Often thought of as the ability for a company to maintain a current growth rate, or simply synonymous with recycling, Sustainability is actually much more holistic and interconnected. Often defined as “the development that meets the needs of the present without compromising the ability of future generations to meet their own needs”, Sustainability is, in its essence, doing the right thing. 

More than just “being green”, Sustainability looks at the effects of today’s actions on three main areas of our current and future society: economic, environmental, and social. In 2016, as a part of the 2030 Agenda for Sustainable Development, the United Nations then specified 17 Goals to Transform our World.

Additionally, it should be noted that Sustainability is not a new concept, buzzword, or trend. The term “sustainable development” first appeared in the late 1960s, but the form we know today is more than 30 years old and first appeared in the late 1980s. 

A Paradigm Shift in Business

Furthermore, the Business Roundtable, an American association of chief executive officers of leading companies working to promote a thriving economy and expanded opportunity, issued a statement about the purpose of a corporation last month. Signed by leading executives from companies like Amazon, Apple, Boeing, Comcast, Coca-Cola, Proctor and Gamble, and even Walmart, the statement highlights the importance of sustainability within the firm and the commitment to a better tomorrow. It is thought that this statement could have a profound effect on the business world of tomorrow.

A Win-Win-(Win?)

In conclusion, Sustainability is actually more than just doing the right thing, it is a corporate growth strategy, or mindset, that creates a unique corporate advantage in the eyes of today’s responsible consumers. Consider last month’s article, “How Brands Become a Part of Who We Are” and think about how the firms who embrace sustainability will resonate with consumers who share those same values. Consumers are looking to do business with companies that use their platform to make a difference now and into the future.

To learn more about Sustainability, visit the Sustainable Development section of the United Nations website

 

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Hidden Brain is a National Public Radio (NPR) podcast that investigates the unconscious patterns that drive human behavior, and the biases that shape our choices. Essentially, it looks to answer those questions that are almost near impossible to answer. Why are some people better at remembering faces than others? How does success shape our behavior? Does our environment influence who we are? Recently, the podcast series had an episode entitled “I Buy, Therefore I Am: How Brands Become Part Of Who We Are”. It explores how we seek out a brand that helps identify us to the world. The better that brand aligns with our outward identity, or how we want others to perceive us, makes up a large, unconscious, portion of our decision in purchasing their product. 

For example, do you remember the Mac vs. PC commercials of the 2000’s? I personally get a lot of grief in Tallmadge for this, but I adopted the brand as a part of my identity. I’ve always wondered if these early commercials had an unconscious affect on this decision. I am sure a few brands come to mind that have the same affect on you. Is their product really superior, or have you adopted their values as a part of your own? 

Brand Identity and the Return on Investment

John Wanamaker, considered by some to be a "pioneer in marketing”, was a late 1800’s United States merchant who opened 16 department stores that eventually became a part of Macy’s. He is credited with the phrase “Half the money I spend on advertising is wasted; the trouble is I don't know which half.” While it has become easier to track the Return on Investment in recent times, there are still those strategies that cannot be measured, but they are certainly not wasted. Some companies have adopted the idea that if they cannot determine an ROI, then it is not worth pursuing. Unfortunately, this can tip the balance of how consumers engage with and identify with your brand. By focusing solely on measurable elements of marketing, the brand can quickly become identity agnostic and not be able to resonate with consumers. The intangible as as important as the tangible.

Considering both the emotional and analytic aspects of Marketing, we look to embrace both schools of thought to create a brand(s) that our consumers can engage with and a message that resonates with them. This is the marketing foundation we are building within AXYZ Automation Group as we look towards our next fiscal year.

Also, if you haven't guessed, I’m a Mac.

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“Eina Bier, Bitte”, “Uno Birra, Par favor”, and “Another Beer, please” are three different ways to ask for that frosty, cold, and ubiquitous multinational beverage, albeit in different languages. However, they will all result in very much the same way - a beer. The message is clear and concise. Unfortunately, there are many times when the translation often has a different meaning. Take for example the Rathaus in Munich, which is essentially the town hall, that I strolled by a few weeks ago. In English, we would easily interpret that as the Rat House, a house for rats. Why in the world would I want to conduct governmental business in a place with Rats running about the place!

When a company begins expanding to international markets they have a many decisions to make. In the case of marketing in the new regions, a company can adopt Global Standardization, Localization, or a combination thereof. 

In the case of Global Standardization, the marketing message and business model is the same in every international market. While this is cost efficient and easier to manage, you can run into issues, like the above, if you do not do enough research. The company could also be diluting their message by making it resonate with across many countries and cultures. This strategy can also prohibit entering new geographical markets. For example, a winter coat company would not open a shop in Northern Africa. 

Conversely, the Localization strategy is geared towards the local consumers’ preferences and location specific requirements, rather than a one size fits all approach. Using a location’s predominant language, instead of English, is an example of this, but is only the beginning. For example, a fast food chain would change their menu based on the availability of natural ingredients in that location. 

So, which strategy is the correct one? Unfortunately, that is very debatable, but in the case of a global company, it is best to employ a hybrid approach based on market and product. Using the combined technique a company can reduce costs and still adhere to the “Voice of the Customer”. As global commerce continues to grow, how we go to market and the strategy used will be of high importance. 

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Over 20,000 sign, graphics and visual communications industry professionals converged in Las Vegas for ISA Sign Expo inside the 235,000 square foot Mandalay Bay Convention Center just a few weeks ago. It was a spectacle to behold with the latest and greatest on display all competing for a set of eyes, an in-person interaction. This event collectively cost, most likely, reached into the hundred of millions, for the chance for an exhibitor to impress attendees.

Furthermore, In a recent Adweek article, Bizzabo found that 89% of overperforming businesses put a high value on live events. Companies aross the world, big and small, spends a large portion of their annual marketing budget on in-person event marketing. Why then, is there such a focus on event marketing in the age of the internet?

For starters, it is effective. This one three day event will account for a large amount of a company's annual lead intake. Next, is the brand recognition gathered by just being at the show. With over 20,000 attendees, a brand receives a large number of impressions that could eventually turn into future customers. There is also an unspoken amount of brand credibility that comes by being at a leading industry show with other leading competitors. It puts that brand in the conversation if they weren’t already.

 

Lastly, and most importantly, is communication. A live event enables the ability to clearly convey a message at the most opportune time in the Buyer’s Journey. Live events enable a direct line of communication with a potential customer that is often difficult to do with only digital means. 

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Facebook, Cambridge Analytica, Yahoo, Edward Snowden, WikiLeaks, Marriott - the list of significant data breaches seems to go on and on. Are we just more aware of these type of events, or are they actually increasing? Well, according to digitalguardian.com author, Juliana De Groot, data breaches are on the rise (see chart), but the number of annual records compromised has largely remained the same. While it is hard to pinpoint an exact reason for why the number of incidents have increased over time, the blame, and sometimes rightly so, is often contributed to the rise in big data, targeted ads, and the marketing industry.

Obviously, with increased levels of data collection, the likelihood of that data being compromised also increases. But why has personal information and behavioral data collection been on the rise? Easy - Targeted Advertising. We’ve all experienced targeted advertising in one form or another by simply using one of the many services we use on a daily basis. For example, Netflix suggesting the next movie you should watch, Google showing you ads for websites or products you’ve already been shopping for, Facebook displaying a sponsored post about hiking after the weekend trip you took with your friends, and even mysteriously being shown an ad for a specific brand of potato chips following a heated debate of “Doritos vs Pringles” you recently had with your significant other (and they say that our devices aren’t listening to us). Companies big and small also use very similar techniques to reach their target audiences. Using information like location, industry, or even company size, they tailor their message to provide value to their customer base. Take for example, a customer signing up for newsletter on a company website. Why would they provide details like their name, email, location, industry and so on and risk their data being mishandled? The answer is typically because they feel they will receive something of value in return, say, helpful tips on processing plastic for superior edge quality. They have also determined that the company will handle their data responsibly. It’s the same when a potential customer fills out a contact form. It’s the same when customers use software or services. The minute that the balance, or trust, is disrupted, the customer and company relationship can be in jeopardy. It is this dichotomy, valued received for privacy diminished, that has, mostly in large tech companies, become unbalanced. Due in part to being less and less transparent about how their user’s data will be used or handled, companies like Facebook are shifting their focus to privacy in a last ditch effort to repair these damaged relationships. It’s why Apple just recently released national tv spots establishing itself the leader in user privacy to edge out its competition. While data breaches will most likely continue, it is important to continue to practice our high standards of transparency, responsibility, and value we offer our customer base. It is also important to note that Pringles are indeed the superior potato chip - you reading this google? Bring on the Pringles Ads!

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