Showing posts with the label sales

Lower Oil Prices and Optimism Fueling Consumer Spending

The 4th Quarter saw a slow down of growth from 5 to 2.6% but consumer spending popped up 4.3%. This is good news as 70% of the economy functions from consumers spending. Growth might have slowed in the 4Q but people are more optimistic about their future and this can create positive signs for economic growth in the first half of this year. According to Sam Bullard a senior economist at Wells Fargo, " Sharply lower oil prices do present downside risk to business investment, but accruing benefits to the consumer in the form of lower gasoline prices should increasingly offset the near-term drag ( 1 )." As consumers save money at the pump and heat on their homes they are naturally going to spend that extra money somewhere. Americans are not great savers. Nearly 75% of people live pay check to pay check while only 25% have enough to cover 6 months of expenses ( 2 ).  If we aren't going to save that money most likely it is going to be spent somewhere. We love to eat, b

Sea Shells-Tips on Using Sensory Perception to Improve Sales

The smell of salty sea permeates the nose while the hum and hiss of the waves is subtly blanketing the distractions from the outside world. Foam bubbles among the rocks leaving little foot prints as they sway in and out with each ocean movement. Sea shells creating a colony of travelers  As your toes feel the powder of the sand and the cool water rushes around your ankles you peer out over the horizon to see cranes diving in the water in search of today's meal. The breeze parts your hair and reminds you that life is always present.  San Diego is a popular destination full of sensory perception. In fact, so popular that it draws 34 million visitors a year (As cited in UT Sand Diego ).  They come from all of the world to play in the ocean, eat at the restaurants, attend games, soak up the weather, enjoy the night life and bask on the beaches. San Diego's attraction as a tourist destination is based upon how the environment activates the sense and creates memories that foster po

Does Combining Customer Service with Sales Improve Company Performance?

Customer service and sales are both important functions for an organization. What happens when we put them together? A study by Jasmand, et. al. (2012) delves into the nature of creating a mbidextrous sales-service functions. Their findings determine a net positive result of helping customers with their problems and offering those products/services that better suit their needs. It creates some confusion among employees but seems to improve customer satisfaction and overall sales volume. There is a natural mental barrier between customer service representatives and sales. Customer service representatives do not view their job as including sales and therefore are less focused on this activity. A lack of perspective limits the abilities of firms to create higher sales through a level of mental merging of the two functions. Training, time and commitment will be needed to bridge the gap and improve upon the integration of both constructs. Ambidextrous goals and behavior in servi

Cultural and Motivational Intelligence Contributes to Exports

Proper staffing with relevant skills is important to any business. In large firms the export manager should understand the cultures in which he or she is working within. The researchers looked at 153 U.S. companies to determine if an exporting manager’s cultural intelligence impacts the success of the company in engaging in international sales. Such skills allow for greater adaptation through understanding.  Companies naturally move through marketing-mix adaptations whereby they change the way in which they handle internal and external pressures.   When done well it increases the strategic, financial, and competitive objective achievements into specific markets (Cavusgil & Zou, 1994). Much of this adjustment is based on the manager’s ability to understand the markets and make connections to the people within that market.  According to Resource-Advantage Theory when firms can deploy the proper mix of financial, physical, legal, human, organizational, informational and r

Can Better Marketing Data Lead to Stronger Performance?

Data can lead to confusion or clarity. As the market becomes more versatile companies will need betters ways of measuring.   Research by Homburg et. al. (2012) delves into what makes successful marketing data management and what doesn’t. They use a more complex contingency-based model that studies the association between market performance and data through the concepts of breadth, strategy fit, and cause & affect.  There are many examples of data systems that include dashboards and balanced score cards. The right kind of data can lead to conclusions about cause and effect and this can have great benefits for organizations seeking a path to navigate. Data management is a method of drawing key measurements from the environment and aligning organizational activities for greater market performance.  The greatest benefits of data appear to be from those who seek to create a differentiation strategy. This means that the firm is selling products that compete within certain d