Sources of Innovation


The environment constitutes a very important source of innovations. Since tacit technological and market knowledge is best transferred by personal interaction, local environments that are good sources of innovation can make it easier for local firms to recognize the potential of an innovation. Take the presence of related industries. Being close to the supplier or complementary innovators increase the chances of a firm’s being able to pick up useful ideas from them.

Being close to universities or other research institutions helps in two ways. First, these institutions train personnel that can go on to work for firms or found their own companies. The knowledge that they acquire gives them the absorptive capacity to be able to assimilate new ideas from competitors and related industries. Second, scientific publications from the basic research often act as catalyst for investment by firms in applied research.

Finally, governments play a critical role in the ability of firms to recognize the potential of innovations. Their role can be direct or indirect. The direct role may be in the sponsoring of research. The indirect role is in regulation and taxation: lower capital gains taxes or other regulations that allow firms to keep more of what they make can allow them to spend more on innovation.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Writing Business Summaries


Businesspeople are bombardedwith masses of information, and at one time or another, everyone in business relies on someone else’s summary of a situation, publication, or document. To write a summary, gather the information (whether by reading, talking with others, or observing circumstances), organize that information, and then present it in your own words. Although many pople assume that summarizing is a simple skill, it’s actually more complex than it appears. A well written summary has at least three characteristics..

First, as in writing any business document, be sure the content is accurate. If you’re summarizing a report or a group of reports, make sure you present the information without error. Check your references, and then check for typos.

Second, make your summary comprehensive and balanced. The purpose of writing your summary is usually to help colleagues or supervisors make a decision, so include all the information necessary for your readers to understand the situation, problem, or proposal. If the issue you’re summarizing has more than one side, present all sides fairly and equitably. Make sure you include all the information necessary. Even though summaries are intended to be as brief as possible, your readers need a minimum amount of information to grasp the issue being presented.

Third, make your sentence structure clear, and include good transitions. The only way your summary will save anyone’s time is if your sentences are uncluttered, use well-chosen words, and proceed logically. Then, to help your readers move from one point to the next, your transitions must be just as clear and logical. Basically, when writing your summary be sure to cut through the clutter. Identify those ideas that belong together, and organize them in a way that’s easy to understand.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Lectures, Line of Sight

Creating an Integrated Marketing Communications Program (IMC)


a)        Use zero-based budgets. Most companies use incremental approaches in allocating promotional budgets. A preferred approach is the objective and task approach. Start with a zero budget and force all promotional managers managers to justify their investment.

b)        Focus primarily on current customers. Many organizations direct 80% or more of their advertising and selling effort activities to trying to win new business (conquest marketing).  An Integrated Marketing Communications (IMC) program recognizes the importance of retention marketing and inverts that ratio so that a majority of the promotional activity is earmarked for relationship building with existing customers. This reduces customer defection, upgrades business relationships, and creates advocates for the firm’s services.

c)        Use highly targeted mass promotion. Direct mail, specialized lists, trade publications, and the Internet can be used effectively to reach prospects rather than suspects. A website has become an indispensable marketing technology for 21st century companies. It has evolved into a one-stop, online corporate information source, customer support tool, distribution channel, order taker, product catalog, price list, promotional vehicle, research technique, segmentation source, and a strategic and tactical marketing differentiator.

d)        Build marketing relationships. Strategic partnering is a major part of a good IMC program. In addition to Internet and intranets (protected corporation information resource centers), progressive companies are creating extranets which link an enterprise’s extended family of suppliers, distributors, retailers, and partners. Hence, customer, channel, referral, and stakeholder relationships can all be nurtured through carefully conceived promotional efforts.

e)        Note that everything an organization does send a message. Image and atmospherics are very important in communicating value to customers. The little things, such as stationery, signage, telephone greetings, and website design, etc., should all reflect professionalism and a consistent message to the marketplace.

f)          Two-way dialogue is key. In an over-communicated society, the marketing challenge is to establish a meaningful dialogue with customers as to how the firm’s service mix can provide maximum benefits/value. Interactivity and involvement on the part of the customers is important for sharing information and creating firmer bonds. The Web is an ideal medium to accomplish this objective. Its selectivity and flexibility create a customized business experience for each user.

g)        Use 21st century communication technologies. In today’s changing marketplace, companies must seek new and better ways to stay in touch with their target markets. Appropriate communication options include e-mail, electronic commerce, fax-on-demand, telemarketing, point-of-sale promotion, special events, multimedia, etc.

h)        Measure promotional effectiveness. Traditionally, advertising executives competed with sales managers for their “fair share” of the corporate promotional budget. Today, management requires accountability and demands to know and justify the return on investment of limited resources—they will no longer accept the non-measurable communications methods used by marketers in the past. A marketing information system/database is the key tool for effectively monitoring and measuring the success of an IMC program. As part of this process, job descriptions and reward systems are likely to be redesigned. In a strong IMC-centered environment, in-house competition is replaced with cooperation and teamwork. Joint rewards help the organization do what is best, rather than just project individual turfs.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight

Staying Close to Customers


  • Show them that you think of them. Send or fax helpful newspaper clippings, relevant articles, and greeting and birthday cards. How about sending a card on the anniversary of the day they became your customers?
  • Tell them what’s new. It is a good way to stay in touch and increase sales or get referrals.
  • Offer “valued customer” discounts. These can take the form of coupons, letters, or other sales promotions. This not only garners more orders; it also makes your customers happy to be getting such good deals.
  • Compensate customers for lost time or money if they were caused by problems with your product or service. Use a well thought-out recovery program and stick to it. Better to err on the side of generosity than lose an account out of stinginess!
  • Be personal. Keep notes in your customer files on every little detail you know—everything from spouse and children’s names to hobbies, and especially their behavioral style.
  • Always be honest. Nothing undermines your credibility more severely than dishonesty. Lies have a way of coming back to haunt you.
  • Accept returns unconditionally. The few bucks you might lose in the short run are far less than what you gain from pleasing the customer.
  • Honor your customer’s privacy. If you have been a truly consultative salesperson, you may possess some knowledge that should be kept confidential. Your ethical standards should demand that you keep it that way.
  • Keep your promises. Never, ever promise something that you cannot deliver. This principle applies to little things such as returning phone calls as well as big things like delivery dates. If you must, ‘baby-sit’ deliveries and promised service to see that they are realized. Your reputation is on the line.
  • Give feedback on referrals. This is the right way to show your appreciation for the referral. Tell your customer the outcome. This is also a good way to get more referrals without asking for them directly.
  • Make your customers famous … for 15 minutes. If your enterprise has a newsletter, ask customers for permission to write about their success. Then send a copy to your customer. The same can be done for local newspapers and other publications.
  • Keep lines of communication open. As in any relationship, assure your customers that you are open to all calls about everything and anything – ideas, grievance, advice, praise, questions etc. This is one ay to maintain that all-important rapport.

 Remember that people do business with people they like!

 My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight