CEOs in China: 3 Recommendations that Deliver Value, Drive Business, and Create Speed

Introduction

As a CEO in China, keeping up with the latest consumer trends has a great impact on the profitability of your businesses. With a degree of Master in Integrated Marketing Communications from Northwestern University, I have been chasing after the latest consumer insights that can be super powerful for your businesses in China.

Two Articles

In the report China Consumer Market February 2019 published by Virginia Economic Development Partnership, great insights are provided to better understand, gain confidence, and ultimately penetrate the Chinese consumer market, which includes a great number of interesting trends of consumers and markets, some key consumer product sectors, and general trade regulations of China.

(Source: https://www.flickr.com/photos/26087974@N05/11423157513)

In the article A Big Shift In China: Consumers Are Trading Down, Author Says written by Russell Flannery, a senior editor at Forbes magazine, the author has shared about what his take on China's economy is and what this means for the CEOs in China.

Action Recommendations

1. Consumers seek value – Chinese consumers currently look for value in products more than ever before.

2. Millennials drive business - Millennials will contribute 20% of the total consumption growth of China until 2030, more than any other generation.

3. Apps create speed - Mobile phone apps have become a major channel to reach consumers. Apps permit quicker transactions than in traditional channels.

Ending

Although Chinese consumers' confidence is increasing, CEOs must keep up with the latest trends in the markets. CEOs in China need to clearly know who their high-value customers are, what these customers want, and how to reach these customers.

About the Author

David Chen is an experienced Co-Founder with a demonstrated history of working in the marketing industry. 0 customer to over 800 customers in 4 years. A strong business development professional with a Master's degree in Integrated Marketing Communications from Northwestern University specialized in Insights and Analytics. Come and follow me on LinkedIn and Twitter!

Social Strategists, 3 reasons Snapchat is the Next Big Thing

With more than 100 billion daily active users it is imperative for any social strategist trying to reach millennials to understand why Snapchat is the next big thing. As a student of the Integrated Marketing Communication Program at Northwestern University and a Social Strategy intern at 360i, I lookout for the new trends.

Written by Matthew Tyson for Huffpost Business, 'Snapchat: The Thing You Should Be Doing in 2016' looks at Snapchat from a marketer’s perspective. It insists that whether one uses it or not, every brand trying to target millennials needs to be present on it. Millennials are looking for brands to interact with them on Social Media and traditional advertising does not do that. The one attribute setting Snapchat apart from the host of Social Media platforms is the authenticity it offers. Not only is the mode of delivery personal, to view another's snaps, you have to follow the account which means the follower is already interested in the content.

http://bit.ly/22XUf3t

Written by Hope King for CNN Money, 'Snapchat is Growing Up' talks about the new features of Snapchat and its growth. Recently, Snapchat released a host of new features including audio calls, video calls, video messages and stickers in the chat box. From a brand that was once looked at as the ‘new kid on the block’, Snapchat is now an equal player on the table with Facebook, Instagram and Whatsapp. The company has to be on its feet at all times since its competition is continuously upgrading to similar features.

Based on my review of these three articles and my work at Northwestern University, here are three actions you should be taking on Snapchat.

1. Offer Authenticity - Every snap is in real-time and hence is authentic content in context. Forbes reported that 43% of millennials rank authenticity over content.
2. Build Relationships - Every follower on Snapchat already values your brand which means they are a valuable consumer you should build a relationship with.
3. Grab Attention - Snapchat is now competing with Facebook, Instagram and twitter and is leading the competition in terms of attention on mobile phones.

Using the three action items, you can use Snapchat to find a niche for your business. As we move ahead and social strategy becomes increasingly important, attracting millennials and engaging with them is a challenge you face. So understand Snapchat and use it!

I am Prarthana Gupta, a Communication Studies and Integrated Marketing Communications student at Northwestern University. I believe that technology today encourages global, real-time communication like never before and there are new trends to watch out for everyday. Apart from actively following the development of the social and digital world, I am also a HCI and IoT enthusiast.

Reach out on twitter @prarthana_g

Casino CMOs – 3 Mindsets to Enhance the Customer Experience Beyond the Casino Floor

As a CMO, you know that the customer experience is critical to building strong brand connections and fueling the repurchasing cycle. The same is true for casinos. 

In my research as a graduate student in integrated marketing communication at Northwestern University, I have found two articles that provide deeper insights into how technology can be used to draw in millennials and enhance the casino customer experience:

In his CasinoJournal article “Gamification's wide impact on casino marketing,” guest columnist Aron Ezra, CEO of incentive software company OfferCraft, discusses gamification strategy and how bringing game elements into all areas of casino life could have incremental benefits for both casino operations and the consumers themselves. Gamification has proven to be an effective in changing consumer behaviors across many industries, including casinos. To illustrate his point, Ezra describes real-life applications of gamification in casinos operations, describing implementations in hotel check-ins, email campaigns, and billboard advertising. As Ezra says, “Our customers (and many of our employees) are a self-selected group of people who genuinely want to be around games. Let’s give them what they want. Let’s bring game experiences to everything we do.”

The second article discusses the emergence of mobile apps as a way to enhance casino customer experience, ultimately attracting the desired millennial markets. In the CalvinAyre article, “Marcus Yoder talks using mobile apps to attract millennials” Rebecca Liggero draws from her video interview with Marcus Yoder of Gamblit Gaming, who illustrates the potential power of mobile for casinos. Yoder describes the problem that most casinos are facing with millennials, the fact that 35%of 21 to 35 year olds go to casinos, but only 2% actually wager a bet. His solution? A mobile app. However, Yoder has specific advicefor casino mobile apps: “It can’t be an app that’s all about a slot finder because the millennials don’t even care about the slot machines. It’s got to be, come play this new game that you’re already playing, like Candy Crush, on this table, on that kind of machine. Give them an experience.”

In distilling these two articles, and from my experiences in the Northwestern Medill IMC program, here are three mindsets to help refresh the casino customer experience that every casino CMO should consider.

• Think Big – Look beyond the casino floor to enhance the customer experience in all areas of casino operations (hotel, spa, restaurants, etc.).

• Think Games – Casino patrons love games! Be sure to give them what they came for at every possible moment.

• Think Mobile – Use apps to give customers experiences both inside and outside the casino.

Armed with these mindsets, you’ll be primed to create a customer experience to draw in the elusive millennial and better serve your existing customers. 

ABOUT THE AUTHOR: Anna Klutho is an aspiring brand manager with an undeniable passion for marketing, communication, and big ideas. She is currently pursuing her M.S. in Integrated Marketing Communications at the Medill School of Journalism at Northwestern, aiming to increase her knowledge in the theory, analytical skills, and most effective methodologies required to become a valuable asset to a marketing strategy department in the hospitality, entertainment, or travel industries. You can connect with her on LinkedIn or follow her on Twitter @Anna_Klutho.

CEO’s: 3 Tips to Luring the: BEST TECH TALENT!

As CEO of a business focused on technology or utilizing the ever evolving world of technology, you know that it is of paramount importance to your company to recruit the technology innovators out there to propel your company to the next level and innovate to succeed.  Your business’ future depends on it.   "As a graduate student in Northwestern's Medill Integrated Marketing Communications [IMC] program with an interest in digital, I have found two insightful articles on what your next great hires are looking for from your company."  

What does Aaron Hernandez have to do with your company recruiting great talent? The Millennial generation wants more from your company. They need to know who they are working for and what that company stands for. This article about how millennials are turning off to the NFL because of scandal and lack of transparency from the organization highlights why the public impression of your organization matters. http://goo.gl/ig4cZa Millenials will judge your company based on its actions.

 

Millennials are also savvy when it comes to who to work for and who to run from even from a first impression. This article points out how educated in demand employees may be looking at your hiring managers or team. http://goo.gl/00nr8s The article points out that valid reasons for leaving an interview are feeling insulted or intimidated. Making sure you have the right individuals interviewing is key to recruiting the best talent, especially among savvy Millennials. 

Based on these ideas in these articles and my experience at NU IMC I would recommend:

Start from inside: Look at what your organization is saying to the public. Change what needs to be change and foster the positives that already exist.

Shape your image: Once you’ve got your best image bearing fruit within the organization, make sure others can see it. Engage your potential hires on social and let them know why you are the company they should be longing to work for.

Make the Best First Impression: Make sure that those recruiting candidates are competent and trained to give the best impression to candidates. Don’t let all your hard work go to waste because of an awkward interview.

Whether you are at the helm of a tech giant or the next big thing that is now just a start-up, you know that the talent you attract and retain will determine your future trajectory. Make the most of what you have to work with and wow that talent. Make your company so enticing the brightest Millennials will be chasing after you.

Erin Moran is a current master student in Northwestern University, studying marketing and communications. Erin has over a decade of experience in management consulting and strategic marketing planning. She is dedicated in delivering actionable strategies and in-depth insights through data-driven methods. Feel free to comment and re-post. Follow Erin on twitter and LinkedIn