By: Dr. Gehan S. Dhameeth

DBA, M.Sc., MBA, BBA, CIW Certified Data Analyst
Associate Professor of Business, Business and Economics Department, Wells College, Aurora, New York, USA.

The core of marketing is to find opportunities and challenges to meet them with the right solution in satisfying the expectations of stakeholders.

Efficient marketers use concepts and tools to handle said opportunities and challenges. A decade or so, few marketers would have imagined that online advertising would pose such a serious threat to conventional advertising while some assume marketing investments to be held to the same standards of financial accountability as investments in more tangible aspects of the firm, like operations.

Only a few visionary organizations prepared themselves to exploit the availability of data and information that often overwhelm today’s marketing decision makers. In today’s marketing context, marketing decision makers are demanded to use data-driven (analytics) marketing decisions, going beyond the conceptual contents that have been honed by experience.

This needs more systematic analyses and processes. Hence, today, marketing decision making resembles design engineering: putting together concepts, data, analyses, and simulations to learn about the market place and design effective marketing plans. One of the famous schools of thought is to view traditional marketing as an art while others regard it as a science. However, modern marketing can be introduced as engineering, as it combines both arts and science to make marketing decisions.

Marketers today are bombarded with a plethora of all types of content, user and socially generated data, and expert opinions, and they can combine and process that information in new ways to enhance decision making. Hence, basing decisions on such information has become a minimum requirement to be a successful player in their industries. The most important factor when doing business is to be prompt in providing solutions to consumers. In managing a profitable business model, business leaders will have to thrive hard to meet the said expectations of consumers. The above task needs a lot of consideration given to the type of data, sources of data, storing, processing, and types of business decisions to make. As such, designing of an “effective and sustainable data warehouse” is of paramount importance of business leaders. Hence, this is where the big data comes to play with an emphasis on the three Vs; Variety, Velocity, and Variability.

With the growth of organizations facing well-informed customers who seek greater value, organizations must scrutinize the productivity of all their management processes. Therefore, re-engineering marketing functions, processes, and activities in line with the digital age is paramount for organizational survival. Despite the challenges marketing managers face today, such as reduced cost to improve productivity, mass marketing gave way to micromarketing, fine-tuning to meet individual customer needs in their respective market segments, global competition, and demand to use lean management techniques. Marketing managers have access to hardware (computers, hand-held devices, and mobile phones), software, and data and must use these tools to find and deliver value to micro markets through fragmented media and channels. As a result of these trends, marketers need much more than just concepts to exploit their available resources; they must move from conceptual marketing to Marketing Engineering.

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By : Chantal D

It takes consistent motivation to push through the hard times.

Tell me if this sounds familiar. You’re having an amazing month when things are flowing in your business. You’re signing new clients, your current customers are spreading the word about your business. Things are going so well that you pinch yourself to make sure you’re not dreaming.

Then, the next month arrives. Business slows down. Potential clients decide to use someone else. One thing after another just doesn’t go your way.

In either case, your motivation affects the growth of your business. During the good times, motivation can be a little different to stay focused on the smaller tasks that grow a business. During the hard times, you don’t feel motivated to do anything but sit with a drink on the couch verging out on your favorite TV series.

It takes a lot to build a business. Your motivation is an important part of the equation. Being motivated 100 percent of the time is not a realistic expectation, but there are strategies for staying consistently motivated to achieve explosive growth in your business.

01. Take plenty of ‘you’ time.

It’s easy and common to get lost in the hustle of building your business. You have long workdays, respond to message all hours of the day and chase down potential business when it looks within your grasp. Before you know it, you start to hate your business because it’s overtaken your life. You start to get bitter about what you once loved. To stay constantly motivated, you need breaks.

You need to schedule lots of “you” time. This includes vacations and hours when you turn off “business mode.” Set boundaries with clients and have lots of time set aside for doing the things that light your fire. You need to recharge your batteries so that you can come back stronger after the “you” time.

Those breaks will help you get more done because it brings greater consistency.

02. Build connections into each week.

Human beings crave connection with other human beings. You can try building a business on your own, but at some point, you’ll need to involve others. It may be bringing on employees, a virtual assistant or strategic partnerships. But also, it’s human contact and connection through groups and masterminds. Don’t build your business on an island.

Consistent motivation comes when you’re sharing experiences with other motivated people. You learn from each other while getting the connection that’s built into your DNA. Set aside time to mastermind, connect and meet fellow entrepreneurs who can help your entrepreneurial journey.

03. Have your sources of instant inspiration.

No one is motivated 100 percent of the time, but with the right sources of inspiration, you can get motivated instantly. There are videos, podcasts, articles and different forms of virtual content that you can consume immediately. Have content on the ready for tapping into when you’re unmotivated.

Listen to what the entrepreneurial greats who are doing what you’re working to do have to say about taking action. When you feel down, hit “play” and get an instant boost of inspiration to keep going. You’ll be surprised by what a simple video or article can do for your mindset.

04. Have a mission bigger than just a business.

Take a look at any successful business and you’ll see it is more than the widgets, marketing or who is in charge. They are businesses that are built around a mission and vision. There was a driving force that caused the business to be formed with the main goal being to help people and change the world.

Constant and consistent motivation comes when you build your business around an idea that’s bigger than just making money. Build a business that makes an impact on the lives of those your business serves. A business that creates freedom and financial security. Get clear on your mission and the values that shape the actions you’re taking.

You’re an entrepreneur building your dream. You’re putting your dent in a world that’s full of conformity. It will take a lot of consistent motivation to push through the hard times because there will be plenty of them every single day. Use these four tips to tap into your inner power and use that motivation to do amazing things.