18Dec

What is the Big Stay? 

The Big Stay defines 2023 as we have seen a shift from job hopping and demands for more settle. LinkedIn states, “Simply put, it means employees have slowed down on job-hopping and are sticking around.” This comes after the layoffs that mounted in the tech sector in the fall of 2022.  

LinkedIn also mentioned, “Job-hopping became a less lucrative pursuit. According to research from ADP, pay increases for job switchers peaked in June of 2022 at 16.4%, but then dipped to 13.2% this year, the lowest pace of growth since November 2021. So, employees are now doing the workplace equivalent of crawling into their jammies, curling up on the couch, and staying put. LinkedIn data shows that the rate of people staying in roles for less than a year has sharply declined, down nearly 30% compared with last year.” 

Why is the Big Stay potentially a good thing? 

According to LinkedIn, “…it’s also a boon for companies as retention goes from a pain point to a point of pride. The Big Stay also provides companies with incentives to upskill their employees — which benefits both employees and companies. A Financial Services Skills Commission found that it’s 2.5x more expensive to hire a new employee than to reskill a current one.”  

How can Clients Leverage the Evolving Job Market? 

As we witness the shift from the Big Quit to the Big Stay, it is important to know how you can leverage the shift and boost engagement. Let’s explore how clients can make the most out of this season.  

LinkedIn notes, “Improve your company’s learning and development opportunities, make sure there’s a clear link between performance and recognition, and focus on enhancing your culture and employee experience.” 

Improve your company’s learning and development opportunities. 

Companies should highlight their interest in their employees’ growth by offering different programs and benefits like, “…online and in-person courses, mentoring, internships or apprenticeships, and tuition reimbursement.”  

By doing this, employers will increase employee loyalty, and help keep them engaged. Moreover, “…investing in your team members won’t just benefit them — it can also set your organization up for long-term success by addressing skills gaps. According to LinkedIn data, skill sets for jobs have changed by around 25% since 2015; that number is expected to grow to at least 65% by 2030.” 

Make sure there’s a clear link between performance and recognition. 

Recognizing employees for their performance has always boosted engagement. Employees enjoy being able to track their performance and see where they are as opposed to goals set. “In fact, 42% of employees say the ability to monitor and manage their own performance keeps them engaged at work. Workers also report that the ability to tie their goals to the company’s goals helps boost their motivation.” 

Focus on enhancing your culture and employee experience. 

Organizations should continue to work on enhancing their initiative to improve their employee value and strengthen their culture. This will continue to make the organization a better place to work.  

For instance, provide more opportunities for employees to connect and collaborate with each other.  

Ultimately, organizations should continue to implement initiatives that promote employee satisfaction and being mindful the quiet quitting is still a widespread issue.  

Feb 26, 2024

The Essence of Marketing Strategy: Driving Business Success

In the intricate world of business, a marketing strategy serves as the cornerstone upon which companies build their path to success. But what exactly is the marketing strategy, what are the different types of marketing strategies, and how does it work? In this article we’ll explore these questions and delve into the essence of effective marketing strategies.

What is Marketing Strategy?

According to Investopedia.com, “A marketing strategy refers to a business’s overall game plan to facilitate the buying and selling of its products or services. A marketing strategy determines how to reach prospective consumers and turn them into customers. It contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements. A thorough marketing strategy covers the four Ps of marketing: product, price, place, and promotion.”

Types of Marketing Strategy

Types of marketing strategies include:

  • Social Media Marketing
  • Search Engine Optimization
  • Pay Per Click (PPC)
  • Email Marketing
  • Content Marketing

How Does it Work?

A marketing strategy functions as a road map that guides all marketing activities and initiatives. It begins with a thorough understanding of the target market – their needs, preferences, and pain points. Based on this understanding, the strategy defines the positioning of the company’s offerings and determines the most effective channels and messages to reach the target audience.

Key components of a marketing strategy include:

Market Segmentation: Identifying and segmenting the target market based on demographics, psychographics, and behavior.

Value proposition: Articulating the unique value that the company offers to its customers and differentiating itself from competitors.

Channel selection: Choosing the most appropriate marketing channels to reach the target audience, such as social media, e-mail marketing, content marketing, or traditional advertising.

Messaging and Creative: Crafting compelling messages and creative assets that resonate with their target audience and communicate the value proposition effectively.

Measurement and Analysis: Establishing key performance indicators (KPIs) to measure the success of marketing efforts and continuously analyzing data to optimize performance.

In conclusion, understanding marketing strategies, its types, and how it works are vital for business success, enabling companies to drive growth and engagement effectively.  

Feb 27, 2024

The Essence of Marketing Strategy: Driving Business Success (Part II)

With a grasp of the fundamental concept of Marketing Strategy, let’s explore its advantages in more detail and uncover the steps to effectively craft one.

Benefits of Marketing Strategies

  • Clear Direction: A well-defined marketing strategy provides a clear roadmap for achieving business objectives. It aligns marketing efforts with overall goals, ensuring that every action contributes to the company’s success.
  • Customer Engagement and Loyalty: A strategic approach to marketing fosters deeper connections with customers. By understanding their needs and preferences, companies can tailor messages and experiences that resonate with their audience, leading to increased engagement and loyalty.

Marketing Stratego also highlights a few benefits including:

  • “Increased Brand Awareness: A strong marketing strategy helps increase brand awareness by promoting the business’s products or services to the target audience. This, in turn, leads to more recognition and recall of the brand, which ultimately leads to more sales and customer loyalty.”
  • “Increased Sales and Revenue: A well-designed marketing strategy leads to increased sales and revenue by attracting more customers to the business and increasing their willingness to purchase. This can be achieved through effective targeting, promotions, and other marketing efforts.”
  • “Better Customer Targeting: A good marketing strategy helps businesses understand their target audience and create campaigns that are relevant to them. This leads to more effective and efficient marketing, as businesses are able to reach their target customers more effectively and achieve better results.”
  • “Competitive Advantage: A strong marketing strategy can give a business a competitive advantage by differentiating it from its competitors. By creating unique and effective campaigns, businesses can stand out in their market and attract more customers.”
  • ‘Improved Lead Generation: A good marketing strategy helps businesses generate more leads by promoting the business’s products or services to the target audience. This leads to more opportunities for businesses to convert those leads into customers and increase their revenue.”
  • “Improved Brand Image and Reputation: A well-designed marketing strategy helps improve a business’s brand image and reputation by creating positive associations with the brand. This, in turn, leads to increased customer loyalty, as customers are more likely to do business with a brand they view positively.”
  • “Increased Market Share: A strong marketing strategy helps businesses increase their market share by attracting more customers and retaining existing ones. This, in turn, leads to increased revenue and growth for the business.”
  • “More Effective Use of Resources: A good marketing strategy helps businesses make the most of their marketing budget and resources. By identifying the most effective channels and campaigns, businesses can maximize their return on investment and achieve better results.”
  • “Better Return on Investment (ROI): A well-designed marketing strategy helps businesses achieve a better return on investment by increasing sales and revenue and maximizing the use of resources. This, in turn, leads to increased profitability and growth for the business.”

Now that we’ve highlighted the benefits of a marketing strategy, lets’ explore the process of creating an effective one.

According to Hubspot.com, here are the eight steps a company should take during the marketing strategy process:

  • Conduct market research: “…you need to gather useful data for making informed decisions. Market research is like playing detective, but instead of solving crimes, you’re uncovering juicy details about your customers. Market research will help your businesses make data-driven decisions for your marketing strategy. It also makes it easier to understand your target market, find gaps, and make the most of your resources.”
  • Define your goals: What do you want to achieve through your marketing efforts? Whether it’s increasing brand awareness, driving sales, or diversifying your customer base, well-defined goals will guide your marketing strategy.”
  • Identify your target audience and create buyer personas: To create an effective marketing strategy, you need to understand who your ideal customers are. Take a look at your market research to understand your target audience and market landscape. Accurate customer data is especially important for this step…”
  • Conduct competitive analysis: To begin your competitive analysis, start with your top competitors. Reviewing their websites, content, ads, and pricing can help you understand how to differentiate your brand. It’s also a useful way to find opportunities for growth.”
  • Develop key messaging: Craft compelling massages and creative assets that effectively communicate your value proposition and resonate with your audience. Ensure consistency in messaging across all channels to build brand recognition and trust.
  • Choose your marketing channels: You know what you have to say, now decide on the best marketing channels for your message. Your top goal for this stage of your strategy is to align your channel choices with your target persona’s media consumption habits. Start with media channels you’re already using. Then, consider a mix of traditional and digital channels such as social media, TV, email marketing, podcast ads, SEO, content marketing, and influencer partnerships. To streamline this process, think of your assets in three categories — paid, owned, and earned media.”
  • Create, track, and analyze KPIs: At this stage, you’ll shift from marketing detective to numbers nerd. With a little planning and prep, your analytics can unveil the mysteries of marketing performance and unlock super insights. Review your strategy and choose measurable KPIs to track the effectiveness of your strategy. Create a system that works for your team to collect and measure your data.”
  • Present your marketing strategy: A finished marketing strategy will pull together the sections and components above. It may also include: Executive Summary, Brand Identity, and a Marketing Plan and Tactics”