Category Archives for "Conference"

Employees are The Backbone of the Company

How Upskilling Your Team Will Boost Your Bottom Line Even If The Training Cost is High

 

“The only thing worse than training your employees and having them leave is not training them and having them stay.” Henry Ford

Understanding Employee Retention, Turnover and  Upskilling

Corporate leaders  know that employee turnover is expensive. When organizations invest in employees, they are investing in much more than just their salaries. According, to an article released by Huffington Post in 2016,  the cost to an organization of losing one employee was estimated to be up to $25,000 a year. However, that same organization will have to spend additional money to interview, hire and train another employee to replace the one that left. Over time, these costs can add up and affect the corporate bottom line. That’s where upskilling training can come in as an alternative to bringing in new staffers.

Skills in general improve someone’s approach and mentality towards what they are working on hence skills are a commodity. They are in fact  the inherent abilities that make each and every employee unique to each and every organization. From a modern organizational perspective, those that give their employees ways to build upon an existing set of skills are those that are most likely to succeed, especially given the speed at which the digitization of the enterprise has forced organizations to move.

Bare in mind, today’s employees enjoy a mobility like no other generation has before them, giving them the ability to come and go throughout their careers, tackling different challenges that touch on different dimension of their skill sets and at different companies. They want opportunities to develop, both personally and professionally, and are more likely to stick around companies that offer those benefits.

Problem is, that mobility can have a significant impact to a company’s bottom line, and there’s no voice louder than money to encourage today’s organizations to move to minimize disruptions related to employee retention issues. After all, encouraging your employees to seek out new skills that satisfy the needs of your organization’s growth are not only an effective way to bump your bottom line, but also gives the employee a shot at a promotion, more money, increase workplace productivity and to become a valuable mentor of the business’s next generation.

Upskilling is more than just a buzzword. It’s a crucial tool that more of today’s organizations must consider as a way to bridge gaps related to employee engagement and retention. In recent years, companies have repeatedly experienced how new, disruptive technologies keep changing the world of work. Digital transformation has an impact on the kind of products and services customers want, as well as on how companies produce and deliver them. Since new technologies require new competencies, many managers are discovering that the skills of some of their employees are rapidly becoming outdated. Of course, one way to address this challenge is to simply replace those workers with people who are more technologically fluent. However, there are a number of reasons why this might not be the best course of action. Every organization needs to keep up with technological advancements in order to remain competitive. By providing your current employees with the training they need in order to leverage new technology, you can create a win-win situation that ensures your company has the necessary skills in-house while simultaneously creating a more valuable, engaged and loyal workforce.

Why Upskilling Your Employee Is Necessary?

Employees are The Backbone of the Company

Employees are The Backbone of the Company

1.The nature of jobs are shifting.

Digitalization has and is affecting every company, every field and every Automation, where machines does humans work has taken away many jobs. At the same time replaced them with new roles requiring new sets of skill. Those who could do their jobs without strong technical abilities just a couple of years ago must now use an array of technology tools in their everyday tasks. Finding and developing people with digital business skills is not just a priority but it has become a criteria.

2.Improves employee retention.

No one wants to work at a company that doesn’t invest enough in its employees’ career development. Upskilling ensures employees’ skillsets won’t become obsolete, and shows your people you care about their careers and their futures. Employees who are given the space to grow and  develop are often the happiest and the most productive ones at an organization. If your company works to retain tenured employees, it is a prove that you are making a solid investment in the people that is working for you which is sure to boost morale and productivity of your employee. Employees who are challenged to grow outside of their roles tend to get excited about what might be around the corner for them. Upskilling ensures employees’ skillsets won’t become obsolete, and shows your people you care about their careers and their futures. Hence, upskilling ensures employees’ skill sets won’t become obsolete, and shows them you care about their careers and their futures.

3.Employee expectations are changing.

Another reason upskilling is becoming important is because today’s new generation of employees are not going to be satisfied in their jobs if they are not given serious opportunities to learn. Today’s generation know they need to be continually developing their skills if they want to stay relevant in the workplace these days. Often, they don’t have the time or money to invest in upskilling outside of work, so they look to their employer for support in this area.

4.Increases customer satisfaction.

Your employees satisfaction leads to your customer satisfaction.  When workers are happier with their company and believe in what they are working toward, they do better work. When the do better work it result in the delivery of best products/ services to your customer. Plus, upskilling keeps your workforce up to date on industry trends, allowing them to offer the best recommendations and insights to clients and prospects. Clients are willing to pay more to work with a more knowledgeable, proactive team. And when clients are happy with the work you do, they become stronger brand advocates for you.

5.Training and development programs uplift morale.

Any time you invest in your employees by providing or supporting upskilling opportunities, they feel more valued, and in turn, grow more loyal to the company. Therefore, providing your employee with the right training and skill will give them a relief and satisfaction, which again brings success to your company.What’s more, when your employees learn new skills, they put themselves in a position to take the next step on their career path with the company, and that’s a win-win: The employee gets a desired promotion, and the organization gets to fill an important position with an experienced, skilled worker whom has plenty of institutional knowledge and can hit the ground running.

6.They also boosts the bottom line.

Though upskilling programs can cost money, they also provide strong ROI (Return of Investment). For one thing, it’s often easier and cheaper to address skills gaps in your company by training your current employees, rather than going out and hiring new ones. For another, employees who feel like they don’t have the opportunity to grow and move up at their company tend to leave for other opportunities. That means you have to replace them, and the costs involved in the recruitment and hiring process are high, from advertising the position to potentially paying a signing bonus to the new person. And that’s not even taking into account the time it takes to train the new person once they’re on the job, and the loss of knowledge and experience the former employee took with them when they left.

The Benefits of Investing in Employee Training and Development Courses

Employee Training Courses

Unfortunately, a lot of organization consider professional development to be the employee’s concern, not the company’s. If you believe that hiring an experienced employee trained by someone else is less expensive than training employees yourself, you are mistaken. Such an employee will never feel loyal and devoted to your company. They will be much more likely to leave than employees in whom you’ve invested time and money. When they leave, you’ll have to go looking for a replacement – hoping the next one doesn’t leave as well. Employees are your company’s most important assets. Their training and professional development is something you should invest heavily in.

You may think training costs are pricey and they absolutely are, no denying in that but think about it paying for something that is going to benefit you in return is not something bad. Smart organizations can alleviate some of these financial pains by investing in tenured employees to retain them in the organization. Stellar employees, the ones with great morale and high productivity, can be hard to come by and organizations understand the benefits of finding ways to retain these individuals. Trainings certainly helps in that way. Here is how:

  1. A Competitive Advantage Over Other Companies- Offering employee a training to improve and nurture their skills is a good way to attract candidates to your organization rather than your competitors.
  2. Increase Employee Loyalty- When a company invests in employee training and development, employees feel valued and appreciated. This makes them more loyal, and the more loyal your employees are, the more likely they are to both stay
  3. Decrease Turnover – As mentioned earlier, employee replacement can cost a company a huge blow. A high turnover rate also affects the company’s market position and revenue. By training employees and investing in their career development, you can make them feel valued by your organization. This will lead to longer employee tenures and less turnover.
  4. Gives a Flexibility in the Market– Training and development programs can make a company more flexible in the market. When your employees are well trained, they are better able to respond to unpredicted changes in the market, which ensures company success in the long term.

What is ROI and How to Measure the Employee Training ROI.

Now that you know why employee trainings are worth the investment, it’s important to note that having an employee-training program for the sake of just checking the box is a waste of time and money. Training and development are only good investments if they are effective and engaging. The idea, of course, is that the employee walks out fully equipped with skills they did not have before but it needs proof and at end of the day what matters is what does a training program really accomplish in terms of productivity. To measure the productivity of the training there is a technique known as  ROI measurement. This allow the upper management to see the value of training in recognizable, actionable terms.

Six methods to determine your training ROI:

  1. ROI Formula- Use the following formula to determine training program ROI, ROI= (benefits / costs) x 100. So, For example, let’s say a training exercise boosts sales by RM 15,000 and the total cost of the training was RM 6000. Using the ROI formula: (15,000/6000) x 100 = 25%. Hence, this training program was a success from a business perspective because it yields 25% return on the investment in training. This shows that training is warranted from a business perspective and is a good investment.
  2. Customer satisfactionMain objective of any business is to keep their customers happy and satisfied. Employee trainings should be able to  help provide a better service from start to finish. Proper training can help retain customers and have a positive impact on the overall, providing long-term profitability. Try surveying customers and clients to measure their satisfaction levels and see if it increases with staff training.
  3. Sales – This is probably the easiest way to measure ROI. Action speaks louder than words they say hence you can simply look at your sales figures before and after training and see if the training was effective. As training will potentially improve productivity and efficiency, it is reasonable to expect sales to increase, too. However, don’t forget that it may take time for your training to have an effect, so allow some time before making any big decisions.
  4. Mistakes – Mistakes naturally happen along the way but the whole point of training is to lower down the number of mistakes. Logging these as they happen will allow you to compare the number of mistakes before and after training takes place. Fewer mistakes can lead to time and cost savings in the long-term.
  5. Uptakes- If you’re spending lots of money on training, including the money lost from employees’ time away from work, you don’t want to see staff reverting back to old habits and ignoring the methods they’ve been taught. Monitor your staff to make sure they are putting their new skills into practice and help them form new habits that benefit the company.
  6. Morale- It is easy to look over employee morale when considering ROI, because morale is an intangible measurement. However, it is extremely important to any business. Before and after training, survey staff that participated in the training to see whether they are happier, more motivated, or feeling more valued. This can have a huge impact on their productivity, willingness to help, and retention.

It’s important not just to focus on the money you make in the business, but also on matters such as job satisfaction, teamwork, positive vibes  to name a few. Don’t forget that it’s the team behind you that helps to run your business. Make sure your team is happy and motivated to do the best job possible.

Our Neuroscience Masterclass aims to do just that. It will provide employees with all the effective and persuasive sales tactics and skills they needs to become better and more productive. Studies show that neuroscience has helped increase productivity and profit by 20%. If you are wondering how is science going to help in all these, Sales and negotiating skills  are so closely intertwined that they should be taught together. In fact, we need to know the basics of selling before every negotiation. Neuroscience, is the study of human behaviour which can help you understand people better and react well to their action. With combination of the knowledge in sales and the art of persuasion your employees are going to extraordinarily successful.

Hurry up and Sign up to the masterclass now. Your business and your life will be better for it!

 

For further details, do visit :https://talentcap.com/neuroscience/

 

How to Earn Customer Trust Even As a New Business With Zero Sales

Build Trust Hands to Hands

“The best way to learn if you can trust somebody is to trust them.” Ernest Hemingway

Trust is vital to any form of relationship including in the conduct of business. Some base level of trust is required just to have employment contracts, or to engage in commercial transactions and beyond such minimum thresholds, trust also plays a major role. The level of trust in business relationships, let it be external like in sales or advisory roles, or internal like in a services function is a prime determinant of success than anything else.

WHY TRUST IS IMPORTANT TO NEW BUSINESS?

Trust is a bilateral relationship as simple as one trusts, and the other is the trusted. While these two are related, but they are not the same thing. It is all about trustworthiness. Often we intend more than one thing when we use the word trust. We use it to describe what we think of what people say. We also use it to describe behaviors. We use it to describe whether or not we feel comfortable sharing certain information with someone else and we use the same word to indicate whether or not we feel other people have our interests at heart, vs. their own interests.

People don’t primarily trust institutional entities, they trust other people. The components of credibility and reliability are sometimes used to describe companies or websites, but at least as often to describe people. The other components like intimacy and self-orientation are almost entirely about people. Living the four trust values is the best way to increase your trustworthiness.

Here are few reasons why trust is crucial to new businesses:

1) Trust makes you more reputable–  Trust cannot be reduced to pure behaviors. You can’t bottle it in a competency model. Our actions are driven by our beliefs, and our beliefs are driven by our values or principles. Trustworthy behavior is way too complex to fake without the beliefs and values behind them. If your values don’t drive you to behave in a trustworthy manner all the time, you’ll be found out quickly.

2)It will also create a good impression on others- If you are always focus on others like your client, customer, internal co-worker, boss, partner, subordinate for the other’s sake, not just as a means to one’s own ends.We often hear “client-focus,” or “customer-centric.” But these are terms all-too-often framed in terms of economic benefit to the person trying to be trusted.

3)Trust can create both joint goals and joint approaches- Trust can create collaborative approach. Collaboration here means a willingness to work together. A medium to long term relationship perspective, not a short-term transactional focus.

4) Trust makes you more transparent- A habit of being transparent in all one’s dealings.Transparency has the great virtue of helping recall who said what to whom. It also increases credibility, and lowers self-orientation, by its willingness to keep no secrets.

 

WHY NEW BUSINESS IS STRUGGLING TO BUILD CUSTOMER TRUST?

1) There is no business plan or unique values

Consumers tend to distrust new brands at first glance because people think that business firm ultimate goal is to make money, which is true but you have to put that to secondary and reach human values first to establish a more open and trustworthy relationship with people. So, to overcome consumer skepticism is to show the human side of your brand. Consider introducing yourself as the person behind the business to your customers,. This would also add authenticity and credibility to your brand, especially if you sell products that you made yourself.

By focusing on you as the business instead of just your products, you can tell your story and your brand’s story at the same time. This helps customers get to know you more, and build a bond which lays the foundation for them to trust your business, too.Some things to consider in business planning are who are your customers? How will they buy your products or services — in-store, online, or both? What’s your marketing plan? How will customers find out about your business?Answering these kinds of questions will help you ensure your products, services, and business idea are something that people will buy into. And with social media platforms at your fingertips, it makes the market research process that much easier.

It not only that you share personal experience  and demonstrates expertise, but also builds the kind of emotional connection with customers that only a small business can. Both of these factors can helps you gain trust and make the customer feel better about purchasing from you. Likewise, you can add a human face to your own business, entwining your personal story with your brand’s story. This is needed in business planning.

2)Incompetent customer service which distorts positive feedbacks

Positive feedbacks are the key to take your new business into the next stage. Systems that double as positive feedback cycles can likewise help you generate customer trust. For example, when your business is the subject of a glowing review, you attract new sales, which lead to fresh reviews, which lead to additional sales, and so on. Look to establish such feedback cycles through social media, press coverage, and word-of-mouth. There are a number of ways to quantify feedback loops. Find those apps and keep track, if you do get a negative feedback do not look away instead take it as a constructive criticism and build yourself from it.

Gathering and analyzing such data, and additional related data, could help you identify feedback cycles to develop. As a young company, one of the most important things you can do is simply deliver a great customer service experience. Customer service extends beyond the product or service you sell  it is the end-to-end experience for your consumer. It determines whether one purchase becomes several repeat sales, or whether that customer looks elsewhere to solve his or her pain point. Actions as simple as answering questions and concerns through email, phone, and social media can help you build both customer trust and your sales base.

3) Lack of information, data and statistics

One of the biggest reason why people do no trust new brands is because they tend to be vague and pushy in term of delivering content. Content is a powerful tool for connecting with new users who have no idea who you are. This gives you a chance to slowly introduce yourself but here is where most new business fail as they get aggressive in self promoting. Blogging regularly can show that you’re invested in your business and your customer’s problems  which is always a good sign for consumers but do not over do it.

Instead of bombarding with unnecessary informations focus on producing good quality content that can help consumers get more familiar with your brand. Take it a step further by sharing personal experience by using your product or services and develop a distinct brand voice. Both of these things will show the personality behind your brand and help people feel like they really know you and can trust you.

This is further aided by encouraging discussions that allows you to connect with people. Even if users only leave a quick comment, this gives you a valuable opportunity to talk to them one-on-one, establishing a personal relationship through their screen and inviting them to revisit the conversation again.The more customers know about what they’re about to buy, the more likely they are to actually go ahead and purchase it. Being specific instead of being general about the description of your product. If you are selling coffee state what coffee it is. For example, instead of coffee, Brazilian coffee sounds much better. Some things that you can consider adding to your product descriptions include exact measurements of the item, weight of the item, product ingredients/manufacturing materials, warranty information and any special product features and their benefits

Adding many images and videos as possible to demonstrate the product quality and how it can be used also helps. This allows people to envision it in their own lives, and the clearer they can see it, the more likely they are to believe you can deliver what you promise you will.

4) Provide no sense of security to the buyer

You always have to make sure that your site itself looks trustworthy. Cyber security is a huge issue in today’s world so if your business involves online purchasing bare in mind with consumers are wary about giving anyone their credit card information. So, they way to overcome this is make sure your site has protection. For example, use security-boosting apps, by display security badges on your store or use plug in like the McAfee Secure plugin and so on.

You can create multiple payment options. This will make consumers feel a little more comfortable about buying from you. For example, like offering PayPal. PayPal acts as a secure financial gateway that many customers prefer to use, feeling it adds another layer of protection. One study even found that while customers trust their primary banks more overall and didn’t like to deposit funds into PayPal, 69% of those surveyed believed that PayPal was better at protecting their financial information. If you’re able to offer payment options that users trust more, they’ll trust you more, too.

5). Poor accounting and financial tracking

Uncontrolled spending and poor money management are among the biggest problems for new businesses to fail. Startup owners mistakenly assume that if you build it they will come, and justify their expenses on the belief that the product release will bring in all kinds of sales. But there are no guarantees that customers will buy your product. Not knowing where the money is going is just setting the stage for an epic fail.

If your accounts is in complete chaos, chances are your finances aren’t too far behind. From insufficient capital when getting started, to cash flow problems induced by bad inventory management, your account back is most likely not in a good way.

To make set your business up for long-term success, it’s absolutely critical that you track every penny coming in and out of your small business. A major key to a successful startup is controlling finances. And one way to do this is through bootstrapping, or paying your own way by stretching resources as much as possible. This should be your first option for funding if at all possible.

6) Failure to understand the customers and their needs

Ask any successful business owners and they would tell you, the best way to increase revenue and is “get more customers.” While that is definitely a major way to add revenue, it isn’t necessarily the quickest or most efficient. We all know that it’s infinitely easier to sell something to someone who’s already bought from you than it is to a stranger. Your past customers already know, like and hopefully trust you. Beyond that, they understand the significance of what you offer and have proven themselves to be action takers.

However, small businesses you are just starting hence customer is and should always be your first priority. Think from the shoes of your customer and strategies yourself from there. Always remember give enough attention to customers.Listen to their feedback and understand the demand. Put in extra effort in tracking your customers buying pattern and social media always helps in this case. You can compliment your existing products or services to increase customer value, provide  additional benefits to your buyers by focusing a portion of your efforts on those you’ve already won over, you can decrease costs while increasing revenue. Best of all, you can begin to see results almost immediately.

If you find your new business can use some work in any of these areas, now is the perfect time to get started. If it seems too overwhelming to refine multiple aspects of your company at once, try starting with what’ll have the biggest impact and work your way back from there.

 

HOW TO BUILD TRUST WITH CUSTOMER?

Here’s a clearer break down of trust in sales context as follows:

  • Engage: “I heard no return policy may be an issue for you, is that right?”
  • Listen: “Wow, that’s interesting! Tell me more about it.”
  • Frame: “It sounds like what worry about the most is the price of the product.”
  • Envision: “But, think about how you would look once we helps you get this fix?”
  • Commit: “What if we were to do a product demonstration ?”

Bond building leads to trust building. Remember to build a bond out of credibility, trust and loyalty and it would keep your customer base loyal and strong and grow bigger.

Here are few tips to how to create that bond:

1.Engage the client in an open discussion about the issues that are key to them

Listen to what is important to the client and earn the right to offer solutions. Avoid selling a solution that isn’t in the customer’s best interest. Sometimes you just don’t have the right solution at the right price. If that is the case, it is always best to be honest with the customer, instead of proposing something which you know will not fully deliver the outcome the customer is looking for.

2.Take personal risks to explore sensitive issues

You probably know the objections prospects have to buying your product or service. Address those head-on in your marketing materials and on your website.The more honest and forthright you can be when you take on possible objections, the more your prospects will notice and appreciate it. Articulate a point of view and give customers more options and reason to buy in your products rather than just emphasizing the fact they should invest in.

3.Envision an alternate reality or solution 

 Do not promise what you cannot deliver . New businesses find it very difficult to say no to the customer about anything. Telling the customer that a certain solution with specific features and benefits will be delivered by a specific deadline, when you know you can’t deliver, is a recipe for disaster. So, include win-win specific descriptions of outcomes and results and Clarify benefits and it make clear what’s at stake.

4. Be tangible about future states

Commit to actionable next steps that imply significant commitment and movement on the part of each party. . Always honor the relationships and finally make promises and keep them. Above all, you must do what you say, when you said you would do it.  This one skill alone will put you head and shoulders above your competition.

5. Provide proof 

You probably know the objections prospects have to buying your product or service. Address those head-on in your marketing materials and on your website.The more honest and forthright you can be when you take on possible objections, the more your prospects will notice and appreciate it.

 

 

If you want to learn more about trust building do attend  our MASTERCLASS BUILD TRUST FAST THROUGH NEUROSCIENCE . It is a masterclass which uses the triangulation of neuroscience, psychology and selling skills to build trust fast. Apart from that, this masterclass will also discuss real world, practical advice and techniques to tap into the buyer’s brain so that you can understand the science of neuroscience selling and  how to best adapt your approach and as a result you will win more business. It will also take you through the step-by-step process for selling. Describes the types of people you’ll encounter in your sales and demonstrate Ninja-style effective techniques to get the results you need.

Act now before your competition does! This is a masterclass to be experienced, not just attended. Sign up. Take a deep dive into deep learning. Apply it. Your business and your life will be better for it.

Web: https://talentcap.com/neuroscience-for-selling-and-persuasion-masterclass-kuala-lumpur-talentcap/

 

 

Ultimate Guide to Objection Handling: Common Sales Objections & How to Respond

Nothing quash a sales professional heavier than an unexpected objection by the prospect. Most sales professional invest hours in perfecting their pitch without a second thought to what comes afterwards. But bare in mind, even the best pitch can be ruined by poor objection handling. If you are  tired of losing deals to responses, it’s time to get serious about overcoming objections. Instead of hoping your prospects won’t have objections which most likely never going to happen, so better to prepare them in advance.

Objections are inevitable but should never be seen as a door slamming closed in your face. To understand why the customer is objecting your product/services is challenging  but you must take the time to uncover this if you hope to move forward in a mutually beneficial way. While customers may object for many reasons, but every prospect you speak to will have at least one sales objection, or reason they are hesitant to buy your product even before meeting you. These are inevitable because if the buyer did not have any reservations about your solution’s price, value, relevance to their situation, or their purchasing ability, they would have already bought it before meeting you. So, to be successful in handling objection one must learn how to both discover and resolve these objections.

What is objection handling?

Objection handling is when a prospect presents a concern about the product or service you are selling, and then your job is to respond in a way that ease those concerns and allows the deal to move forward. Objections are generally around the price, product fit, competitors, and good old-fashioned brush offs. Smart objection handling means responding to the buyer in a way that changes their mind or alleviate their concerns.

No matter what you do, never argue with your prospects or try to pressure them into backing down! This is just not the right way to objection handling. It is just going to ruin your image and prospects are going to lose the trust and rapport they have built up with you.

Instead of telling your prospect they are wrong, help them come to a different conclusion of their own accord. And if you cannot persuade them, that is  a good sign they are a poor fit to your business or service. It’s also important to distinguish between sales objections and brush-offs. While objections are authentic, brush-offs are just excuses. Objections are far more serious than brush-offs.

             Eg : I see the value in your product, but I’m not sure about buying because… (objection)

                   : I don’t want to talk to you. (brush-off)

Why Is Objection Handling Important?

Nothing is more dangerous to a deal than letting sales objections go unaddressed until the final stages. The longer the buyer holds an opinion, the stronger that opinion usually is -and the harder you’ll have to fight to combat it.

With this in mind, welcome objections rather than avoiding them. You can proactively identify them as well by solving it at the early stage like asking questions such as :

                 “Do you have any concerns?” , “Are there any obstacles that is stopping you from buying?”,

                  “You seem a little worried about …..”, ‘ What are your thoughts?”

Overcoming objection in sales

The best way to overcome objections is the LAER (Listen, Acknowledge, Explore and Respond). Avoid reacting impulsively to prospect objections. Instead, listen to them,  validate their concern, ask qualifying questions and respond in a thoughtful way. 

Give your prospect a chance to talk, then repeat a summary back to them. Next, try to dig into the underlying reasons for the objection. Then finally, offer a neutral recommendation. Because you listened to the buyer and explored their rationale rather than giving a knee-jerk response, they are usually willing to listen to you.

Keeping track of the objections you receive most often is also helpful. Once you know what to expect, you can devote extra time to practicing and refining your responses. It is also recommended that sales professionals use role plays to boost their objection handling abilities. Take turns with another sales professional on your team posing common objections and try answering it  and then giving each other feedback.

Now let’s dive into the 15 most common sales objections:

  1. It’s too expensive. We cannot afford it.
  2. We’re already working with ____ (competitor).
  3. I’m busy right now.
  4. Call me later.
  5. There’s too much going on right now.
  6. I’m not authorized to sign off on this purchase.
  7. I can get a cheaper version of your product somewhere else.
  8. I don’t want to get stuck in a contract.
  9. I don’t see what your product could do for me.
  10. I don’t understand your product.
  11. Your product is too complicated.
  12. We’re happy the way things are.
  13. Your product sounds great, but I’m too swamped right now to handle.
  14. Your product doesn’t have the feature that we need.
  15. I will discuss with my team and get back.

Now that we have listed down the most common objections, here are some of the top tactics for handling them:

1.Learn From Your Losses- Review your lost opportunities over the past and look for themes. This will give you an overview of what was the biggest hurdles to closing the sale and which areas need developments and which ones are the deal breaker word. Use these insights to create a “cheat sheet” of common objections and craft 2-3 potential responses for each. Test them out and revisit them often.

2.Have a Pause– Keep calm and carry on is the right way to go in dealing objection. Take a quick pause immediately after a customer’s objection. Interestingly, according to Matrix data, successful sales professionals take an immediate five seconds pause after an objection as if the objections triggered them into slow motion. By contrast, their less successful peers hardly pause at all, and in many cases, interrupt the customer upon receiving an objection. Do not pounce on objections. These will get all riled up and get you tensed and does not help at all. So, the takeaway is chill, listen and then reply.

3.Take Action– Think about the objections you receive in your line of business. Write down an example for each of the above types of objections. The techniques in this article will assist you with these and many more that you’re likely to face. You may not overcome them every time, but at least you didn’t give up before even trying.

4.Show Them The Value in Product- To keep your customer around for long term, they must see value in your product or service. The purpose of the whole meeting is to understand what’s important to them, why it matters, and what their business would be like without your product or service. When you uncover a pain, your next step should be to quantify what that pain is costing the business. If the customer continues to object or restate the same objection then you’re not asking the right questions to align your value to their pain. Pain can cost a company in a different ways like close revenue, wasted time, customer satisfaction, employee turnover and more. By taking the pain point and expanding on it, the you can then encourage the prospect to quantify the problem in business and personal terms thereby convincing them that purchasing a product/service to resolve the issue is worth the investment.

5.Keep the conversation moving further- Now that you’ve got the questions flowing, it’s important to keep the conversation moving. So, ask and probe questions. As the customer responds to your open-ended questions, you should probe further by asking more questions about what they’ve just said. If at any time you don’t understand something, ask them to clarify.  A great example of this tactic is when the customer mentions an acronym or other words specific to their company or business process. Experts say that it takes at least 4-5 layers of questions to really uncover the pain or nature of the objection. Take your time and keep asking questions until you truly understand the reason for the objection basically until they have satisfied your curiosity.  Finally, restate what you heard in your own words and ask them to confirm that you’ve understood them correctly.

6.Back It Up With Proof & Customer References– Back up your statements with industry research, customer references or customer success stories to prove the value of your product/service. By mentioning what others say about our products can build trust on your product and improve your company image and reputation. Plus, customer references are another great tool because those stories often represent a pain or objection that was overcome with success.

7.Remember to Show Gratitude-  Always thank your customer when they put an objection in front of you because this is an opportunity to address it and move on with your deal.  In fact, ask them about all of their concerns and objections right up front and you will receive even more opportunities to turn the table to your advantage. Don’t forget, an objection is better than a “no” because it gives you some place to begin the conversation. A simple thank you has helped to diffuse a situation with an angry or upset customer and can get you on the right  track to solving their problem or getting them back on the happy train.

To sum up, managing objections requires practice. Take these 7 tactics and apply them to objection that you hear all the time. To learn more about objection handling, do attend our Build Trust Fast: Neuroscience Masterclass. Neuroscience is the study of human brain and this masterclass incorporates the anatomy of human brain to business which carries the ultimate goal to help sales professionals to handle challenges in sales and boost productivity and revenue. Is that possible? Yes. Statistically proven, neuroscience has reduced objection rate by 30%.

Our speaker Ian Rheeder draws on 30-years of practical sales experience and an obsession with studying neuroscience. Over the past decade, Ian has successfully trained thousands of sales professional and every single delegate strongly agreed that CUSP® is a simple yet powerful persuasion system. His previous corporate position was marketing & sales director of the global zipper giant, YKK. He is also a Chartered Marketer and holds an MSc in Persuasion Science (cum laude). Ian’s high-trust CUSP® Sales & Negotiating System is heavily supported up by the latest neuroscientific discoveries. He has consulted in most industries and is currently completing his PhD in The Neuroscience of Persuasion.

So, what are you waiting for? Hurry up and get your tickets now.

 

Or visit: https://talentcap.com/neuroscience/

 

 

Quick Tips on How to Increase your Closing Rate Significantly

What is closing rate and why is it important to your business?

Closing rate is the number of deals you close compared to the number of sales pitch you make. Say, for instance, you made 10 pitch last month and closed two sales as a result, you have closed 2/10ths, or 20 percent, of your potential sales. Your closing rate is then, 20 percent. Every organization wants to increase the sales of the company and close sales faster. Increasing your sales close rate is a good place to start.  

The first question is to ask yourself is, “Do you know your current sales close rate?”. This is one of several key metrics you want to measure and track in your business to help see the impact of changes to your sales process.  If you do not know this, start tracking it because as a business, if it is not making any sales then you are not making any money. That is why it is imperative that you learn to improve your sales closing rate.

Taken alone, a closing rate, it provides a lot information about the effectiveness of your sales strategies. The close rate is a key element to judge a salesperson’s efficiency. Through closing rate, we can tell how many leads has the salesperson converted  to actual sales. Though, it can be misleading to rely exclusively on a single figure, you should keep a close eye on your closing rates at all times. Also, allow you to adapt and compete in the always the changing market, industry trends, and other conditions that may affect sales. Close rate also allows you to determine lost sales, which are a more accurate measurement for evaluating sales performance and identifying opportunities for improvement.

But then, why aren’t people buying your sales and how to solve this?

1.No Time

This is the very most common rejection you can get from any prospect. When prospects say they have no time, they sometimes do mean it, the are probably honestly busy. But the mean by they are is busy is, they are saying working on other things and meeting with other people is more important than meeting with you or buying from you. If you can’t get prospects to give you a second of their time you won’t ever be able to sell to them anything.

  • Solution: Create or refine your “Pre Selling” system.

Pre selling is not the time to sell your product or solution, but to see if both you and your prospect are a match. A good salesperson never sells instead they match make, ensuring both the company and the prospect are a match in every step of the way.  A good pre-game helps to establish perfect fit between your company and your prospect. Once the fit is there you can then work on the needs, solutions and urgencies. A early planning can step up the decision making process and also gains commitment. With all that you can then only work on well qualified opportunities which can ultimately improve your close rate and efficiency.

2.No Interest

No interest can be seen in many different forms. For example,  conversations with the prospect is not engaged and is acting closed, no return calls or reply the emails, the prospect acts bored or distracted when you meet with them, or prospects that are very abrupt in their responses to you. No interest can also be the reason the decision maker procrastinates or defers the decision. If someone differs a decision that means they are not excited about making a decision.

  • Solution: Gain commitment at every stage in the sales process.

Confirming commitment is a way to ensure your prospect is leaning into you at the same rate you are leaning into them.  If your prospect asks something of you, ask something of similar value in return. If you get push back on your ask, you do not have true commitment and you should not move forward.  Additional discovery on what will make them comfortable with granting your request is most often the opportunity to get things back on track.

3.No Difference

This is a very common problem in sales  and is simply when the prospect sees no difference between your product and the competitors or they actually prefer the competitors. The extra frustrating part is you may actually have something that is truly different than the competitor, but if your prospect does not see this and perceives things incorrectly in a way that they think there is no difference, you will still have the same problem. Having something different and better than the competitor is not enough, your prospects have to think you are different. When there is nothing that makes you better than the competitor, why would anyone buy from you? If you have this challenge you will only make sales when people are unaware another alternative exists. You want your offering to stick out like a sore thumb as being different when compared against your competitor.

  • Solution: Disclose your sales process to your client once qualified.

Your prospect is not the expert on your product or service, but you are.  Taking the lead in the process and letting your prospect know what that journey will be often sets the stage to truly bring value to your future customer.  Give them the road map of a typical buying cycle for your product or service. Share what you will be expecting of them at each stage in the process. Seek agreement that they have the time and the urgency to go through this process with you.  Believe it or not, this will instill confidence in your prospect – you know what you are doing and both their and your time has value.

Make your solution different than anything your prospect has ever heard of. If it can be anything that will stand out from the rest. Focus on pointing out your product or company’s strengths, choosing ones that none of your competitors have. An idea to even improve this further would be to offer a profit protection guarantee of some sort, that protects prospects financially. This would create trust and lead to investment.

4.No Decision

If you are not getting a decision from your prospect it could be because they are just being polite but they have no belief. There are times though where the prospect has belief but they just don’t make a decision. This can happen because they are just not in the buying mode yet, they are still in the gathering information stage. In many businesses, buyers are required to gather a bunch of information before they make a purchase. Therefore if they don’t have all the information they need, they won’t make a decision. They could even have all the information they need from you and not make a decision because they are waiting on more information from another potential supplier. The other reason this could happen is because the project is being led by a subordinate and not a superior, which means if the superior is not ready to buy or not interested to buy, there will be no purchase in the near term. Finally the other option is that they have not made a decision because you have not asked them to make a decision or have not asked for the business. This is one of the most common sales mistakes.

  • Solution: Provide information about your product or service

It is tempting to move right into hardcore sale-mode but you have to be very purposeful about what you share and the depth you share it at each stage of your sales process.

If they are in the gathering information stage one option to speed up the decision is to create a sense of urgency and scarcity. This could be by offering a special discount if a purchase is made before a certain date, or stating that the price is only valid until a certain date. Make the offer of buying now instead of later. Another tactic is to mention that there are limited quantities and update them. If there are advantages to the client of purchasing earlier, such as better service or easier installation then this information is very useful to communicate as well. If the project is being led by a subordinate, change your focus to the superior and work on making him ready and eager to buy, following the same process that worked to get the subordinate eager to buy. You need to ask for the business to get the sale, always ask for either a next step or a sale, never not ask for something.

5.No Easy Way To Buy

If people want to buy from you and become frustrated during the process they will abort the buying process before they complete it. Similarly if they don’t know where to go to buy, they will eventually give up trying to find out where to buy and buy from someone that it easily accessible. Finally, if the buying process takes too long to complete or too long for the product or service to be delivered, the prospect will go to someone that is faster.

  • Solution:  Go slow to go fast.

Go at your prospect’s pace, but work your sales process.  You know how your product is bought, so stay with that process, do not cut corners, and deliver on your commitments in a timely manner.  Hold your prospect accountable for their commitments and circle back, if need be, to ensure they are leaning in at the right rate. Do not be afraid to confirm whether the impact your prospect were seeking early in the sales process is still viable.

You can also survey your existing customers and previous prospects to find out what are the frustrating things about your buying process. If you can do this, you will be able to dramatically improve your results. To avoid not being able to be found ensure there are multiple ways you can be found for example social media platforms like Facebook, Linkedin, and etc. Make your contact information very easy to be found. A great way to do this is to include it on all your corporate materials like your company’s presentations, invoices, receipts, emails etc. Finally ensure the speed in which you can deliver your product or services matches or beats that of your competition. If your competition can do it faster, there is probably a way you can do it faster as well. Analyze how they do it fast and see what you can learn from them.

Here are 10 quick tips on  how to increase your closing rate significantly:

1.Improve your sales scripting.

2.Set and hold your prospect and you accountable to an upfront agreement.

3.Optimize your offer.

4.Create a fear of losing to competitor to spark a call for action.

5.Give them a significant pricing incentive to take immediate action .

6.Use stronger risk reversal with clearer and more powerful words.

7.Be confident that your product or service can guarantee certain results.

8.Put yourself on the line of the customer.

9.Get better sales training for your team.

10.Shape your behaviors to be calm under pressure despite relentless over time.

If you want to further learn on effective strategies to increase your sales, do attend our MASTERCLASS BUILD TRUST FAST THROUGH NEUROSCIENCE . It is a masterclass which uses the triangulation of neuroscience, psychology and selling skills to increase conversion rate.Scientific research proof, neuroscience can increase your closing rate to 20% which gives you are steadier lead than the competitors.

Apart from that, this masterclass will also discuss real world, practical advice and techniques to tap into the buyer’s brain so that you can understand the science of neuroscience selling and  how to best adapt your approach and as a result you will win more business. It will also take you through the step-by-step process for selling. Describes the types of people you’ll encounter in your sales and demonstrate Ninja-style effective techniques to get the results you need.

Act now before your competition does! This is a masterclass to be experienced, not just attended. Sign up. Take a deep dive into deep learning. Apply it. Your business and your life will be better for it.

 

Web: https://talentcap.com/neuroscience-for-selling-and-persuasion-masterclass-kuala-lumpur-talentcap/

Business to Business Sales (B2B): The Science Behind Building Trust

TRUST is the vital part in B2B interactions because business relationships between companies operate very differently from relationships between businesses and general consumers.

Why?

Because, B2B relationships are often more long-term, designed to meet an ongoing need that is important to the success of the business. Secondly, is because business owners often rely heavily on the service or products provided in order for their own business to function. These business relationships should not be taken lightly, as contracts often come into play and unwary business owners may end up losing money if the service or terms are not in their favor. For B2B sales professionals, establishing trust and a generally positive reputation is essential. Business owners are more cautious than ever, particularly since the threat of data breaches and contract scams is common knowledge.

So here are four reasons why establishing trust is the secret to score an A+ in B2B sales:

 

1) Credibility

Trust is coherent to credibility. Oxford dictionary defines credibility as the power to inspire belief.  Key elements of credibility are transparency, trustworthiness and moral. So, to be credible you have to be willing to say what you don’t know, rather than just always talking about what you do know. It is basically living up to the saying “what you see is what you get.” For example, a credible witness is one whom we have reason to believe.  Always imply a commitment to truth, fairness, and company’s objectivity. People in general would stick to those who has a clear moral standards. Never underestimate the importance of honesty and integrity in the business related relationships. People who have a track record of being objective and truthful are perceived as more credible than those who don’t.  

2) Reliability  

Reliability in business is connected to consistency. Therefore, in order for a business relationship to be considered reliable it should produce the same result as promised  and similar results if repeated. Simply means when you  declare you’ll do something, and make sure to do them, keep tracks of everything. Reliability, as mentioned earlier is defined as the degree to which a measurement is error-free and provides consistent results over time so with higher reliability the less the chances for mistakes. Trust build reliability.

3) Intimacy

Trust helps you to build bonds with customers. In B2B, customer intimacy is often looked away but it also has to be always business should be customer-centric. In fact, B2B is very heavily customer driven so instead of  relying on influencing the customer into buying a particular product or service the focus should be to get the customer invest in you. This is because you are dealing with people  just like you hence ignoring their desire and focusing on money making will not always bring the desired result, and it makes repeat partnership hard to come by. Trust helps in serving customers better, which in turn boosts your business reputation and also your partner. Overall it brings increasing returns. Intimacy call this the “virtuous circle”, where one good thing leads to another.

4) Mutual respect

With B2B, every relationship established is vital. In today’s business climate, surrounded by what seems to be a culture of division and disrespect, it’s more important than ever to create an environment where mutual respect is encouraged, and flourishes. Building a culture of mutual respect starts with having respect at the heart of your business. By sharing and perpetuating your company mission, vision, goals and objectives with your business client in everything you do will ensure that they  are going to treat as you would like. So, trust play a huge role in establishing respectful relationships in the business which benefits everyone and it is free with huge returns. So win win situation for all.

 

Below are some actions B2B sales professional can take to establish a trustworthy reputation.

1)Focus on relationships.

With B2B, every business relationship is vital. Established customers should receive regular contact and updates on products or services, or simply a call to keep the relationship strong. A few minutes of time can build a level of mutual respect, gratitude, and commitment that will not only keep business relationships strong, but will also ensure that the satisfaction customers feel with the company will be heard clearly in mutual circles. Word-of-mouth is no small thing, particularly in B2B relationships. A few kind words from a respected fellow business owner has more weight than a thousand positive online reviews.

2) Be consistent.

The fact is that trust is based on truth, honesty, and dependability. Business owners need to know that the products or services they rely on will be delivered consistently every time. Or, they need to know that they can depend on the company to contact them if a problem arises before the problem becomes a disaster. Delivering consistent products or services is second only to consistent contact and information. Out of sight, out of mind is a true adage, and good B2B  sales profesionals do not want to fall out of mind if they’re hoping to establish strong business relationships.

3) Help others connect.

Business owners know better than most that a good connection can mean the difference between a good year and a bad one. B2B sales professional and companies are in a unique position to be able to see how several different companies work and potentially facilitate relationships between those organizations, when needed. This simple act is a sign that the company truly has the best interests of its clients at heart, which is honestly good for both the business owner and the B2B company. After all, a successful company means a need for more products and services from their B2B supplier. What’s good for one is good for both, and a supportive business relationship from the B2B company only makes sense in the long run. It’s just good business sense.

More than most, B2B companies need to establish a good reputation and a sense of trust in the right circles to find success. Getting started is sometimes challenging, because many organizations have already built working business relationships with established companies, but the opportunities are there.With the right focus, dedication to client success and a commitment to building strong working relationships word will spread, and business owners and decision-makers will always be drawn to an organization they can trust to do consistent, reliable business. Their own success depends on it.

 

How does science come into the picture?  

Neuroscience

As you be aware now, trust is the foundation of any successful business. Neuroscience suggests that you can influence how much they’ll trust you, and in turn, empower yourself to build an organization that is built upon trust. Everything that happens in our brain is  generated by different chemicals interacting with brain cells to bring out various responses, including emotions.. These chemicals can be stimulated in sales proposals, in turn, evoking the desired emotional response in prospects.  With the help of neuroscience, we know exactly what chemicals each element of a sales proposal should target.

This extrapolation process, however, is not that easy. It requires both a strong scientific background and a high level of business awareness to know what information is actually relevant and to whom it is relevant to. Understanding the emotions and driving factor of customers is important, particularly in relation to B2B sales and decision-making processes. In B2B sales, you do not just need to be aware of the need of the customer but also the emotions and the impact they have on these aspects.

Though, most salespeople know what to do but under difficult selling situations, they buckle and default to nonproductive selling behaviors. This is when neuroscience comes in handy. It helps to stimulate certain cells and neurons in the brain which you can use it to your favor to improve your sales.

So, how neuroscience in sales actually work?

Creates addiction-  Neuroscience helps you to write sales proposal better by releasing ‘Dopamine’. This is a huge and powerful neurotransmitter in our brain which is responsible addictions. Your brain releases it when you encounter people who you generally care about you. So, when you to include information that will make the customer feel this way, it will stimulate the release of dopamine and get a following among your circle. Thus, increases chances are repeating partnership.

Reduces stress- When we are feeling stress or fear, the brain releases ‘cortisol’. Its release often results in shutting down the rational brain and acting on impulse. With the help of neuroscience you can cut down the release of cortisol by identifying the main problem. When you know the problem, you can clear off the way to ensure that problem does not arise.

Enhance solution making- Another neuron in the brain called  endorphins, this counterbalances cortisol. They stop us from feeling pain or discomfort. If you present your solution as the best counterbalance to the problem, your customer’s brain will release ‘endorphins’ which will reduce the perception of fear and make them feel better. By this way, you can comfort the customer with the right solution to their problem.

Initiate call to action- ‘Oxytocin’ is the chemical that make us feel happy and motivates reciprocation. If you are able to stimulate this cell, you can target you customer to a call to action and elicit a positive response from the customers.

So, in conclusion building trust is both an art and a science. Though the whole concept may sound very complicated don’t worry I got a solution for that. It’s called Neuroscience for Effective Selling & Persuasion Masterclass. This is a  2-Day highly interactive high-trust selling masterclass which guarantees to help to  build trust fast. The speaker for this masterclass is going to be the profound Ian Rheeder. Ian has conducted extensive research into neuroscience to understand how the brain responds during sales and negotiation and when a person is making buying decisions. His insights have created a highly effective sales tool that will help you close more sales with less effort and building trust is what believed to be the key improvement.

 

 

 

For more information:

https://talentcap.com/neuroscience-for-selling-and-persuasion-masterclass-kuala-lumpur-talentcap/

 

 

CMOs Take Note: Everything about Property Marketing in the Big 5 of ASEAN

As we all know the traditional forms of marketing property has  fizzled out ages ago the new era of digital marketing has dawned. Thanks to the global connectivity hub known as the internet, people no longer have to turn to traditional media to market a property or any other form of real estate. Gone are the days where consumers lack transparency into a market that once used to confuse and perplex everyday average individuals looking to buy or sell a property .

 

How property marketing looks in the ASEAN region?

THE BIG 5 OF ASEAN. Photo credit, Kavitha Manimaharan.

There is no doubt that ASEAN’s property market holds great potential in all the 10 member countries. The region as a whole remains as a bright spot amid a subdued global economic outlook, as ASEAN economies continue to grow at 5% per year compared to a global growth rate of 3.5% per year especially with its young people eager to make their mark in the world. However, Global consultancy firm CBRE’s ‘ASEAN Economic Community noted that conducting business in each member country is different. While it’s generally transparent and relatively easy to do business in Singapore and Malaysia, other countries like Myanmar, Laos and Cambodia have a lot of catching up to do in terms of creating a more conducive environment for property businesses.

Due to various reasons like profit margin difference, demographics and so on, it is very difficult to adjust the same property marketing strategy for all of the member states.  This can lead to pricing issues like for higher margin product needs price adjustment downwards. However, like mentioned earlier, the market as a whole in the region is very prospective because Asean on a whole is no longer seen as merely an emerging economies, but it is and need to be  considered bona fide global player that has entered a phase of explosive growth. Real estate market here is experiencing another decade of sustained growth, while there will be market corrections in some cities there is no denying the healthy long term prospect.

Right now let’s take a long at how individual member state of the region is doing in term of property marketing. Take would give you a better picture of the performance of the region as whole. We will be focusing on the top 5 Asean countries which are Singapore, Malaysia, Thailand, Indonesia and the Philippines.

 

ASEAN-5 Property Marketing Insights

Singapore

Singapore- ASEAN’S biggest metropolitan

Singapore is Southeast Asia’s hottest real estate market. Property sales volumes in Singapore has rose by 50.0% in Singapore in the first half of the year to US$5.8 billion which is higher than Asian tigers like Hong Kong and Tokyo who struggled with excess stock, soaring prices and economic uncertainty.Singapore in fact is the  only property market in Asia region in which government efforts to contain price rises have actually been successful.

The outlook for retail property is also though clouded by a drift toward online purchases but the shopping malls are still drawing big investment. Most part of the country is over-supplied with especially with office space, but investors are generally optimistic of Singapore’s prospects because of consistently strong economic growth, rising incomes and urbanization.

Another major factor is the rash of redevelopment deals inked by developers who are looking to replenish their land bank. This has released huge amounts of liquidity and unleashed cash-rich investors in to the Singaporean property market. Research by RHB shows that 87% of property buyers in the second quarter of this year are local residents. The main concern here is that many local buyers are over-committing themselves to loans without thinking about how rising interest rates could affect their ability to service the debt

So, what to expect in future?With rising interest rates and increasing vacancies, investors who bet on rental income are now realising that their investment cash flow is weak, and expectations of capital gains are far out in the unforeseeable future. Try to cool the market is harsh though it may be is the correct thing to do. Reports suggest that, the Singaporean property market to go quiet for the next half of the year as developers and investors wait for the dust to settle.

Malaysia

Kuala lumpur infrastructure

Malaysia has extremely liberal policies related to foreign investment in commercial property and can offer attractive yields.  The prospects of appreciation in the currency which is ringgit and strong economic growth now make Malaysia an outstanding regional investment opportunity. However, the property consultancy cautions that there will be a period of adjustment and consolidation to clear existing stock before any price increases can be seen.

This year for instance has been a challenging year for the property market in the Malaysia. With the political swift within the country the many questions arise such as is whether the uncertainties are finally over? Will the new government’s pledges do the property sector any good? And when will the market glut finally end? It is anticipated that the Malaysian market to have a knee-jerk reaction following the current political situation and the second quarter of 2018 is predicted to be relatively quiet for property transactions. However, the outlook for Malaysia appears to be promising, as the new government sets to work to address some of the institutional problems that have held back Malaysia’s long-term prospects and deterred foreign investment,” it says.

As for the future, what can be foreseen is  that property marketing will firm up in 2019, and it will be early 2020 before developers can respond by stepping up supply. In short, particularly the country’s capital Kuala Lumpur will be the best the spot for property investors and the city has already attracted big names to it site.  In summary, there never been a better time to invest in Malaysia then the coming future.

 

Thailand

Thailand looking bright as ever

Thailand has grown into a very popular place property investment . Main two reasons are the central location and investor friendly government policies. Thailand economy is doing very well especially from last year onwards and their currency the Baht is relatively high to US Dollar.  Thanks to a good economic growth Thai property market is going strong and expect to grow at this rate.

In the first half of the 2018, many consumers delayed their purchases due to economic uncertainty within the country, and were waiting for the government to launch a stimulus package for them so they could buy a property at a lower price but regardless of the slight downfall the Thailand’s GDP growth could end this year at 3.8 percent and top 4 percent in 2018, according to The Centre for Economic and Business Forecasting. Developers are poised to spread their investment across the property  market by the end of 2018 with an increment of 15 percent from the pervious year.

In fact, Thailand property market has been the brightest this year among the other countries in the region. It is expected that even more projects and foreign developers penetrating through the market. The overall market outlook is very good with a very low-risk factor. The key is readjusting the business plan to the constantly changing Thai people buying pattern.

 

Indonesia

Prospectful Indonesia

Indonesia’s economy has to lifted off, with the property sector garnering investor interest. Historically speaking, property market in Indonesia was held back by infrastructure and regulatory challenges. However, the Indonesian administration is making headway in improving infrastructure, easing bureaucracy and encouraging investment.

A recent report by the Indonesian Infrastructure Organization says, the potential has been there for some time as Indonesia offers the scale in terms of demographics and population that is required for logistics to grow. With increased political and economic stability alongside a growth in demand for consumer products, property market is on demand.

Most of the property companies in Indonesia has recorded net profit increases in the double digits this year and THE property market is expected to expand at least 5 % by end of this year. While the government has moved to prevent a real estate bubble, and a commodities price crash and macroeconomic slowdown weighed on growth the sector began to regain its footing in past few years and its property sales forecast to rise for the first time in six years in this year .The biggest contributor to the growth of property market in Indonesia is the  growing middle class and rising levels of urbanisation have. This has been a huge support for the growth of real estate in Indonesia, and there remains substantial room for expansion in the coming years.

Though most part of Indonesia are still untouched but the capital, Jakarta is expected to see more emerging high-quality projects in this coming year. Nevertheless, the Indonesian foreign investment policy is relatively strict, with local developers being in full command, this may turn a few intentional investors away as the law refrains them from profiting off property buying.

 

The Philippines

Philippines going steady

Though  Philippine economy has not  grown in a big margin like the rest of the countries in the list but it has been growing up  by 6 to 7 per cent in the last five years. The country’s foreign policies and incentives that attracted foreign investors especially to major cities like Manila and Cebu. The real estate industry’s steady growth in the past decades is attributed to the increase in demand for residential and commercial properties driven by various factors. These demand drivers, are including rising urban population growth which leads to increased needs of  house in the big cities.

Oxford Business Group (OBG) stated in their annual report that years of investment and strong economic development in the Philippines have fostered a robust real estate sector that now extends outside of the greater Metro Manila region and into secondary markets around the country. Economic development and a growing middle class continue to fuel demand for new, high-grade residential units, while commercial investment drives an ever-increasing amount of retail and office space.”

 

What is the future for property marketing in ASEAN Region?

As further liberalisation takes place down the road among the 10-member Asean states, the region, which currently is the fastest-rising economy in the world, will be the best place to scout for properties due to its huge upside potential, It is the time to take cross border investment and ASEAN is the best spot for that thanks its rich cultural and diversity background. Commercial properties such as shopping malls, hotels and student accommodation will also be a great investment as ASEAN has a huge young demographic. Another advantage to Asean favor is it  could turn out to be the biggest beneficiary because of the current global economic slowdown as many American and European companies decide to cut costs and relocate to cheaper destinations.

Though the vast globalisation in the region made it more lucrative for propertY  investment but it is also challenging to be honest. Today, ASEAN consumers are savvier than ever. As the internet evolved, so has our unfiltered access to information across the spectrum. This has been very beneficial to the real estate market, which has always been one of the most profitable lines of business since the dawn of time. Now we can see an explosive growth of in the field. The are more agents and owners and everyone’s ultimate goal is to get  the buyer’s attention through any form of digital marketing means.Just like every other highly-saturated field, it is no longer simple to gain the customer’s awareness. They’ve learned to weed out the nuisances and cancel the noise as they search for the perfect home on the web. With fierce competition in the marketplace, potential buyers are armed with all the data they could possibly need, forcing real estate agents to compete and set themselves apart more fortuitously than before.

So, that is the the truth there. It’s difficult to sells property today. It’s become excruciatingly painful to set yourself apart from the fray. With the biggest players in the market aggregating themselves through multiple site , most have come to realize that real estate marketing is an extremely complex field that requires weaving together a number of online marketing disciplines. While much of this has little to do with the everyday consumer, real estate agents are constantly searching for ways they can gain an edge in digital real estate marketing.

 

 

 

 

The Mind Game: How Neuroscience Nurtures B2B Sales and Marketing Potential

Companies assume that brand building is more of an art than a science. However,  prominent companies use a combination of art meet science, to make decisions that appeal to their customers on an emotional and logical level.

Neuro meets Marketing

When marketing enters the world of neuroscience marketing, it gives companies  and brands an insight into the way the brain responds to certain stimuli. While neuroscience focuses more broadly on the behaviour of the human brain, “neuromarketing” looks at how companies can adapt their brand awareness strategies to influence customers on a psychological level.

Considering how much work we put into influencing the human brain, approaching branding from a scientific perspective makes a lot of sense especially because:

  1. 95% of buying decision are subconsciously made ( Harvard, 2018)
  2. Human brain process visuals 60,000 times faster than text which is  why pictures are important to content. ( LivePlan, 2018)
  3. 70% of the time, companies struggle to get customer attention both on offline and online platforms. (Zoho, 2018)

 

Neuroscience Marketing Definition: The Connection between Brain and Brand  

The biggest challenge for sales people and marketers in today’s world is getting better results while spending less money. How can we solve for this challenge? Neuromarketing. Since the begin of sales and marketing companies are trying to  understand human attitude and behaviour to create products, services, logos and campaigns that appeal to the right customer. Sales people and marketers have even used these strategies to identify ideal user personas, using the right demographics and psychographic information. The more you can learn about our customers from a scientific perspective, the more we can adjust our marketing campaigns and advertising strategies to appeal to the right group and minimise budgetary waste.

For a basic neuroscience understanding , you just need to know that neuroscience is a field of research that studies the cognitive and affective responses of human brain. Essentially, it focuses on figuring out how the brain responds to a certain stimuli. So, in the case of “neuromarketing”, the main focus is on finding out how the brain responds to certain stimuli in marketing. Big  companies like Google and Disney have invested in neuroscience marketing.Neuromarketing uses neuroscience methods to measure consumers’ neurological reactions to products, commercials, brands and so on. Thus, companies assure maximum appeal and immense profits. Although they may offer different services and products, the objective of all businesses is common which is  to understand our brain so they can manipulate us into desiring what they offer. Neuromarketing enables them to do exactly that.

 

How exactly does Neuromarketing work?

It is not as complicated as it sounds to be honest though it is very scientific. Let’s say you are asked to  think of something, the brain impulses travel to the cortex of the brain and make the articulators respond. This process whole  happens so fast that the Electroencephalogram, (EEG) can capture every impulse. During the half second from when our brain receives a stimulus, and before it reacts, there’s  something entirely neurological happening that is free from the control of the conscious which we call subconscious. It’s the action before our conscious filters the data because of bias or societal responsibility. The EEG promptly reads these electrical waves and relates them to memory, emotions and attention according to the activity in specific areas of the brain. It’s fascinating and may sound complex , but this half-second is the prime time here. It will give an accurate insight of how a person feels when watching a commercial or thinking of a product.

Neuromarketers claim though such methods are more cost effective, but it is even more efficient than traditional methods such as focus groups or surveys. A test using neuroscience methods like EEG does not need thousands of people to produce accurate findings. It only requires a sample of just twenty people. The low sample number is because our brains are remarkably similar, although there are differences between gender difference and age difference are some of the variables. Skeptics are fearful about the use of neuromarketing and mass manipulation over consumers. However, it can be determined that these tests can provide companies with valuable information, unlike traditional strategies. With neuromarketing tools they will know how to design products to look, function and feel before they are even ready to hit the market, minimizing risk and maximizing all resources.

 

Can Neuromarketing  Make B2B Sales and Marketing Better?

B2B and Neuroscience

Neuroscience tells people to make decision based on emotion. Emotional values provides double the value of what business value does on B2B purchase. Though, on the first look, for B2B marketers, neuromarketing may appear too impractical and too costly but looks can be deceiving and the result is big! Why, Neuroscience works for B2B marketers? Mainly, because Neuroscience tells people to make decision based on emotion. Emotional values provides double the value of what business value does on B2B purchase . In the book Persuasive Advertising: Evidence-based Principles, it is states  that behavioral and brain sciences are quite relevant to today’s marketing challenges. Marketers tend to go just on gut feeling and personal experience instead, it is the understanding evidence-based principles which can improve the ability and expertises to develop persuasive marketing  and most importantly avoid ruinous results.

For example, many sales and marketers are using Internet surveys to improve customer satisfaction. But studies decisively show that surveying customers while they are using a product or service actually harms satisfaction and reduces useful feedback. This is because when consumers expect to report about their satisfaction with a product or service, they adopt a critical attitude. They search for things that are wrong. This leads them to have a less enjoyable experience. For B2B marketers, it’s worth exploring how neuromarketing and a cognitive content strategy apply to B2B—not just to flood Google and Facebook with more messages, but to influence, persuade and sell more minds.

This is where most sales and marketing organizations and sales people go wrong. They spend all of their time on using a PowerPoint presentation as the key to communicating their message, with little to no time spent on fine-tuning their delivery. With neuroscience, it is more focused on how to deliver the right information in the right way to our prospects, we can better engage them and move them from inaction to action. With the help of neuroscience, you can also close more incremental sales by developing processes that integrate neuroscience, conversational intelligence, and DISC profiling.  This makes it possible to systematically help your salespeople reduce the time it takes to prepare for a meeting and at the same time helps them focus on what is important to the person that they will meet.

The closer your selling is aligned with how the brain is wired to create a buying decision, the more successful you will be. The less aligned, the less effective. This gets to the root of success and failure in selling. When you sell with real science, it’s not based on opinions or experience, and sometimes it leads to counter-intuitive approaches, but once you see it, and you start using it, you start seeing results.The best  thing about science-based methodology is that it’s totally buyer-focused. Everyone says they are buyer-focused, but with neuroscience, it’s really about what’s going on inside the brain of the buyer. It’s no longer a mysterious thing.You are now armed with the science, and can improve any salesperson’s performance, regardless of natural ability, regardless of where they start.

At end of the day,  what makes sales people to just “wing” their sales matters. With neuroscience, B2B sales and marketers are now able to prepare on a higher level and spend less time in doing that preparation. The process is simple and straightforward, providing the sales team with key information that directs their preparation with a laser-like focus, saving them time and building their confidence. They go into a sales meeting not only understanding the needs of the customer better, but also how they should present the solutions in order to gain the client’s trust and set the groundwork for future co-creation.It is not the sales your team would have gotten anyways that are at risk, but the incremental sales that you lose.  

 

How does Neuromarketing Helps Sales and Marketing?

1.Develop Nurturing Campaigns to Win New Accounts

As B2B Sales person your job is no longer just to try to close every visit you make with a prospect. Your job is to nurture this prospect by building a trust based business relationship. To do this particularly for a prospect, you must nurture the account with regular touches. Now, this is important  the touches are not sales letters or product demos or special pricing deals your job is educate the customer on things that interest the prospect. Articles on their industry trends, case studies showing how other companies solved issues similar to the prospect’s issues, white papers showing a third party research or testimonial regarding things that are important to the prospect. By the way, when I started selling it only took about four or five visits for the prospect to know who you were and what or how you could help them.

2.Uses Brain to Increase Productivity and Efficiency Rate

Neuromarketing is useful for detecting customer trends. Whilst companies often seek to portray a sense of safety and security but speed and efficiency may be what customers are after. For example, PayPal has discovered that the promise of convenience activated the brain more than security. Neuromarketing combines research in consumer behavior and cognitive neuroscience to understand judgment and decision making. It focuses on attention, memory, rewards and risk aversion. Though,some  marketers believe it is mostly hype and questions the scientific and ethical validity of using psychological research in marketing and sales. Others believe that it is hyper effective and are willing to pay a high price tag to gain insights that will give them a competitive advantage. Statistics does shows that with the art of understanding human brain you can uplift productivity by at least 20%. 

3. Rapid-Response Rate Which Boost Motivation and Confidence

Your salespeople and marketers are now able to prepare on a higher level and spend less time in doing that preparation. The process is simple and straightforward, providing the sales team with key information that directs their preparation with a laser-like focus, saving them time and building their confidence. They go into a sales meeting not only understanding the needs of the customer better, but also how they should present the solutions in order to gain the client’s trust and set the groundwork for future co-creation.Neuroscience has shown that most of our decision-making is automatic, intuitive and instinctive and ‘rapid-response’ part of our brains. After that initial ‘autopilot’ response, we then rationalise those decisions, the brain the reflects the logical section which automatically gives more confidence. This gives more reason  to the customer to believe in your company because you are providing informations that goes directly into their subconscious mind.

4. Helps to Understand Emotional Reaction Which Ultimately Lead to Higher Profit

One interesting thing utilized by neuromarketing is that people really don’t want to lose out! People are more worried about what they might lose to what they might gain. For this reason “buy before it’s gone” strategies are highly effective. When the alternative option is posed as a loss, consumers are much more likely to buy. A concept called “framing” is highly important in neuromarketing. This technique is teaches how to present decisions to consumers in a way that makes them more likely to splash the cash. Unlike back then where brain imaging was purely reserved for use  the academic and scientific purpose, neuromarketing, has tapped into the incredible potential of fMRI imaging to grant us insights into human behavior and consumer habits. With that, you can compare advertising campaigns before releasing them to the general public. This gives an incredible potential and advantage for enhancing marketing strategies, increasing engagement and action. Simply said, bringing in more cash.

 

Is neuromarketing praticable though?

The answer to that is certainly a yes. Though, skeptics are fearful about the use of neuromarketing and mass manipulation over consumers. However, it can be determined that these tests can provide companies with valuable information, unlike traditional strategies. With neuromarketing tools they will know how to design products to look, function and feel before they are even ready to hit the market, minimizing risk and maximizing all resources.

The idea that the brain can reveal hidden and profitable truths about consumers is attractive but can also be misleading, not least because behaviour is the bottom line in business. The most powerful development in marketing is not neuroscience but invisible and ever-present experiments. Every time you go online, marketers can test which ads and prices make you most likely to part with your cash. Because people today tend to shop on the internet more, few realise that others are tested with a different set of images and offers, before the most effective ones are chosen for the biggest return. The benefits are obvious, the tests are easy to run, and the scale is massive.

 

If want to know and learn more about neuromarketing do attend our Neuroscience for Effective Selling & Persuasion Masterclass by  Ian Rheeder, a Chartered Marketer and holds an MSc in Persuasion Science. He draws on 30-years of practical sales experience and an obsession with studying neuroscience. Ian has successfully trained thousands of salespeople – every single delegate strongly agreed that CUSP® is a simple yet powerful persuasion system.  His previous corporate position was marketing & sales director of the global zipper giant, YKK. This 2 Day masterclass is a highly interactive high-trust selling masterclass is guaranteed to increase conversion ratios, whilst increasing job satisfaction using a triangulation of neuroscience, psychology and selling skills. Upon completing the masterclass, you will be awarded a certificate of completion.

For those who are interested for the Neuroscience for Effective Selling & Persuasion Masterclass , please refer to the below on event details:

 

For latest, please visit: www.talentcap.com

 

 

 

TalentCap #DMICON Digital Marketing Innovation Conference to Deliver Cross-Industry Insights for ASEAN Real Estate CMOs Leading the Experience in a Customer’s World.

TalentCap #DMICON Digital Marketing Innovation Conference to Deliver Cross-Industry Insights for ASEAN Real Estate CMOs Leading the Experience in a Customer’s World.

Singapore – August 15, 2018 –

The TalentCap #DMICON Digital Marketing Innovation Conference delivers practical digital marketing insights from global industry leaders. The highpoints include 20+ speakers from across all industries, 2 panel sessions and 3 workshops by prominent international coaches.

The conference is targeted towards key decision makers, C-levels and marketing professionals from every sector and participants will be able to explore how top digital marketing leaders maintain their edge through 27+ different tactical areas of digital marketing. This includes everything from customer experience, video marketing, social media marketing, omnichannel, artificial intelligence, to data and analytics.

Price and features are no longer giving a company an edge.

Digital marketing is revolutionising the customer experience in every sector with interaction between businesses and consumers are becoming more complex, personalised and more interactive. To remain competitive and meet the increasing demands in today’s digital market, ASEAN companies are reinventing themselves by making customer experience as the main focus in their digital marketing and communication strategy. Price and features are no longer giving a company an edge – as  how a company makes the consumers feel is just as, if not more important.

With the market growing highly saturated with the growing numbers of brands offering similar products and services, CMOs have to exploit the latest technology in digital marketing such as artificial intelligence to explore the insights on their customers. According to Forrester Research, insights-driven businesses are gaining an edge on companies that are not insights-driven as they are able to produce content accustomed to every individual consumer.

ASEAN Real Estate Leaders Are Looking Into Innovative Digital Marketing Strategies To Remain Relevant.

The ASEAN property sector is becoming notoriously known for its slow jump in the digital bandwagon, as they prefer to advertise their products using traditional and offline channels. However, to stay relevant in the competition, today’s real estate leaders and marketers are looking into digital advertising to reach out to potential customers while improving their existing customer service by delivering an exceptional customer experience to potential prospect and existing customer.

One of the reasons why property leaders are finding it difficult to provide an A+ customer experience is because they are failing to identify the various touchpoints experienced by prospects and existing customers when dealing with their company – from the initial engagement until parting ways. Both prospects and existing customers are having completely different expectations, demands and touchpoints, therefore it can be difficult for property companies to successfully target and deliver amazing customer experience at every touchpoint.

Issues such as limited channels for inquiry, difficult transition from web browsing to the application process, limited channels for payment and renters aren’t able to get in touch with the management anytime of the day are some of the issues that can decrease the level of customer satisfaction thus affecting the overall customer experience. Poor customer experience can result in loss of prospect as well as the existing customers as they may look into other real estate companies that can provide for them better services.

It is important for companies to list out every potential contact that consumers may have with the company, and review the current procedure and how it can be improved. For example, companies must make sure that their websites are easy to navigate and provide all of the necessary information so prospects can make decisions a lot faster and easier. Besides that, companies must make sure that someone is always available for consumers to get in touch with, even outside regular business hours. Chatbots is greatly solving this issue, as it is possible for chatbots to respond to any inquiry at any given time of the day, in a very precise manner while keeping the conversation feeling “humanlike”.

Customer experience is the responsibility of the entire organisation. All business units within organisations must work hand in hand with their digital marketing teams to ensure that excellent customer experience continues – even after successfully changing a prospect into a customer. By employing suitable digital marketing strategies and technologies, the company can assist their employees in meeting the needs of their customers therefore ensuring an increase in the overall rating for customer satisfaction and experience.

Staying Ahead by Learning & Implementing Key Tactics from Other Industry Domains. 

Keynote speaker Ahmed El Sanhoury, the Head of Social Media at Mindvalley presents the topic “Leads and Ecommerce Conversions: How Social Engagement and Listening Triggers Conversions”.

Mindvalley is a global school headquartered in Kuala Lumpur where the aim is to deliver transformational education for all ages. With over 3 million students from around the globe, Mindvalley partners with some of the most exceptional teachers, best-selling authors and brilliant minds to produce the best-in-class learning experiences in every area of life. Whether it’s Alan Watts (Zen Philosophy), Robin Sharma (Leadership), Lisa Nichols (Public Speaking), Donna Eden (Energy Medicine) or Neale Donald Walsch (Conscious Evolution), Mindvalley teachers are legendary educators in their field with over 70,000 hours of video content are consumed by fans, every week.

Ahmed highlights, “A user journey of discovery could start with a comment; don’t let it end there. When was the last time your brand really spoke to your target audience? Building a scalable social engagement and listening strategy is a must for any brand that wants to play the social game right. When you combine it with your marketing automation and ad retargeting efforts, you will see a direct increase in your leads and ecommerce conversions.”

Ahmed’s keynote is for decision makers and for anyone else who are interested to learn on how to create a framework for social listening and how to apply advanced social engagement tactics to a brand’s social media marketing. Ahmed will go through the methods that have worked during product launches, events and live streams – including the story of how they made 500 USD by accident. Ahmed will also showcase how social engagement benefits organic and paid content performance directly and how to drive leads to funnels and touchpoints.

Keynote speaker Avis Easteal, the Head of Consumer at Luxasia presents the topic “Data Driven Omnichannel Marketing & Automation: How To Approach Changing To Automation”. Avis highlights. “Broadcast is dead.  Automation and personalised customer journeys is the future.”

Luxasia is Asia’s leader in omnichannel marketing for beauty and luxury lifestyle brands where it carries over 150 of the finest beauty and lifestyle brands from all over the world which include La Prairie, Bvlgari, Guerlain, Prada and Hermes, and successful joint ventures with the likes of LVMH Group, PUIG, Yves Rocher, and Elizabeth Arden. With over 32 years of experience in the business, Luxasia has become a regional beauty brand empire with more than 2,000 staff in 15 countries across the Asia Pacific, and a growing network of over 3000 retail touchpoints in department stores, retail stores, standalone stores and even pop up stores.

Keynote speaker Ronnie Thomas, the Head of Strategy and Planning at PHD presents the topic “B2B Marketing: How To Create A Demand Centre By Looking Internally Rather Than Externally For New Sources Of Growth”.

PHD is one of the most acclaimed media and communication agency networks with numerous recognitions from around the world. Founded in the UK in the year 1990, PHD combines the latest industry insights with the best creative minds to deliver smart strategic thinking and creative innovation for some of the world’s largest advertisers. With over 28 years of experience, PHD is a global network with 6,000 employees and 80 offices in multiple countries, and continue to lead the way in the evolution of communications planning around the world.

The conference feature includes a deep dive workshop facilitated by Ian Rheeder, a Chartered Marketer and an international sales coach with over 30 years of practical sales experience and an obsession with studying neuroscience. To this end, he developed the simple CUSP® Sales & Negotiating System.

Over the past decade, Ian has successfully trained thousands of salespeople – every single delegate strongly agreed that CUSP® is a simple yet powerful persuasion system.  His previous corporate position was marketing & sales director of the global zipper giant, YKK. His sales and marketing management experience includes 30 international FMCG and B2B brands.

At the #DMICON, Ian facilitates the workshop topic, “The Neuroscience of Customer Experience Management.” Ian will get you to fully appreciate the elusive topic of Customer Experience Management (CEM) by presenting actual case studies that have been recorded using hidden cameras. Some of the take away of the workshop include understanding the basics behind customer experience management and insights on how to measure Employee Engagement and what it means for the customer.

Teaming up with the region’s innovative and forward thinking organisation, TalentCap is pleased to welcome on board, PRWIRE Asia as a Strategic Partner at #DMICON Digital Marketing Innovation Conference Singapore, September 2018.

PRWIRE Asia is a leading Asia-focused press release newswire, focusing to develop an impressive identity for their client’s brand while accelerating the brand building process by elevating the story to be highly attractive in online search engines, especially Google.

PRWIRE Asia will support #DMICON by providing international media outreach for the conference and delegates, raising awareness across SEA and worldwide through their highly customizable public relation, branding, marketing, and commercial journalism solution.

Attend the #DMICON Digital Marketing Innovation Conference Singapore to gain latest insights on digital marketing trends and innovation.

With plenty of cross industry learning and networking opportunities, the #DMICON is the perfect place to build a professional network, find business partners, and generate new growth ideas. By learning and implementing key tactics from other industry domains, participants will be able to stay ahead of competitors and increase the overall success of their company.

TalentCap has a vision to become the foremost thought leadership platform in the region, creating unmissable events that feature inspiring speakers sharing their first-hand expertise with delegates. As such, they have gone above and beyond to make this event as impactful as possible.

For those who are interested for the #DMICON Singapore chapter, please refer to the below on event details:

Dates: 26-27 September 2018 (Wednesday & Thursday)
Time: 9am – 5.30pm
Venue: Singapore

Get your tickets here: https://talentcap.com/digital-marketing-2018-singapore/

About TalentCap: TalentCap produces quality information and events for the international conference industry. We recruit the best speakers, provide the best training and offer the best networking in the industry. We produce innovative, inspiring, and indispensable event solutions and services. We provide businesses with insights and contacts they need to grow. We curate content for specific industries and to facilitate dialogue and strategic thinking. We expose sponsors and partners to a highly engaged international audience. We aspire to Inspire and equip business leaders to achieve extraordinary results. For latest, please visit: www.talentcap.com

#DMICON Pre-Event Q&A: Keynote Speaker, Andy Clark, Vice President & Managing Director APAC, Tealium

TalentCap is pleased to Welcome Andy Clark on board the #DMICON! It’s going to be exciting to hear you speak about “Building Customer Loyalty: Why a Customer-Centric Focus Means Ownership of Your Data Supply Chain.”

Andy highlights, “Organizations leverage multiple martech solutions, channels and marketing initiatives in the hopes of being able to reach their audience in a variety of ways. Massive amounts of behavioral profile data is collected at each of these touch-points, which is extremely valuable in driving better decision making around audience and individual targeting. The challenge is that most brands aren’t able to effectively connect all of the data they are receiving, and thus, aren’t able to create a single view of their customer. Brands who have successfully instituted a customer-at-the-center mandate within their business, by connecting their disparate data sources, are seeing powerful results in their now customer-centric campaigns and strategies.”

Andy Clark is the Vice President & Managing Director, APAC at Tealium. A digital technology veteran, with nearly 20 years of building and leading teams in Asia Pacific for dynamic, growth-oriented technology companies. Prior to Tealium, Andy served as Group Vice President, Asia Pacific for Limelight Networks, providing cost-effective, multi-channel digital content delivery platform technology. He has also held senior positions at Crossbeam Systems and RightNow technologies in Japan, as well as led the integration software efforts for IBM in the region. Andy holds a Bachelor of Arts in Japanese Literature from the University of Washington, and studied Japanese Language and Literature at Keio University in Tokyo.

Tealium powers the new era of real-time customer engagement and marketing, enabling global businesses to unlock their customer data and create more meaningful, relevant customer experiences. The company’s industry-leading universal data hub encompasses tag management, API hub, customer data platform, and data management solutions that enable organizations to leverage real-time data to create richer, more personalized digital experiences across every team, technology, and customer touchpoint. More than 800 organizations worldwide trust Tealium to eliminate data silos and build a unified, actionable customer profile. Tealium is backed by top venture investors; Bain Capital, Battery Ventures, Georgian Partners, Presidio Ventures, and Tenaya Capital.

1. How is digital marketing impacting business growth?

As brands continue to spend more budget online, the impact of digital marketing on business growth is clear.

Digital marketing allows for more precise targeting at scale, with greater opportunities to gather insights and deliver meaningful conversations that are driven by data.

Digital marketing should not be isolated within an organization  – to create a genuine 360-degree view of each customers, it is important to stitch data together from all consumer touchpoints, from both offline and online sources.

2. What are your predictions on digital marketing trends in 2018?

There will be a continued explosion of data from a myriad of sources including CRM, Point of Sale, wearable tech, and IoT enabled devices, alongside mobile, desktop, and call centre.

Marketers will embrace machine learning to help them collect, manage, and analyse this volume of data so they can deliver the most relevant and engaging conversations to consumers via their preferred channel, in real time.

Connecting bank-end systems to front-end systems will become an increasing priority for data-driven, digital marketers, so they can connect the dots between historical data, transactional data, demographic data, and behavioral data.

Data compliancy and new regulations will continue to determine how data is collected, stored, and processed, creating an opportunity for marketers to create a 360-degree view of consumers, in turn allowing greater relevancy with the most receptive audience.

3. In building a marketing technology stack, what are the complexities CMOs will face in the process?

The building of a marketing technology stack is never complete – as technologies constantly evolve and customer demands increase, the need to constantly innovate is always high.

CMOs may face challenges with in-house resource, expertise, and the ability to prioritise constant development within the company to maintain custom systems.

4. What should marketers look for when it comes to choosing a digital marketing technology stack?

When choosing a digital marketing technology stack, marketers should look for platforms than can integrate with other vendors across the industry and connect data silos within their organisation, to ensure that all communications with consumers are unified across channels and devices.

A digital marketing technology stack should have the ability to easily transport data to where it needs to be, analyse it quickly, and enable marketers to deliver in-the-moment and intelligent conversations across all customer touchpoints.  

5. How Tealium can significantly increase marketing performance?

Creating a strong data foundation is critical for marketers to be able to deliver a comprehensive and successful marketing strategy.

High quality, accurate data is the basic building block for all communications, and it is imperative for marketers to be able to create a holistic view of each user to provide the greatest customer experience and foster long-term loyalty to their brand.

Tealium is the leading customer data platform and is an enabler for digital transformation – allowing companies to connect their data and bring together different vendors to collaborate within the same data stack.

6. How customers are achieving success with Tealium?

The brands that use us are rethinking the way they work with their customer data, in real-time, across their entire enterprise, allowing them to drive a greater value exchange and deeper relationships with their most valued customers.

7. How will Tealium’s keynote speaker at this year’s #DMICON assist marketers to be successful?

The session will focus on enabling marketers to understand the challenges, issues and tools available in addressing an approach to data driven customer experiences.

 


#DMICON Digital Marketing Innovation Conference Singapore, September 2018

The #DMICON is an exclusive gathering of ASEAN’s biggest brands, industry change agents and influencers that look into different aspects of digital marketing from the future of data, artificial intelligence, to the basics of marketing focusing on leadership, strategy, tech and innovation.

Our annual event draws ~100 C-levels and key decision maker attendees from across industries such as technology, employment, property, FMCG, telecommunications, banks, e-commerce, automotive, advertising, media, radio, government agencies and more.

With plenty of cross industry learning and networking opportunities, the #DMICON is the perfect place to build a professional network, find business partners, and generate new growth ideas.

The #DMICON will help you address your digital marketing challenges and to identify growth opportunities to create the greatest positive impact on your marketing strategy.

For those who are interested for the #DMICON Singapore chapter, please refer to the below on event details:

Dates: 26-27 September 2018 (Wednesday & Thursday)
Time: 9am – 5pm
Venue: Singapore

Early bird tickets available here: https://talentcap.com/digital-marketing-2018-singapore/

About TalentCap: TalentCap produces quality information and events for the international conference industry. We recruit the best speakers, provide the best training and offer the best networking in the industry. We produce innovative, inspiring, and indispensable event solutions and services. We provide businesses with insights and contacts they need to grow. We curate content for specific industries and to facilitate dialogue and strategic thinking. We expose sponsors and partners to a highly engaged international audience. We aspire to Inspire and equip business leaders to achieve extraordinary results. For latest, please visit: www.talentcap.com

The Future of Retailing in ASEAN that CMOS Should Know

The biggest change and the most obvious one in ASEAN retail market in past five years year is the switch from offline to online. Online retailing or also known as retail e Commerce is a unique opportunity to connect millions of merchants and consumers across the ASEAN region. To secure future growth, however, further intervention is needed. This article is going to provide and educate you the three things which are the challenges faced by the retailers in the market, the current trends that you need to pay attention to and lastly the future trends which are the opportunities out there. It will be very comprehensive and allows to examine a holistic approach that can help the region unleash the full potential of e-commerce.

e Commerce- The Future of Retail

 

What is retail eCommerce ?

eCommerce refers to any form of business transaction conducted online. The most popular example of e Commerce is online shopping, which is defined as buying and selling of goods via the internet on any device. However, eCommerce can also entail other types of activities, such as online auctions, payment gateways, online ticketing, and internet banking. eCommerce is typically classified into three different types based on the type of participants involved in the transaction: business to business (B2B), business to consumer (B2C) and consumer to consumer (C2C). e Commerce is the fastest growing retail market in the region projected to hit $4.058 trillion in sales in 2020. Mobile commerce, or in short known as Mcommerce, is a rapidly growing in the region too which is largely due to the the expanding market and influence of smartphones and millennials’ comfort with shopping online.

 

What are the current trends in the retail market in ASEAN?  

1)Hyper-personalisation

 According to a recent study by Salesforce 58% of Asian consumers identified personalisation as a crucial factor in purchase intention. That means people are more brand conscious. So, building a bond with  your customer is a crucial part of the company’s strategy. The goal would be to build more loyal customer base and ASEAN is looking bright for that.

Strategies:

  • Identify more clearly which customer segments should be included or excluded from campaigns.
  • Deliver hyper personalised segment-of-one experiences and better match products to customers.
  • Pre-empt customers’ needs and behaviour to take tactical decisions to drive desired behaviour.

2) High access to broadband

WIFI all over ASEAN

ASEAN certainly is enhancing cross-border connectivity, and increasing efforts to raise online awareness. Mostly everywhere there is Wifi accessible hence people are always on the internet. The is great for retailer as you can constantly keep in touch with your customer but remember to always stay updated and come up with creative and interesting content each time

Strategies:

  • Improving access to finance for small and medium enterprises, fostering the integration of digital talent into businesses, and promoting awareness of e-commerce marketplaces.
  • Reinforce online security. For example, like increasing information sharing and bilateral assistance, harmonizing existing legislative frameworks, and creating a regional online dispute-resolution facility.
  • Encourage non-cash transactions, establishing e-payment-specific regulations, and harmonizing e-payment regulations regionally.
  • Make sure  your company is working towards the development of online retail logistics services, facilitating logistics players’ partnerships, accelerating the integration of logistics systems, and ensuring full implementation of the ASEAN Single Window.

 

What are the challenges in ASEAN Retail Market?

 

1)Modern Consumerism in ASEAN: An Ever Evolving Retail Landscape

In contrast with the stagnant retail sectors in many developed markets, the ASEAN retail market is underpinned by optimistic consumers and growing demand. The consumer goods retail sales value of ASEAN-5 which is Malaysia, Singapore, Thailand, Indonesia and the Philippines alone is expected to reach US$900 billion in 2018,which is  about a quarter of that of China. While retail in ASEAN-5 countries largely comprises the informal sector, especially in the Philippines and Indonesia, large shopping malls housing supermarkets, department stores and international brands are increasing in numbers. Many ASEAN consumers visit large shopping malls not only to purchase goods, but also for leisure, social activities and the enjoyment of air conditioning. Middle-class and affluent consumers in ASEAN-5 countries favour imported goods and international brands, and such lifestyle preferences are driving growth in organised retail in major ASEAN cities. Kuala Lumpur, Manila, Bangkok and Jakarta are ASEAN-5’s retail hubs, with Ho Chi Minh City (HCMC) and Hanoi in Vietnam, and Surabaya in Indonesia, rapidly catching up. However, the struggle here would be to always stay in tune to the constant changing evolving consumer patterns.

 

2)ASEAN must demonstrate its relevance

Since its founding 48 years ago, ASEAN has grown to see greater integration among its members and attracts interest, including from global business powers around the world but ASEAN still faces identity crisis in the image of the world. Unlike the European Union(EU), ASEAN is still not worldly recognize. There is still a lack of a sense of ownership of ASEAN among our populations. Our citizens do not as yet identify themselves as ASEAN, unlike the citizens EU, who increasingly identify themselves as Europeans first and their national identities second. ASEAN does not have a common foreign policy, common economic policy, or common security policy. This is perhaps understandable given the history of the association and the diversified political culture of its member countries. So, for a investor it is going be hard to work under one roof to fit all the differences between member states.

 

3)The availability of a secure online payment platform is limited

Though the idea of Ecommerce is widely spread across the whole region but credit-card usage is not as common as in more mature markets. However, this situation is improving with more payment options catering to the needs of ASEAN consumers. As the popularity of credit cards remains low in ASEAN-5 countries and online payment security is a concern, cash on delivery, payment at convenience stores and ATM transfers are available for e-commerce transactions. However, online payment systems for local markets are being developed, such as Tokopedia in Indonesia and Mobivi in Vietnam.

 

The Prediction for the future of Retail in ASEAN?

Mobile phone taking over young Asean

ASEAN has become a major power in its own right. It is an economic leader, and a regional agenda and norm setter. It is becoming a vehicle for change. International brands have spearheaded wide across and there will be more market penetration in the market on the strategies to best exploit the pent-up consumption power of ASEAN consumers. While store-based retail outlets are likely to remain dominant in the top 5 of ASEAN, but each country within the group is going to have increase level of retail development.Countries like Thailand, Singapore and Malaysia which already have a more developed and organised retail sector compared to the rest of the region will see a prospect growth in retail. Large shopping malls and international and local retail chains are common in their urban areas and big cities. Store-based retail growth in these two countries is comparatively moderate as their markets are more mature hence they expect relatively lower economic growth among the other countries.

Even though there is a huge gap between the major platforms in ASEAN and the world giants, online shopping in ASEAN countries has huge potential considering the market of 630 million  people. E-commerce, through mobile devices and social-media platforms, is poised for rapid growth. For example, more than 50% of Lazada’s orders are generated from mobile. ASEAN has an overall mobile penetration of 110% across the region and smartphone penetration is expected to be more than 55% by 2020 in ASEAN-5 countries, which are also increasingly open to 3G and 4G networks.ASEAN is also the world’s second-largest Facebook user community. With its tech-savvy youngsters accounting for a sizeable chunk of the population, online shopping and Facebook shops are gaining popularity in ASEAN countries. This trend is especially noticeable in second- and third-tier cities where the varieties of goods in physical stores are very limited. ASEAN-5 countries are expected to experience a retail boom, with an evolving retail landscape comprising an increasing number of large shopping malls in major cities and a fast-growing e-commerce sector.

The future for retail certainly looks bright in ASEAN region. Remember the key is to always stay updated and keep an eye of the consumer as the rapid growth of young people is the driving factor of the market. If this topic, is something interesting do attend our Digital Marketing Conference #DMICON which will be taking place in September in Singapore. The conference will be featuring some of the most renowned people in field such as Ashley Ong, from Google, Pedro Uria Recio, the Vice President of AXIATA Group and many more. It will a great platform to discover ideas that’ll transform your marketing, your content, and your business. It will allow you to  make connections with the industry’s top digital marketing pros, creators, and people just like you and the perfect place to build a professional network, find business partners, generate new growth ideas, and learn.

 

 

Below are the  #DMICON event details:

Dates: 26-27 September 2018 (Wednesday & Thursday)

Time: 9am – 5pm

Venue: Singapore

Early bird tickets available here: https://talentcap.com/digital-marketing-2018-singapore/

For latest info and update, please visit: www.talentcap.com

 

 

 

 

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