People predict they will repeat their previous performance exactly. Statistics tells us that extreme performance is likely to regress to the mean over time.
Simple statistics state that we are more likely to observe an unusual event in a small sample compared to a large one. Learn more.
Simple statistics claims each event in a sequence is equally likely to occur. But individuals believe random and non-random events will balance out.
People tend to ignore background information relevant to the problem such as base rate. We tend to assume that causes and consequences are related.
We are better at retrieving some subjects from our memory than other things. Individuals base judgement on commonality and easier base strategies.
The inferences we make about event commonness based on the ease with which we can remember instances of that event.
Individuals rely on rules of thumb (heuristics) to lessen the information processing demands of making decisions.
Tendency to think we rank higher than others on certain dimensions, particularly in competitive contexts.
Tendency to think that we are better, smarter, faster, more capable, more attractive, more popular (and so on) than we actually are.
Tendency to be sure judgements and decisions are accurate, uninterested in testing assumptions and dismissive evidence that suggests we might be wrong.
Overconfidence effects are some of the most potent, pervasive and pernicious of any biases. It is blamed for wars, stock market bubbles, strikes, lawsuits, bankruptcy, failure of merges and acquisitions, high rates of entrepreneurial entries and other. Overconfidence facilitates many of biases. We continue to believe that our judgements and believes are correct, despite copious…
Specific emotions influence our decision making. This is an effect of positive and negative moods. Good or bad mood results in more biased judgements.
Perceptions and expectations are biased in self-serving manner. When presented with identical information, we perceive situation in different ways.
How should we deal with internal conflict? Economists advice to create means of controlling the destructive impulses of the short-term decision making.
Economic concept of discounting states that any choice that involves a trade off between current and future benefits should discount the future.
Decision making is a cognitive process. Humans make errors because of motivational and emotional influences. Learn more about multiple selves here.
It is important for organisations to understand how and where the digital marketing strategy fits into the organisation’s overall objectives. More here.
Main types of digital marketing strategy initiatives: customer acquisition, customer conversion and experience development, customer retention and growth.
A digital marketing strategy is needed to provide consistent direction for an organisation's online marketing activities. Learn more here.
B2B organisations are developing a better understanding of strategic thinking and how it can lead to development of successful online trading. Learn more.
The internet became an important channel for promoting relationship with customers and provided other opportunities to transform businesses. Learn more.
B2B independent e-marketplace is an online platform operated by a third party which is open to buyers or sellers in a particular industry.
Main types of e-procurement models: e-sourcing, e-tendering, e-informing, e-reverse auctions, e-MRO and web-based ERP. Learn more here.
Planning occurs at three levels: strategic, functional and operational. Strategic planning Strategic planning is the managerial decision process that matches the firm’s resources (such as financial assets and workforce) and capabilities (the things it is able to do well because of expertise and experience) to its market opportunities for long-term growth. In strategic plan, top…
Planning is everything. Planners role is to define product’s distinctive identify and purpose. Careful planning enables a firm to speak in a clear voice in the marketplace so that customers understand what the firm is and what it has to offer that competitors don’t – especially as it decides how to create value for customers,…
Three areas of B2B relationship marketing activities are: post-sales customer relationship management, market research and knowledge sharing.
Key differences in applying tools such as search engine marketing, online PR and affiliate marketing for B2B customer acquisition are listed here.
Traditionally there are three types of organisational markets in which business trade with businesses: industrial, reseller and government. Learn more.
Digital marketing can support business-to-business organisations. Some examples of B2B site: brand-building site, portal or media site. Learn more here.
Learn what are different exit strategies for private equity firms. One can name a family business successor, sell it outsiders, and lead firm to IPO.
What is the difference between entrepreneur and professional manager? What are transition steps to professional management. Learn more here.
There are different sources of finance: savings, friends and family, crowdfunding, business angels, venture capitalists, corporations and other.
There are different ways of minimizing risks associated with investing: self-financing, contract provision, specialisation syndication.
Three financial statements are described in this article: balance sheet, income statement, statement of cash flow. Learn more here.
Business plan allows the founder to crystallise business ideas, thinking through the problems that they will face before having to cope with it.
What questions to ask an entrepreneur? Clarify current goals, evaluate strategies for attaining those goals and assess capacity to execute the strategy.
How to find opportunities for business? Follow effectuation process, bring the idea to market with close to zero resources, listen to customers.
Search engines are always innovating in their quest to deliver that optimum search experience to each and every user who types in a query.
Universal search is a term coined by Google to describe a fundamental change in the way it presents its web search results.
If you want to fast-track traffic to your site, then bringing in a professional search marketing consultancy can pay real dividends.
Less ethical practitioners attempt to exploit every loophole they can find in order to 'game' the engines, increase their rankings and drive traffic.
Mobile search is most definitely here and it is consuming more and more marketing dollars every month.
SEO is effective is in its long-term viability as a low-cost acquisition model. PPC offers instant gratification.
Optimisation is a dynamic and iterative process. And if you want sustained results it needs to be ongoing.
Internet channel does not exist in isolation. Mystery shoppers test these areas: site usability, ecommerce fulfilment, email and phone response.
Online focus groups can be used to reach segments that are difficult to access, such as doctors, lawyers and professional people.
Questionnaires' costs are generally low, they can be less intrusive and they have the ability to target specific population.
Internet-based marketing research can help determine the influence of a website and related communications on products and services.
There has been consolidation of web analytics tools, such that there is now basic choice of a free service such as Google Analytics.
Clickstream analysis refers to detailed analysis of visitor behaviour in order to identify improvements to the site.
The only method to be certain of the best-performing alternatives is through running experiments to evaluate the best to use.
Measurement is often highlighted as an issue once the first version of the site has been ‘up and running’ for a few months.
Site-visitor activity data captured in web analytics systems records the number of visitors on site and the paths they take through the site.
Organizations need to select the most appropriate tools for reporting metrics which meet requirements such as reporting of marketing performance.
Organisations define a measurement framework which defines grouping of specific metrics used to access digital marketing performance.
Performance measurement is the process of qualifying the efficiency and effectiveness of past actions though acquisition and analysis of appropriate data.
The processes and systems intended to monitor and improve the performance of an organization are based on the study of performance measurement systems.
Companies that have a successful approach to marketing attach great importance and devote resources to monitoring their success online.
We will review how affiliate networks can be used to improve the results from affiliate marketing and the main controls on affiliate marketing.
The main benefits of affiliate marketing are: SERPs visibility, responsiveness to marketplace changes, generate awareness.
Affiliate marketing is a ‘pay-per-performance’ method. It’s a commision-based arrangement where the merchant pays when they make the sale or get a lead.
Different forms of partnerships include link building, affiliate marketing, aggregators such as price comparison sites and co-branding. Learn more.
Link building, blogs and blogging, tagging and folksonomies, social bookmarking, photo, video and slide sharing sites, RSS feeds, mashups, widgets.
Learn about the advantages and disadvantages of the public relations techniques which seek to build a buzz around a campaign or gain backlinks.
Do you know the four key differences between online PR and traditional PR identified by Ranchold et al. (2002)?
Public relations is about reputation - the result of what you do, what you say and what others say about you.
Find out the 10 top tips form paid marketing success. First, define your goals and objectives before you start any paid search campaigns.
Search engines have made setting up PPC campaigns really easy. There are plenty of tools to help you establish, monitor, optimise your campaign.
As well as considering the cost-per-click (CPC), you need to think about the conversion rate when the visitor arrives at your site.
What are PPC advantages? First, advertiser is not paying for the ad to be displayed. Also, PPC advertising is highly targeted.
The search engines take relative click-through rates of the ads dependent on their position into account when ranking the sponsored links.
What is PPC? A relevant text ad with a link to a company page is displayed when the user of a search engine type in a specific phrase.
The most important principle is to include keyphrases used for searchers within the anchor text of a hyperlink to point to relevant content.
Get tips to boost external links. Identify and create popular content and services, identify potential partner sites and contact them.
What does on-page optimisation include? Occurrences of search terms in body copy, alternative image text and document meta-data.
The key success of search engine marketing is achieving keyphrase (keyword phrase) relevance since this is what the search engines strive for.
What are potential reasons for not gaining complete index inclusion? How can companies check the index inclusion?
How to submit your site for search engines? Most existing companies will be automatically included in search, but it's not the same for new companies.
What are SEO disadvantages? It is unpredictable, complex and dynamic, and takes a long time for results to be implemented.
Why SEO is good for you? It is a significant traffic driver, highly targeted, potentially low-cost visitors and dynamic.
Factors include matching between web page copy and the key phrases searched, and links into the page (inbound or backlinks).
Technology harnessed to create the natural listings involves a few processes. For example: crawling and indexing.
Generate truly valuable content that other sites will want to link to, let people know your site is the best out there and create your own blog.
Each link to a page is a vote of confidence. The more links that point to an individual page, the higher the collective vote of confidence.
Your site has to crawlable, your content has to be good (page titles, keyword use etc) and you need quality, relevant inbound links.
Search engines offer an opportunity to get products or services in front of online prospects at the exact moment they’re looking for them.
While all of the factors that apply to regular SEO also impact local SEO, local comes with a few unique elements.