Archive for the Anecdotes Category

The Power of Digital Media to Businesses

Posted in Anecdotes, Reviews on November 5, 2010 by wesleywilliam

My dad actually showed me a report recently that detailed the new forefront of digital media and its relation and importance to the future of marketing. The report is titled Get Connected: How to harness the power of Digital Media by the company Jones Lang LaSalle.

The report begins about detailing the advancement of technology in our society. Technology has changed the way we, as humans, live and communicate between each other.  It has also changed the way we receive information and shop. Consumers have tailored the information they receive to fit what their preferences are. So what does this mean to the retail business industry? Well it can mean a lot if the company is willing to expand their digital capabilities to connect with their buying audience.

A recent IBM study involving 32,000 consumers in 6 different countries found that technology is not limited to a specific group of people anymore. It has spread rapidly through the generations and is now a steady part of our culture. The study resulted in the find that “78% of consumers say they are willing to ‘co-create or collaborate with retailers’ by offering feedback on product design, product selection and store layouts.” This is momentous because more then three-quarters of the study group would be open to helping the retail business. The consumers are ready to talk. They like their preferences and want to see more of them.

So how can we connect with our buying audience better? Well email and store websites are at the forefront right now.  The study found that 92% of the consumers use the web first in researching or browsing products. A common connection used over the Internet is through email. I know I receive many emails informing me of coupons I can use at the store or online. This is a great way to keep involved and excel business with the buyers. Other social media examples that companies use are Facebook, Twitter, blogs, YouTube and social bookmarking sites like Digg. The importance of these is the two-way interaction between the buyers and sellers. The businesses can receive consumer feedback fairly quickly and can also expand their audience by viral growth.

In conclusion of the report, the new age of our society is a technological one. If you want your company or business to be ahead of the trend then this is the way you need to go. Our society is not going back, this is the future. When a good social media setup is made, it increases the effectively of communication with the consumers. This is the most beneficial thing that the business can get from this. By learning and adapting from the information the buyers give us, the business can head in a direction that is more appealing to the consumers. And that’s what we ultimately want! So get your business online folks, its time for change.

Hao Sheng Yi

Posted in Anecdotes on October 2, 2010 by wesleywilliam

You really do not know the business industry until you get into it. My mom never received a business degree; she learned it all from the school of hard knocks. Along the journey, she taught me everything she was learning and realizing. One of the first experiences our small business had with large business was not a healthy one.

A while back, at a San Francisco gift show, my mother was marketing her new product. It was the original pocket on a pillowcase. Since this was during the beanie babies’ craze, the pillows became very popular and were selling units across the country to smaller retail stores. One of the days, a much larger catalog company came into my mom’s booth. Happily excited by their presence, my mother detailed the product and more ideas that could come from it. They went along joyfully but surprisingly no new orders came in. Within the next season, as the winds changed, a new trend came into the market from this larger business. Pockets on everything. The whole new bedding line included a pocketed pillowcase, sheets and comforters.

The larger business had no regards for our patent on the product. They took advantage of the smaller business situation, knowing that it would take an extreme amount of money to file a lawsuit. Stealing ideas is not a strong business model and is far from a healthy business relationship. They could have struck a small percentage licensing deal but greed overtook the situation. The company just took the patented idea and ran with it. They saw the tradeshow as an idea market and checked out with a nice item.

This was not a healthy relationship between small and large business. America has been built on great original ideas and we are seeing a reverse of this with the corruption of greed into the system. For relations to be healthy, gluttony has to be at the end of the line, not leading the march. Our international goal is:

Hao Sheng Yi – Mandarin for ‘Good Business’