New Business Ideas 4 U

Posts Tagged ‘Customer Feedback’

HR Sacred Cow 4     Pay should be Based on Market Price

Back to Toyota – why?

The underlying reason is the one we have explored before – equality rather then equity. Our professors Becker, Huselid and Beatty are remarkably forthright on this issue.

‘The goal of performance management and reward systems is to execute strategy by aligning rewards and feedback with actual levels of employee performance. Managers need to ensure that key performers in important positions are highly compensated, good performers are moderately compensated, and poor performers are either helped to improve or to find employment elsewhere’ (p 135)

So there!

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In the last posting we explored the first of Rosen’s three phases for convergence marketing. Let’s now look at phases 2 and 3.

Phase 2           Compressing the Sales Cycle

This phase is based on the company’s respect for the potential customer. Rosen calls this ‘nurturing’ the customer, which uses elements of permission marketing. (Never heard of it? You should consider investing in a Marketing Update. Check the Update tab at the top of this page).

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One of the key values from the Book of the Month for January, Convergence Marketing, by Richard Rosen, are the original models it contains. Let’s explore one of these where he looks at the differences between the traditional model of advertising and the convergence model. Here is the model.

Rosen explains that the Traditional Model is based on the AIDA principle from the 1960s. AIDA stands for Attention, Interest, Desire,  Action, which he has renamed Awareness, Preference, Consideration and Sale for his own purposes.

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The material for this posting is from Chapter 3 in the book of the month Convergence Marketing. It explains the convergence formula developed by the author, Richard Rosen.

The Best of Brand + the Best of Direct + Sales Powered by Finance = Success

Introduction

‘Today, it is all about respecting the individual. Convergence retains the powerful imagery and messaging of brand advertising while leveraging the motivational techniques of direct marketing and focusing all of it on the goals set by sales. It is powered by a financial model, using the contribution margin of what a customer is expected to be worth in a set period of time. It is about making money fast: it happens in real time with statistics to guide the way; and has the advantage of being a process we can repeat over and over again, as well as proving critical path accountability to the CFO’

Let me ask a silly question. Does your approach to advertising and selling meet these criteria?? If not, you’d better read on.

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