Digital media will be the top global category by 2018

Report by Andrew Birmingham 

Ring the bell, the war is over. Almost. 21 years after the little browser that couldn't - Netscape - changed the way we consume content forever, digital media will finally emerge as the world's largest advertising category in 2018 according to a new report.

The study, called Global Advertising Forecasts and produced by Magna Global fell off the back of a passing futon van and into our lap as we were enjoying our third soy Piccolo on a chilly Sydney morning,  made by the charming and delightful baristas of Brooklyn Hide in Surrey Hills. And it's the kind of report that will warm the cockles of the good hipsters of Australia's own Silicon Gully quarter when they stop reading Monocle just long enough to scan the numbers.

While traditional advertising spending will decline by 0.8 percent next year lead by the continuing self immolation of newspapers and magazines, digital media will surge by another 15.8 per cent.

Across the globe, $US518 billion will be pumped into media owner advertising. The US remains clearly the world's largest market at $163 billion and will remain in the top spot for many years to come, based on US dollar pricing parity comparisons. China and Japan are firmly locked in at 2nd and 3rd but both markets combined will still be barely half the size of the US in three years time.

Australia maintains its 9th place spot this year and is likely to stay there at least in the foreseeable future, just behind Canada, which, let's face it, is not even a real country anyway. 

The world's other great emerging market, India, will finally crack the top 10 in 2019.

All about the pixels

But the real story, as it has been for two decades now, is digital.

(Image source: Magna Global)

According to the report's authors, "Digital media advertising is expected to grow by double-digits again this year again (+16 per cent to $149 billion) driven by mobile advertising (+53 per cent at $50.0bn), video formats (+38 per cent at $15.4bn) and social formats (+38 per cent at $22.7bn). Global digital revenues will reach 31 per cent market share globally this year. Mobile advertising now accounts for 30 per cent of total digital advertising and will reach 55 per cent by 2019."

They note that digital media was already the top media category in 2014 across 13 of the 73 markets analyzed by Magna Global, including the UK, Australia, Canada, Germany, China, Sweden and the Netherlands.

"This number will grow to 14 in 2015 and to 23 by 2018. Based on our long-term forecasts, digital media will catch up with television in 2018, when digital media reaches 38.0% of global ad revenues compared to TV’s 37.7 per cent share. This is one year earlier than previously forecast. In the US, digital will outgrow television revenues by 2017."

Search is king, still. Globally, it remains clearly the biggest ad format, with 54 per cent of total digital dollars, according to the report. "Display remains second but social grows faster and now represents 13 per cent, nearly two thirds of it generated through mobile platforms."

The authors note that market shares are very different when comparing desktop and mobile environments. "Display accounts for 27 per cent of desktop ad dollars but only 13 per cent of mobile ad dollars."

Mobile digital advertising claimed almost a quarter of the digital dollars and will claim a clear majority of the spending by 2019. "Mobile advertising (across all formats) will grow by 33.5 per cent per year over the period 2014-2019."

Again - and despite some alarmist predictions to the contrary- search will continue to dominate. It will claim 48 per cent of mobile advertising while social will garner 31 per cent. Alas, and despite the hype, display and video formats will continue to lag behind due to their inherent limitations such as screen size and  bandwidth, according to the study.

Rise of the machines

Programmatic advertising continues to gather share. Combined real time bidding (RTB) and non RTB platforms will deliver the majority of display digital display ads in 2015 - at least in the most advanced 11 markets that Magna Global tracks in its Programmatic studies.

"Programmatic transactions now account for nearly half (46 per cent) the media transactions in non-search digital media. Approximately half of programmatic (i.e. a quarter of total inventory) is transacted through Real Time Bidding (RTB).  Total Programmatic will grow to represent 70 per cent of dollar transaction by 2019. By then only non-standard (native) formats or premium display/video inventory will stay entirely out of programmatic buying reach."

Regional outlook

In the Asia total advertising spend grew by 6.2 per cent in 2014 to reach $138bn according to the study. And it  will grow by roughly the same rate in 2015 to reach $147bn.

"This will push APAC past EMEA to be the second largest global advertising region by spend, behind only North America."

Forecasts have been pared back slightly for the region though after the IMF reduced its nominal GDP growth expectations for APAC down from 7.7 per cent. Despite this,  APAC remains one of the fastest growing advertising economies on a global basis, ahead of North America and Europe says the authors.

And no wonder the cafes are packed in Surry Hills with the outlook for Australian advertising decidedly gimlet eyed. Total ad spending will grow 3.8 per cent next year to reach $12bn.

According to the report, "Australia remains one of the most mature and intense advertising markets, with ad spend per capita passing $500 this year, which is the fourth highest global total trailing only Norway, the United States and Switzerland."

Referron Sponsoring SME's to attend a 2 day seminar with the Industry Rockstars!

Last month we launched an exciting new smartphone app called Referron, an app that enables you to refer to and get referred by someone you know , like and trust within 3 taps of your phone, with the ability to track and reward your referrals!
 
It's been a whirlwind since then, with Referron taking the market by storm - mostly because it's the missing link for any business that gets sales through word-of-mouth referrals (and that means just about EVERY business) by making it really easy for your customers to refer your service to every contact in their phone... yes, you read that right, every contact in your customer's phone.
 
Imagine what a difference that kind of referral power could make to your bottom line!
 
Now I've got some more great news for you... and it includes a Free Gift to you valued at $147.
 
Naturally, I want to help people using Referron to be as successful as possible, and the best way to raise awareness of the app is to have users talking about how much business they've been able to bring in by using it.
 
That's why we've decided to sponsor some unique business workshops around the country over the next few weeks.
 
Kane Minkus is a serial entrepreneur who has launched 5 multi-million dollar businesses, all in different industries. 
 
He made each one successful through networking, personal branding and building a high profile within the industry.
 
Kane is in Australia to teach you these same strategies... because, with the right personal brand and profile, new clients and business opportunities will seek you out rather than you always needing to chase them.
 
Tickets to these 2 day workshops were discounted to $47 each, however, thanks to our sponsorship of the event, you can now book in at no charge.
 
Click here to learn more and book your complimentary seat
 
In addition to learning the most cutting-edge strategies for personal branding, these workshops are an ideal environment for networking to find new business.
 
 
You'll be in a room with a couple of hundred like minded businesspeople, who all understand the value of referrals to generate sales.
 
Spend some time networking, and I guarantee you'll make some valuable contacts to find new business.
 
This is the perfect place to use Referron for generating new sales; make sure it’s installed on your phone before you attend.Click here to connect with me,  Upload your profile and download the app.
 

So grab a seat now, as my guest, the first event is less than a week away! 

5 Pointers to help you create you Unique Selling Proposition

Your uniqueness separates you from competitors in the minds of customers. How does your service or product better service your client than anyone else?

Identify your Unique Sales Proposition (USP)  or “Point of Difference” from the customers perspective.

Give them a compelling reason to buy!

It goes without saying that you need to have as a standard minimum, a great product or service, and a story of how your product or service is special and why your customer should trust you.

5 Pointers to help you create  and promote your Unique Sales Proposition

1. Identify your target customers            
2. What customers pain do you solve?
3. List three customer benefits by using your product or service. (from the clients perspective)
4. Are any of these benefits unique or better than your competitors;
5. Make a list of the ways to communicate and promote what makes you unique eg, website, brochures, emarketing, webinars, events, seminars,  on-hold messages.

What is your Unique Selling Proposition? For the best answer, I will arrange you to promote your business in Spark Magazine (www.sparkmag,co) on a video, that can also be posted on your website and other social network sites!

Seven Gems from a Lead generation webinar I attended

 

Nurture, nurture, nurture your pipeline. 

Give amazing value to them. 

Fill your pipeline with  thousands of people who appreciate all the free information you give.

Once your pipeline is filled, leads will start to be funneled through the “pipe” and something magical will happen…. Sales will increase and your business changes into something significant.

Things to Think about when doing a prezzo or webinar

•      Understand your target market – try get into the minds of them. What do they want? What will interest them?
•      Give the audience what they want. Provide them with a potential solution to their problem. Get them from “pain to pleasure”, from “fear to freedom”
•        Show them your personality. Relate to them. People like to deal with people. Show them why they should like you, position yourself as the expert.
•        Drive them to a simple website or a landing page. DOon’t drive them to a complicated website that will take them hours to read information that is not relevant to them.  The objective is to get them as a lead. 
•        The first contact should be no one threatening and reward them for filling out their details.
•        Powerful Headlines are key followed by 3 – 5 bullet points. Create interest and intrigue…. Entice people to fill in detais to hear more.
•        Always have a call to action –  A form to leave name, email, tel # , address.

10X is looking for succesful BDM's in Australia and New Zealand

There  is a business opportunity for a strong Business Development Manager to earn a potential of $200k plus plus.

It calls for someone who is:

- a highly skilled sales person (preferably B2B)

- keen to drive results for themselves 

- keen to make a difference to countless business owners

Though you will be operating independently, you'll be part of a great team who will provide them with world-class IP, training and a network of like-minded professionals.

 

We have 60 leading accounting and financial planning firms and their alliance partners, looking for the right professional to cross sell their services to each others clients and prospect databases ... Ie dealing with warm leads! 

 

 

If you are or you know anyone who is

- a self starter

- has at least 2 years experience, with a proven track record

- likes working towards kpi's targets and achieving goals 

and would be interested in finding out more, 

we want to speak to you now - send your CV/profile to me on ikaye@bsi.com.au 

or register your interest on www.10xconsultant.com.au 

The Difference Between Goals, Strategies and Action Plans

I have often been asked what the difference between goals, strategies and action plans. On the face of it, they seem similar, however they are very different, but interrelated.

Ryll Burgin Doyle - 10X founder - talking this week  about goals , strategies and tactics

An awesome group

 

10X Strategies to Grow your Business

What are your Goals?

An example of some business goals... 

• Financial goals – “To achieve revenue of $XX” or “Profit of $Y”.

• Staffing goals – “To have XX number of staff” or “To have a full time staff member in the position of XYZ”.

• Social Media Goals - To have 10,000 people following your blog within 2 years

• Market Share – “To have 70% market share of the SME market in Austraia within 5 years”.

There are many different types of goals you can set.  Goals should be SMART (specific, measurable, action orientated, realistic and within a specific timeframe)

What is your Strategy?

The next step is to look at strategy.  Stuff or things you can do to achieve your goals.
At 10X, we have a growth chart with 660 strategies you can implement for each section of your business, helping you improve your sales, profit and cash flow. 

• Improve your Sales

• Strategies to Increase your retention rate

• Strategies to Increase your leads

• Strategies to increase your conversions

• Strategies to Increase your Prices

• Strategies to Increase the frequency for your customers to buy

• Improve your Cash Flow

• Strateges to reduce your expenses

• Strategies to reduce cost of sales

• Strategies to collect debtors faster

• Strategies to improve your inventory turnover

You may have 20 strategies in place to achieve your one goal.

What is your Action Plan - What are your Tactics – how you’ll do it

Tactics are the last piece of the puzzle. For every strategy, there will be a number of tactics or actions. 

These are the individual steps you’ll take to execute the strategy and achieve your goals.
Tactics could be based around activity i.e. every week contact X number of customers.  

They’re the steps you need to take to achieve a goal.

When deciding on your tactics, include every part of the process - every step you can think of how long it will take to complete and who is responsible for completing it.

Goals, Strategy and Tactics – an example

Let’s assume one of your goals is to increase your clients  in the fashion industry who are interested in Exporting their products and services by 36 clients in a year (3 per month) .

One strategy you may adopt to do this is to define a specific offering.  In this example, your strategy is to create an e-book on export grants  that you can give away  to increase leads.

Let’s think through the actions/ tactics (or steps) you need to do to write the e-book.  Your tactics may include:

• Decide on a topic for the book (Export Grants for the Fashion Industry)

• See who your competition is and analyze their products

• Decide on the relevant content to include

• Find sources for the content

• Write a chapter a week (or outsource this)

• Find a designer to help with the design of the book

• Decide how you’ll distribute the book

• Complete the book three months from today on 1 January 2013

• Have the book distributed by 10 January 2013

• Develop a marketing plan to promote the book

Tactics are usually inter-related and you’ll find yourself working on a couple of active tasks at any one time.  In the example above, you may be writing chapters for your book, but you’ll also be working on a plan to market the book once it’s complete.

Next Step 

Take some time out to think about your goals, and work on at least one strategy and set of actions to achieve them.
If you are interested in a copy of the 10X strategies, leave a comment below to let me know how you go.
Your goals are defined objectives - which clearly identifies where you want to be within a specific timeframe.

Famous Failures

Either you succeed or you learn something .

Failures are simply stepping stones to success.

No matter how it turns out, it always ends up just the way it should be.

The biggest mistake you can make is doing nothing because you’re too scared to make a mistake.

If you can’t handle failure,then you can’t handle success .

BSI Connect - Leadership and Network Breakfast

Check out our last 2 networking breakfast



If you want to come to the next network event click here and , fill in your details and type "brekkas" in the message!!

Is "helping you grow a "WHY"?

Hi
I have just watched this TED Video by Simon Sinek - "WHY", Inspirational Leadership... Why Organisations succeed!!

It is inspirational!





I need your help re defining who BSI is based on the above....

Is this a WHY?
At BSI - everything we do and believe in is to "help you grow" 
Our focus is on you!
At 10X - we help you grow through coaching training and connecting
At BSI - we help you grow by getting you money (grants and capital)
At BSI People - we help you grow by recruiting training and retaining your people
At BSI Learning - we help you grow by finding innovative solutions that get you results
At Ark Total Wealth and Liquidity Finance  - we help you grow your wealth through financial planning
At Step Up we help you grow your future leaders

I suppose the question I am asking is , "is "helping you grow" a why?"

Would love your feedback and suggestions.
best regards
Ivan

7 reasons why teams cringe at the notion of cross selling.

To succeed in Cross selling, one has to overcome the objections that are raised by cross selling activities.
We have tried to nurture Cross Selling within our Group at BSI, with some success, and a lot of false starts.
What I do know, is that our business would grow exponentially if Cross Selling becomes an integral part of our culture!!

Benefits of Cross Selling

• To keep current clients by establishing as many points of contact with the Group as possible. CBA Gurus says that if you have 3 services with a client, you have them for life!!

• To expand client relationships by assuring that the client is completely satisfied with the company’s service and inquiring into the additional concerns a client has.

One needs to ensure that there is a client service manager that know the client’s situation and understand the client’s needs. (The DC)


Seven common objections to Cross Selling


1. Unwillingness or lack of knowledge of how to sell. 
The Team Member does not want to be seen as a pushy salesperson. 

The flaw in this assumption is that selling involves pushing services on a client. The trick is to get your client to tell you what difficulties they face and for the team member to listen for an opportunity to help and understand what the group can offer.


Questions to  ask their clients:

• What is going on in your current situation that we should be thinking about?
• What keeps you up at night?
• What are your constraints... what is holding you back? 
• How effective is your team? 
• Do you have good leaders?
• Hows the cash flow?
• How can we help you get more leads/clients?

The Chances are is that the Business has a service that can offer a solution.


A Fear is that the Client is not satisfied with the company’s services to begin with. A client must be very satisfied with your current services and must trust you to give you more business.


Questions to  ask their clients:

• What are we doing well?
• What could we be doing better?
• How can we help you more?

2. Lack of knowledge regarding other Business’s practices. 
A team member can’t sell other business services if there not familiar with what the business does.

An essential element of a cross-selling program is an internal method to distribute client wins as a result of referrals.

For cross-selling to succeed, the business must collect the case histories. And it goes without saying that members must be made aware of read the success stories of the accomplishments of their fellow team mates.


3. The company does not compensate for cross-selling activities. 


“what gets rewarded, gets done.” 


If there is no incentive to market the Group’s services, then the team will spend all their time bringing in their own business. On the other hand, if a team member knows that his cross-selling activities will come up in his compensation review, the member will participate.

Consider providing a specific financial reward for introducing clients to other colleagues. Otherwise it just won’t happen.

For cross-selling to work, the notion of sharing credit must also be built into a cross-selling program. The “eat what you kill” system,  is fatal to cross-selling. Cross-selling happens in pairs or teams, and the company must give credit for a team effort.

4. Fear of Losing Clients. 
Some  team members are reluctant to refer their clients to someone else in the business, because they fear that the person responsible will mishandle the situation or do a poor job. As a result, the logic goes; the referrer could lose the client entirely.

This is an objection that is often unspoken or mentioned only in private. I believe this is rubbish, because what the referrer actually fears is losing control of the client, which may happen if another person is introduced into the relationship.

This view treats the client as a team member’s personal property or private book of business.
Clients must be viewed as corporate assets, which belong to the firm as a whole, and accordingly must be shared.

This objection also demonstrates that the referrer doesn’t know enough about the team member’s background and what exactly he does in his chosen profession. 


If personnel were to take the time to learn what their colleagues do and understand their achievements, the member would be more inclined to refer his colleague.

Regardless, the objection means that the clients business is going to another company, which is far worse than having the client being serviced by another member  in your own company.


5. The Company does not recognize cross-selling appropriately. 
Some Groups will throw a congratulatory party when someone brings in a new client. but a cross sell is only mentioned only briefly in the weekly meeting. This misplacement of emphasis is a mistake.

Recognition is a powerful motivator and it should be used accordingly.

 A cross-selling success should be a hot news item. The X Sell process shoul be described in detail, beginning with how the team member came to meet the client in the first place, how the the member learned of the new potential business opportunity, the steps he/she took to introduce another business area of the company, and what the colleague has done to impress the client with the company’s capabilities.

The point is to recognize the teamwork, and to honor it with accolades.


6. The client has established service from other companies as well as your own. 

This shouldn’t stop a cross-selling effort; in fact, it should be the reason to undertake one.

These potential clients are looking for Organisations that better meet their needs and anything that indicates they are looking elsewhere suggests underlying weakness in client relationships.

The idea of a cross-selling effort is to put the client’s current situation into play. It may be that a client has worked with another company for many years. However the client will be open to a proposal to have their affairs handled more efficiently, to consolidate their position or just to get the job done with less hassle. Of course it takes research and teamwork to develop these proposals.


7. Fear of imposing on other colleagues. 
Of course it is difficult for a team member to go, hat in hand, and ask a colleague to introduce him to an existing client. They are reluctant to butt into the relationships of colleagues. This approach yields few cross-selling results, because it starts out the wrong way.

Instead, team members should develop lists of their own clients who can be cross-sold to their colleagues.

For example, some company’s require their team to develop marketing plans, beginning with the names of three clients who are cross-selling targets. The names of these clients are bought to cross-selling meetings, where the staff member describes the client and the opportunities to grow the relationship. Other attendees are asked to bring the names of all contacts they have at the client.

The team effort begins with staff volunteering clients to the company as a whole.


Strategy for cross-selling
For Cross Selling to succeed, the team needs to buy into the success of the group vs the success of their division.

Overcoming these initial objections will go a long way toward getting a cross-selling program started.

It means that the Group will have to change the way it thinks about compensation, ownership of clients and approach to selling.

It will mean that the Business will have to cease relying on individual rainmakers and learn to work in teams focused on clients. But these are all positive changes, and will lay the groundwork for a successful strategy for cross-selling.

Lead Generation via email marketing is a Vital Part of Growing your Business

I have found that direct mail and emarketing campaigns are a fantastic way for us to generate leads for our business.

Email Marketing is trackable, inexpensive, and easily measurable. 

Emarketing enables you to have  a predictable number of leads coming into your pipeline on a regular basis at an affordable cost.

Below are the seven strategies that are necessary to ensure a successful direct marketing campaign.

Step 1: Build Your Database (Subscribers) , add value to them and educate them on what your value proposition is. .

The better you know your subscribers and the better they know you,  the more effective your direct mail campaign will be.

A generic database will generate an open rate of between 10% - 20%, and an open rate of between 2 % is good.

If you can segment your database, and market relevant items that are of interest to the relevant segment, the above open rates and click through rates will escalate dramatically.

The more you are able to segment your database, the better!

 The majority of the time, it is much more effective to send out several hundred pieces to your specific niche market such as recent retirees, truck drivers, coaches, accountants, doctors, rather than blanket neighborhoods at random.  

You can get lists of your prospective customers from list brokers who sell contact information for different groups of people.  To get a good idea if your email campaign is working or not you should be sending out a minimum of 3000 emails at a time.

Step 2: You must have a follow up sequence in place for your mailings.

The majority of people who send information about a subject or an event, send out one email  and then stop.

 

To maximise the chance for your success,  you must have sequential mailings, I recommend a minimum of three mailings for each campaign. 

To increase the effectiveness of each email, reference the previous email you have sent instead of sending the same email. 

 Ideally,  you must use multiple steps and multiple media.  As long as each mailing sequence you do is profitable you should continue emailing until the last step is no longer profitable.

Step 3: Build a collection of “R&D files.”

If you see or receive any marketing materials including mail that is eye catching or is just great marketing, keep it for ideas on your next mailer that you send out.  

If you are having a hard time coming up with what to mail look through your “R&D file” and adapt your marketing based on your favorite ideas and pieces that you have collected over time.

Step 4: Track your leads and how much they cost.

By tracking your leads and costs per lead you can improve on your response rate and increase your effectiveness. 

What you can measure you can manage!

Some of the easiest ways to do this include using different names on letters, different telephone numbers, or asking the customer how you heard about your business. 

Send different emails to different parts of your database to track your marketing to see what is working the best.  

Send out two or more different mailings to prospective customers with different messages and designs to see which ones achieve a better response rate. 

We call this “split testing”

You should be split testing regularly so that you can sharpen your ax and have the most effective marketing.  For those just starting out you can keep track of the prospects that respond in an Excel spreadsheet but it would be wise to switch to a CRM tool  as soon as possible.

Step 5: Headlines are everything in direct mail marketing.

People are swamped with advertisements from TV, radio, online, and direct mail so you must make your headline stand out and be relevant to your target customer. 

 Most people are not paying attention to every advertisement so you really have to shake them to their core with something that is relevant and attention grabbing.  

Part of the reason why tabloid magazines are succesful is because of the exciting and gripping headlines the writers use.  

When you are choosing your headline, write down as many as you can think of.  Some copywriters write as many as 100 before choosing the one that best fits for the message they are trying to convey.

 The headline is the most important part of any sales pitch because if you can’t grab attention with the headline then there is no way your prospect will care to read the rest of your message.

Step 6: To truly be successful with direct mail and leverage your time effectively you must create an automated system for your direct mail campaigns.

With an automated system you know how many emails you send out, how many responses you are getting, and how many leads it takes to convert into a customer.  Based on that information you can tweak your marketing by sending out more or less mail depending on your response rate. 

Step 7: To dramatically increase your response rates with direct mail, follow up the people who click through to the various opportunities with a telephone call

There is nothing like personalised service! The objective is to develope a relationship with your customer!

Happy Marketing!