda screwed me here. They said they were going to get this thing to be next day. And it wasn't next day. So you know, what I'm gonna take my business over warmer because there's another option now, I mean really there wasn't another option before. But now there is an option, and it could be interesting to see. Okay. So speaking of options, let's talk about it from the investor angle when you look at this move, my WalMart. And when you think about the next ten years, do you think WalMart and Amazon can both be market beating stocks is there room for both WalMart and Amazon to beat the market or do you essentially have to choose one? I don't think you have to choose one. I think that they both serve their own roles in the world of. And I think they could serve their own roles in the portfolios. Well, WalMart clearly an older company. You know, they there there is an argument to be made there from an income perspective. I mean that's going to be a fairly steady reliable dividend. They have a business model that can certainly afford it. Amazon obviously doesn't pay a dividend. But they've really focused on just investing that money back in the business, and perhaps there's still some growth to be had there as well. I do feel do feel like, you know, part of me looks at Amazon, and thanks how much bigger can this thing really get. But when you consider the fact that WalMart has five hundred billion dollars plus in annual sales and Amazon is really about half of that. I think that answers the question there. So so it seems to make sense to hang onto the Amazon shares in I think the WalMart could serve as a nice little bit of a defensive play that the works in tandem with that.
You Can Buy a Car from a Vending Machine. But Should You?
"Business wars daily is brought to you by net. Sweet the business management software that handles every aspect of your business in an easy to use cloud platform net sweet has a special offer for listeners of this show at net sweet dot com slash BW daily. Be sure to stick around to hear more about it at the end of the show. I'm wondering, I'm David Brown. And this is business wars daily on his Tuesday, April thirtieth in a growing number of cities across the country. You can stick a coin vending machine and get not a candy bar or a coke? But an automobile. That's right. You can buy a car from vending machine in seventeen cities across the country and online only used car dealer called carbon is behind this spectacle. Eight story glass garages that house gleaming used cars purchased the car sign all the documents. Virtually of course, and carrano will give you an oversized coin, you take that co two carbon as vending machine slip it into a coin slot and watch as your new car is lowered through the glass cage and spun out the door right to you. It's flashy. That's for sure designed to capture attention and attention. It is getting Carbonneau was founded in twenty twelve by Ernest Garcia a convicted. Felon who is also a billionaire Garcia spun carbon out of drivetime used car company that courted controversy by selling auto loans to low income purchasers. He took on public in twenty seventeen. There's no haggling here. No used car salesman. At all you make your choice by viewing photos in examining specs online. You can finance your car through carbon. And most customers do once you take delivery. You have seven days to return vehicle. You don't like carbon operates about one hundred twenty cities most without the flashy vending machines in the rest of its locations. It's simply delivers vehicles to buyers online sales, plus low prices are adding up to revenue growth for the car dealer. But they're not adding up. Two prophets Koran is losing money as it tries to compete with well established nationwide chain carmax carmax has two hundred three showrooms and continues to grow but the same forces that make Carver. China appealing to younger buyers are pushing carmax to make changes to last month. Carmax CEO Bill Nash said he was most excited about a growing Omni. Channel approach that is where customers are able to shop online in showrooms or by using what he calls a seamless combination of two, and perhaps that's what buyers need their choice of how to shop finance and take delivery of used car rather than being railroaded into one process or another a misstep by Elon Musk might be instructive here. Remember back in February when he announced that tesla would move to online only sales people were outraged and must quickly softened that stance. It seems many people still want to touch the leather seats in look under the hood. And ultimately, those desires may push von beyond its vending machine approach or it could make the company's glitzy efforts short-lived. Rum. One three this business wars daily. Hey, Dr on over two one dot com slash survey widget. Tell us a little bit about yourselves. Thanks so much. I'm David Brown or we'll be back with you tomorrow. Every company battles challenges as they grow updating manual processes, replacing inefficient systems getting a handle on cash flow as you scale, you'll need software that can handle that growth introducing net suite by oracle the business management software that handles every aspect of your business in an easy to use cloud platform with nets wheat, you can save time money and unneeded headaches by managing sales, finance and accounting orders, and HR instantly right from your desk or even your phone right now net suite is offering you valuable insights to overcome the obstacles that are holding you back for free. Those insights come and guide called crushing the five barriers to growth. All you have to do to get it for free is to go to net sweet dot com slash b w daily again get net sweets guide crushing the five barriers to growth when you go to net sweet dot com slash. B w daily now. One more time net sweet dot com slash VW daily.
Medallia Customer Experience Management in Vegas
"An hold untie. So I can be meal is all the way to Vegas. So we can speak with Rachel lane. Who's waiting for me on the show floor here at the summit to tell me all about Medaglia? So Massey warm. Welcome to the show. Rachel, can you tell the listeners who you will. And what you do. Yeah. Sure. I'm Rachel lane on solution. Principal full Medalla, I specialize in the digital world rebellious medallion that bringing voice of customer back in cross the digital platforms. However, I do I work in different areas within medallion right right across verticals as well. I also do quite a lot in retail of background in retail prior to software. So. Yeah. Customer experience really is fundamental to to what I've always done right from when I when I first started out in the workforce back in retail thirty years ago. Yesterday. So for people listening to this conversation all over the world. How would you describe the adobe some do you enjoy most about Lisa? Wow. Is is a mix of of many things a love coming to the Dobie summit. Because if I they it's the engagement that you get from the audience, you get a really diverse audience at the adobe summit, we get to engage with obviously our customers already also meet meet people from organizations that own customers as well. So it's good for for my perspective. And I worked very strategically with our customer says so he's good from my perspective to learn about those organizations that and their journey with customer experience where they are at the moment what they're planning to do. I'm really keen on the whole practitioner side for the customer experience. And I love to have all manner of conversations with prospects about where they are in the maturity of their own programs. Wave voice of the customer and bringing in experienced management piece comes for them until. Into them about our best practices, and some of the customer stories that we have as well. So it's a great opportunity for me to to learn as well as give back because obviously I get to present the adobe summit as well. Which is something else. I like to do share some of our findings that we've gained both from our customers also from the market research that we do too. So yeah, it's a win win for me. Not predictably. Of course, the big same. Here is around the importance of creating digital experiences and transforming the customer experience, usual puzzle. Edsa president, of course, but how important is the customer experience to brands Nandy massively, and the beauty of is the now new we're really able to measure that very very, well, we're able to mesh a right across the customer journey. I'm very keen to do is is to help is Asians to bring in that customer in a very smart way. So the that feedback that they getting from their customers is rich. And and it goes right across that journey from initially engagement on the website to when they become a customer when they engage when something goes wrong. All those stages are key stages for a customer. So what I like to do is is what with them and say, right? This is a really smart way that you can bring in that force of customer specific points across that journey. So there are so many different ideas around that superior customer experience in actually as listeners that will be a mixture of consumers and business leaders and help them both understand how impacts the world. Can you maybe set the scene and tell them how the customer experience will relate to as retail travel? Spital banking and insurance, and you know, these nuances to those verticals you just mentioned in some of those nuances from the perspective of that vertical. So for example, we've banking there's an industry that as you know, it's worth three legacy systems is been in existence for a long time for many years. It was an immovable object, and it didn't necessarily have all of the calls to action that of the retail has because it didn't necessarily have huge amounts of churn within its customers. But still what was important to them across her though, she is was to really measure the success that they were having with their existing customers. If you look at retail fruit sample when we first started working with retailers. It's very much about acquisition acquiring new customers, and they and then keeping customers so understanding more churn looks like and what the modeling would look like for churn. For retail. And what we say within each of these articles is there's a level of maturity, and they go through maturity at different stages. What we have now is really a conversions that the customer is driving. So the custom the, you know, we've for many years been chasing the fire truck with customs customers of always been a head in terms of their expectations for their experiences, but never mall. So the now because we've had lots of new players in the market niche players players are very agile in most of those vertical sectors. We have agile players now that don't have all these legacy systems. And that really is is created a Plainfield for customers. That is not by no means a level playing field. So it's very hard for some of those older verticals or some of those older organizations within that verse. Call too. Really compete and differentiate themselves on the savage level. So that makes understanding Ceac measuring CSX really really critical to them. So this different reasons why we work with different organizations, these different levels of maturity and honesty nail. This is his business for me that I see. I'm going to be employed in this for years to come. I feel sure about that simply because you know, we have to keep reiterating all service models. If we're even meet the expected standards now that the customers are of come to know. So this is my third year of attended the summit. This is the third year of attended the adobe some senior experience economy evolve over those three years, but what the key pieces of the experience of missing out on still do you think? Well, I think when we think about and particularly when we look up stairs today. Those Dobie partners that there are exhibiting up there at the now thaw, Stu Ray of the Dobie solutions that there are available. We can see one thing becomes very clear to me, an when we think about customer experience, and how it's evolved over the years. What customers are expecting now, a very seamless journeys across an Omni channel that. We as businesses of provided for them, the struggle is creating that in a very seamless way. And we can only see by the plethora of those applications and technologies upstairs is to how difficult sometimes a business can make it to really connect all of those. Create that seamless journey, and I
"omni channel" Discussed on Amazing Business Radio with Shep Hyken
"Aidid you know what people actually still facts are software even affecting through i i i've always surprised um but so at that time they were selling this list of channels and so i'm the channel started getting talked about and they were like oh gosh i'm these one more than multi so let's start selling not but they grabbed the term and they they tried to force it into their feature list so what that created was a really great situation for contact center vendors because now they've got this bullet list of features that they can charge companies for as line items and then they started creating this fear around it by saying we got to be sure that you have all the channels like your customers want all these channels you've got to have them and if you don't have them you're gonna get trumped by everybody else so it creates this sort of uh this culture of fear where companies are now trying to uh keep up with the imaginary jones's essentially and tried to buy this list of features so that's great rate for contact center vendors but it's horrible company because now they're thinking is completely out alive so that's kind of what what i wish sharpened is trying to do is reset that mindset let's get back to the original um and so you know when we're talking about practical things that companies can do i think the first thing that i would advise accompanied to do is stop thinking about channels just stop it for for five minutes quick thinking about channel and reject the assumption that omni channel is a list of features it's just a concept what you want to do is get into your customers head learn everything you can about your customers find out all the ways that they are trying to get in touch with you and then match set up with the experience you want your customers to h how do you want them to feel how do you want them to a react after they've talked to you are they going to tell their friends about you are they going to become your advocated they're going to be loyal all of those.