A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in Dhoby Ghaut may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.
A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.
Entering into a business partnership in Dhoby Ghaut can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.
Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.
Is Predictive Intelligence the Frontier of B2B Marketing?
According to John McCarthy, who is the father of Artificial Intelligence, an AI is "The science and designing of making intelligent machines, especially intelligent PC programs".
Artificial intelligence is a way of making a computer robot or a software think intelligently same as an intelligent human thinks. Artificial Intelligence (AI) is the concept of having machines "think like humans".
AI has a huge effect on your life. Whether you are aware or not, it has already influenced your life style and it is very much likely to grow in coming years.
Here are some examples of AI that you are already using in your daily life:
• Your personal assistant Siri - It is an intelligent digital personal assistant on various platform (Windows, Android, and iOS). It provides you an assistance whenever you ask for it using your voice.
• Smart cars - Google's self-driving car, and Tesla's "auto-pilot" feature are two examples of Artificial Intelligence.
• Recommended products or Purchase prediction - Large retailers like Amazon, recommend you the products, send coupons to you, offer discounts, target advertisements on the basis of the shopping you earlier had by a predictive analytics algorithm.
• Music and movie recommendation services - Pandora, and Netflix recommend music and movies based on the interest you've expressed and judgements you have made in the past.
Other simple examples of AI influencing our daily life are:
- Facebook provides recommended photo tags, using face recognition.
- Amazon provides recommended products, using machine learning algorithms.
- Waze (a GPS and maps app) optimal routes, all at the click of a button.
- Spotify knows my music preferences and curates personalized playlists for me.
As per Marc Benioff, AI is going to impact corporate world, employees will be faster, smarter and more productive. It will learn from the data. Ultimately, it will understand what customers want before even they know and it could be a game-changer in the CRM industry.
Salesforce already bought productivity, and machine learning startups RelatedIQ, Metamind, and Tempo AI in 2014.
AI (Artificial Intelligence) in salesforce is not about time-travelling robots trying to kill us, or evil machines using humans as batteries in giant factories. Here we are not talking about some summer blockbusters, we are talking about the salesforce AI which will make your daily experience smarter, by embedding daily predictive intelligence into your apps.
So, what is AI?
AI is not killer robots; it is killer technology.
Artificial Intelligence (AI) is the concept of having machines "think like humans" - in other words, perform tasks like reasoning, planning, learning, and understanding language.
Customer focused AI: Salesforce Einstein
Salesforce is focusing on creating a platform for solving the customer problems across Sales, Service, Marketing and IT in a completely new way by using Salesforce Einstein.
Salesforce Einstein is built into the core of the Salesforce Platform. It enables anyone to use clicks or code to build AI-powered apps.
With Salesforce Einstein, we can have answer of these type of questions:
- Are you sure that you are servicing your customers by the right client?
- Are you sure that your customers are getting services on the right channel?
- Is it correct to say that you are offering the right item to the right customer at the right time?
- Is it correct to say that you are using the right channel for marketing your products at perfect time with best substance?
Salesforce Einstein is your data scientist
Einstein is like having your own data scientist dedicated to bringing AI to every customer relationship. It learns from all your data - CRM data, email, calendar, social, ERP, and IoT - and delivers predictions and recommendations in context of what you're trying to do.
AI has the ability to transform CRM using Salesforce Einstein
- Sales people can spend more time in visiting customers, not in entering data in CRM.
- Sales people can now better understand the customer requirement and when they need it.
- Sales people can close deals faster by predicting the next step for every customer.
- A service agent could suggest a solution to the customer even before he asked for it.
- Service agent can offer cross-sell at the right time to the right customer.
- Marketing user can easily reach to the right customer at the right time.
- Marketing user know who could be the best audience for each campaign.
- He can easily identify the customer requirement so he delivers the perfect content to every customer.
Salesforce Einstein enables everyone to discover new ways, predict outcomes so help in decision making, recommend next steps, and automates most of your activities so that you can spend most of your time in building strong relationship with customers rather than making entries in system.
What will AI give me that I didn't already have?
Predictive scoring -Predictive lead scoring gives each sales lead a score representing the likelihood it will convert into an opportunity. You also get the reasons
behind the score - for instance the lead source, the industry, or some other factor is an especially strong indicator that a lead will or won't convert.
Forecasting -AI can also be used to predict the future value of something, like a stock portfolio or a real estate investment. If you're a sales manager, AI can predict your quarterly bookings and let you know ahead of time whether or not your team is on track to meet its quota.
Recommendations - Anyone who shops online knows that AI makes suggestions for retail purchases, but it can also make smart recommendations for any other product or service category from business software to tax consulting to cargo containers. And AI can also recommend things other than products - for instance, which white paper you should email a prospect in order to optimize your chance to close a deal.
Who can use AI in the enterprise
Anyone in organization can easily use AI to analyze their data, predict and plan next steps, and automate their tasks and decisions. With Einstein's comprehensive AI for CRM:
• Sales can anticipate next opportunities and exceed customer expectations by knowing what a customer needs before the customer does
• Service can deliver proactive service by anticipating cases and resolving issues before they become problems
• Marketing can create predictive journeys and personalize customer experiences like never before
• IT can embed intelligence everywhere and create smarter apps for employees and customers
What is Machine Learning
Machine learning is the core driver of AI. It's the concept of having computers learn from data with minimal programming.
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Legal structure of partnership will dictate many decisions as to how the business is run.
Main partnership types are:
- General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
- Limited Partnership: most often chosen when business partners in Dhoby Ghaut are taking an uneven level of involvement in business.
- Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.
What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.
First, ask yourself do you really need a business partner to build a successful business in Dhoby Ghaut? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Is Machine Learning Helping Marketers or Making Them Obsolete?
What is e-Marketing?
e-Marketing is still quite a controversial subject to talk about, since no one succeeded to unify the various theories around it; however there is one thing upon which there is no doubt - that e-Marketing first appeared under the form of various techniques deployed by pioneer companies selling their products via the internet in the early 90's.
The frenzy around these new marketing techniques created by e-tailers and supported by the internet rapidly gave birth to a new dimension of what we knew as Marketing: the e-Marketing (electronic Marketing).
There are many definitions to what e-Marketing is, the simplest and shortest one being formulated by Mark Sceats: e-Marketing is Marketing that uses the internet as manifestation media. A working definition is that coming from a group of CISCO specialists: e-Marketing is the sum of all activities a business conducts through the internet with the purpose of finding, attracting, winning and retaining customers.
The e-Marketing Strategy is normally based and built upon the principles that govern the traditional, offline Marketing - the well-known 4 P's (Product - Price - Promotion - Positioning) that form the classic Marketing mix. Add the extra 3 P's (People - Processes - Proof) and you got the whole extended Marketing mix.
Until here, there are no much aspects to differentiate e-Marketing from the traditional Marketing performed offline: the extended Marketing mix (4 + 3 P's) is built around the concept of "transactional" and its elements perform transactional functions defined by the exchange paradigm. What gives e-Marketing its uniqueness is a series of specific functions, relational functions, that can be synthesized in the 2P + 2C+ 3S formula: Personalization, Privacy, Customer Service, Community, Site, Security, Sales Promotion.
These 7 functions of the e-Marketing stay at the base of any e-Marketing strategy and they have a moderating character, unlike the classic Marketing mix that comprises situational functions only. Moderating functions of e-Marketing have the quality of moderate, operate upon all situational functions of the mix (the classic 4 P's) and upon each other.
The fundamental concept of personalization as a part of the e-Marketing mix lies in the need of recognizing, identifying a certain customer in order to establish relations (establishing relations is a fundamental objective of Marketing). It is crucial to be able to identify our customers on individual level and gather all possible information about them, with the purpose of knowing our market and be able to develop customized, personalized products and services.
For example, a cookie strategically placed on the website visitor's computer can let us know vital information concerning the access speed available: in consequence, if we know the visitor is using a slow connection (eg. dial-up) we will offer a low-volume variation of our website, with reduced graphic content and no multimedia or flash applications. This will ease our customer's experience on our website and he will be prevented from leaving the website on the reason that it takes too long to load its pages.
Personalization can be applied to any component of the Marketing mix; therefore, it is a moderating function.
Privacy is an element of the mix very much connected to the previous one - personalization. When we gather and store information about our customers and potential customers (therefore, when we perform the personalization part of the e-Marketing mix) a crucial issue arises: that of the way this information will be used, and by whom. A major task to do when implementing an e-Marketing strategy is that of creating and developing a policy upon access procedures to the collected information.
This is a duty and a must for any conscious marketer to consider all aspects of privacy, as long as data are collected and stored, data about individual persons.
Privacy is even more important when establishing the e-Marketing mix since there are many regulations and legal aspects to be considered regarding collection and usage of such information.
3. Customer Service
Customer service is one of the necessary and required activities among the support functions needed in transactional situations.
We will connect the apparition of the customer service processes to the inclusion of the "time" parameter in transactions. When switching from a situational perspective to a relational one, and e-Marketing is mostly based on a relational perspective, the marketer saw himself somehow forced into considering support and assistance on a non-temporal level, permanently, over time.
For these reasons, we should consider the Customer Service function (in its fullest and largest definition) as an essential one within the e-Marketing mix.
As we can easily figure out, the service (or assistance if you wish) can be performed upon any element from the classic 4 P's, hence its moderating character.
We can all agree that e-Marketing is conditioned by the existence of this impressive network that the internet is. The merely existence of such a network implies that individuals as well as groups will eventually interact. A group of entities that interact for a common purpose is what we call a "community" and we will soon see why it is of absolute importance to participate, to be part of a community.
The Metcalf law (named after Robert Metcalf) states that the value of a network is given by the number of its components, more exactly the value of a network equals the square of the number of components. We can apply this simple law to communities, since they are a network: we will then conclude that the value of a community rises with the number of its members. This is the power of communities; this is why we have to be a part of it.
The customers / clients of a business can be seen as part of a community where they interact (either independent or influenced by the marketer) - therefore developing a community is a task to be performed by any business, even though it is not always seen as essential.
Interactions among members of such a community can address any of the other functions of e-Marketing, so it can be placed next to other moderating functions.
We have seen and agreed that e-Marketing interactions take place on a digital media - the internet. But such interactions and relations also need a proper location, to be available at any moment and from any place - a digital location for digital interactions.
Such a location is what we call a "site", which is the most widespread name for it. It is now the time to mention that the "website" is merely a form of a "site" and should not be mistaken or seen as synonyms. The "site" can take other forms too, such as a Palm Pilot or any other handheld device, for example.
This special location, accessible through all sort of digital technologies is moderating all other functions of the e-Marketing - it is then a moderating function.
The "security" function emerged as an essential function of e-Marketing once transactions began to be performed through internet channels.
What we need to keep in mind as marketers are the following two issues on security:
- security during transactions performed on our website, where we have to take all possible precautions that third parties will not be able to access any part of a developing transaction;
- security of data collected and stored, about our customers and visitors.
A honest marketer will have to consider these possible causes of further trouble and has to co-operate with the company's IT department in order to be able to formulate convincing (and true, honest!) messages towards the customers that their personal details are protected from unauthorized eyes.
7. Sales Promotion
At least but not last, we have to consider sales promotions when we build an e-Marketing strategy. Sales promotions are widely used in traditional Marketing as well, we all know this, and it is an excellent efficient strategy to achieve immediate sales goals in terms of volume.
This function counts on the marketer's ability to think creatively: a lot of work and inspiration is required in order to find new possibilities and new approaches for developing an efficient promotion plan.
On the other hand, the marketer needs to continuously keep up with the latest internet technologies and applications so that he can fully exploit them.
To conclude, we have seen that e-Marketing implies new dimensions to be considered aside of those inherited from the traditional Marketing. These dimensions revolve around the concept of relational functions and they are a must to be included in any e-Marketing strategy in order for it to be efficient and deliver results.
Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.