One of the major themes this year has involved how to tap
international markets without spending a fortune. While spending on
international initiatives continues to grow - some 60% of US online businesses with a global presence plan to increase web spending in 2009 vs. just 42%
of those with only a domestic footprint - there is a renewed focus on how and where this spending is being allocated (see our report on Global Website Spending). Retailers in particular have looked for ways to be innovative
in overseas markets while keeping budgets in check. A few examples of cost-conscious
initiatives that have come up recently in conversations:
As regular readers of Forrester's blogs already know my colleagues Lisa Bradner, Shar VanBoskirk and I (Sucharita Mulpuru) were part of last week's Digital Hack Night at Procter and Gamble. (If you missed the story can read about the event in detail at Ad Age here ). In four hours digital experts and P&G employees were divided into teams and challenged to sell as many Tide shirts as possible using their social networks and digital skills. Proceeds of the Tide shirts benefit Tide's Loads of Hope charity. The objective of the event was to give a hands-on experience for traditional brand marketers at P&G the impact of social media. While debate about the event has raged online we thought it worthwhile to step back and take a look at the longer term lessons we observed from this event. These lessons aren't P&G specific-they're food for thought for every marketer trying to get smart in social media. So, what did we observe? For starters:
So I'm in Cincinnati right now at P&G's self-described "Digital Hack Night" where the goal is twofold: to get their brand managers to understand a bit more about digital marketing strategies and to raise money for their "Loads of Hope" charity which is tied to Tide. For the next 2 hours, nearly 100 people--P&G brand managers, bloggers, Twitterers, authors and agency folks--are trying to use every social network--Twitter, Facebook, MySpace, YouTube--we have at our disposal with the ultimate objective of getting as many Loads of Hope tshirts sold on their eCommerce site as possible. We have a big leaderboard screen, QVC-style, that shows exactly how many unique visits we've received, what our conversion rate is and how many t-shirts we've sold (5,000+, 6% and 1,000+ by the way, respectively, at the moment). What a great way to get non-believers in the channel to see quickly, in real time, how rapidly an idea can radiate through a network and drive sales.
Since the collapse of Bear Stearns nearly a year ago--the first top-tier brick to crumble in the foundation of the modern US financial services industry --the changes that have hit financial services have been far-reaching and swift.
From Lehman to AIG down to institutions the size of little Integrity Bank (the Alpharatta, GA institution acquired by Regions Financial in Q3 08 after mortgage-related losses consumed its operations) few aspects of the banking and lending industries have been spared.