by Fronetics | Sep 17, 2019 | Big Data, Blog, Data/Analytics, Internet of Things, Robotics & Automation, Supply Chain
Machine learning is shaping the future of supply chain and logistics management, improving accuracy, speed, scale, and more. Here’s how.
Highlights:
- Machine learning refers to an application of artificial intelligence that lets systems learn and improve automatically based on experience.
- Experts predict that 95% of supply chain planning vendors will rely on supervised and unsupervised machine learning for their solutions by 2020.
- When paired with the Internet of Things, machine learning can provide cost savings around $6 million per year.
When it comes to the future of the supply chain, machine learning is one of the most exciting applications of artificial intelligence (AI) technology out there today. Machine learning is a mode of data analysis that provides systems with the ability to learn and improve automatically from experience, without being specifically programmed.
Gartner recently projected that by 2020, 95% of supply chain planning vendors will rely on supervised and unsupervised machine learning for their solutions. Furthermore, it isn’t just expert predictions that demonstrate the impact and potential of machine learning for the supply chain. Amazon, for example, is using machine learning to improve accuracy, speed, and scale for its Kiva robotics, and DHL relies on machine learning to power its Predictive Network Management system.
So, what is it about machine learning that makes it ideally suited to meet the challenges commonly faced by supply chain companies? The answer lies in the fact that machine learning algorithms are brilliant at detecting patterns, anomalies, and predictive insights. This makes it the ideal technology to help supply chain companies forecast error rates, reduce costs, improve demand planning productivity, and increase on-time shipments.
Here’s how these remarkable technologies are already revolutionizing supply chain management.
7 ways machine learning is improving supply chain management
1) Logistic solutions
Particularly when it comes to resource scheduling systems, machine learning algorithms are driving the next generation of logistics technologies. An April 2019 report from McKinsey predicts that “machine learning’s most significant contributions will be in providing supply chain operators with more significant insights into how supply chain performance can be improved, anticipating anomalies in logistics costs and performance before they occur.”
2) Internet of Things
The Internet of Things (IoT)’s sensors, intelligent transport systems, and traffic data generate a tremendous variation in data sets. Machine learning has the potential to deliver increased value by analyzing these data sets, thereby optimizing logistics and ensuring that materials arrive timely.
Additionally, machine learning can reduce logistics costs by uncovering patterns in track-and-trace data captured through IoT-enabled sensors. A December 2018 study by Boston Consulting Group determined that pairing machine learning (specifically Blockchain) with the IoT can contribute to cost savings of $6 million per year.
3) Preventing privileged credential abuse
A recent article in Forbes points to privileged credential abuse as “the leading cause of security breaches across global supply chains.” Machine learning can prevent these abuses by verifying the identity of anyone requesting access, as well as the context of the request and, most importantly, the risk associated with the access environment.
4) Reducing fraud potential
In addition to reducing risk and improving product and process quality, machine learning can reduce the potential for fraud in the supply chain. For example, machine learning startup Inspectorio is a solution to the problems “that a lack of inspection and supply chain visibility creates, focusing on how they can solve them immediately for brands and retailers.” Their algorithm provides insights that instantaneously reduce the risk of fraud.
5) Reducing forecast errors
According to a recent report from Digital/McKinsey, “Lost sales due to products not being available are being reduced up to 65% through the use of machine learning-based planning and optimization techniques.” The same report observes that “inventory reductions of 20 to 50% are being achieved today when machine learning-based supply chain management systems are used.”
6) Detecting inconsistent supplier quality levels
Machine learning can help manufacturers combat one of the biggest problems they face today, namely a lack of consistent quality and delivery performance from suppliers. These technologies can quickly detect and address errors, as well as determine highest and lowest performing suppliers.
7) Preventative maintenance
Preventative maintenance is a tremendous strategic asset for the supply chain. And, when paired with machine learning, it “allows for better prediction and avoidance of machine failure by combining data from the advanced IoT sensors and maintenance logs as well as external sources,” according to the same Digital/McKinsey study mentioned above. Not only that, “asset productivity increases of up to 20% are possible, and overall maintenance costs may be reduced by up to 10%.”
The bottom line: machine learning is reinventing supply chain management
Not only has machine learning already realized tremendous value for the supply chain, but the very nature of this technology means that the possibilities are virtually endless. Algorithms continue to become more sophisticated, and, as new challenges arise, machine learning grows and evolves to meet them.
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by Elizabeth Hines | Sep 12, 2019 | Blog, Content Marketing, Marketing, Social Media, Video Marketing
Live video streaming offers businesses a cost-effective strategy for engaging with and appealing to today’s buyers.
With YouTube emerging as the world’s second largest search engine and video becoming themost popular form of online content,it is no surprise that businesses are looking for ways to engage their target audience through video. And they’re even diving into a growing trend in video marketing: publishing content in real time. It makes sense, given live video streaming now represents 33% of all online activity.
Live video was used more for niche markets in its early days. But 68% of marketers plan to start using live video in the next year, and 77% of marketers plan to increase their use of video overall.
(Made with Canva)
How can live video work for the supply chain?
Live video is an increasingly popular content medium for the millennial generation, which is important for supply chain marketers to note as the B2B purchasing landscape skews younger. Consider that around 73% of 20 to 35 year olds are involved in product purchasing decisions at their companies, with one-third reporting being the sole decision-maker for their department. And a 2015 Google/Millward Brown survey of buyers found that about half of purchasing researchers were between the ages of 18 and 24 — and that percentage has only grown in the last few years.
Another important trait to note about millennials? They’re immediately turned off by overt sales pitches. Instead, they expect vendors to offer them value outside the sales funnel by way of education, entertainment, inspiration, or knowledge. So instead of creating video content to promote products, supply chain companies should use the opportunity to provide viewers with these elements of value they expect.
Live video streaming is the ideal medium for doing so, as it offers the transparency, emotion, and personal elements millennial buyers desire. Vendors can connect with buyers on an emotional level while simultaneously communicating their companies’ expertise, which directly impacts the buyers’ opinions of their solutions.
4 reasons to try live video streaming
Live video streaming offers real benefits for supply chain companies in addition to the increasing opportunity to connect with prospective buyers. When clients ask about whether they should try live video, I give them these four reasons:
1. Earn customer/prospect engagement and feedback
Most live video platforms have features that allow for viewer interaction, meaning customers and prospects can ask you questions and get instant responses. (Talk about excellent customer service!) That generates a positive experience that strengthens their relationship with your company. Also, you get the benefit of hearing feedback from a portion of your audience, which you can use to drive change and growth.
2. Promote transparency
Live video can be unpredictable, raw, and honest — which, admittedly, can be scary for the person filming. But today’s buyers crave this kind of transparency. When you go live, things may not always go as planned, but that will work in your favor more often than not.
3. Appeal to those who love to be in-the-minute
Social media users love to feel on top of their information streams. Live video offers that sense of insider, up-to-the-minute scoop that appeals to them.
4. Publish video in a cost-effective way
High-production videos can be costly and can take weeks to produce. One of the best parts about live video is that you need only a smart phone, a Wi-Fi connection, and someone willing to appear on camera (which is sometimes harder than it sounds). Publishing happens in real time, and then most platforms allow you to archive the footage for viewers to access later.
The takeaway
We’ve seen clients have great success with live video streaming. It’s one of those trends that’s not going away anytime soon. In fact, social platforms are increasingly adding “live” and “Stories-like” features to satisfy users’ seemingly insatiable appetite for this format.
That means if you haven’t tried live video, you should think about it. Pretty soon you’ll be one of the only ones among your competitors who is not — if you’re not already.
This post originally appeared on EBN Online.
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by Fronetics | Sep 11, 2019 | Blog, Content Marketing, Marketing, Strategy
Ushering qualified leads through the sales funnel requires the right kind of content at the right time. Here’s what kind of content you need for ToFu, MoFu, and BoFu.
Highlights:
- ToFu, MoFu, and BoFu are abreviations for top of funnel, middle of funnel, and bottom of funnel, respectively.
- ToFu content should be geared toward audience engagement and getting contact information – not converting.
- MoFu stage content should establish that your business can address a prospect’s specific needs.
Consider this statistic: 50% of qualified B2B leads aren’t ready to make a purchase when they initially convert. That means that in order to usher prospects effectively through the sales funnel, marketers need to deliver the right content for each stage of the buyer’s journey. That’s where idea of ToFu, MoFu, and BoFu content comes in.
In case you’re wondering, none of these three words refer to soy-based vegetarian snacks. Instead, ToFu, MoFu, and BoFu are marketing portmanteaux, meaning top of funnel, middle of funnel, and bottom of funnel, respectively. Effectively nurturing inbound leads depends on creating and delivering the right type of content for each stage of the funnel.
ToFu, MoFu, and BoFu: a primer
Before we talk about what kind of content to deliver to prospects at each stage of the buyer’s journey, let’s take a closer look at what the terms ToFu, MoFu, and BoFu refer to and what your goals should be at each stage.
ToFu: top of the funnel
At the top of the sales funnel (ToFu), your goal is to draw in a wide audience of prospective leads, increasing brand awareness and customer engagement. This is the awareness stage of the buyer’s journey, and it represents your first impression. Leads at the top of the funnel are getting a sense of what your business does and your brand identity.
For ToFu leads, your goal isn’t conversion but simply to obtain contact information and generate interest. Says Gaetano DiNardi, Director of Demand Generation for Nextiva, ToFu “is where strangers become familiar with your brand for the first time… At this stage of the game, you don’t care about conversions; you care about piquing intrigue.”
MoFu: middle of the funnel
The middle of the funnel (MoFu), is the consideration stage of the buyer’s journey. This can be a tricky and uncertain stage as your leads continue to engage with your brand and learn about your products and services but remain unready to commit to purchase. “MoFu is usually the most complicated funnel stage because of how hard it is to define,” says DiNardi.
Ideally, by the MoFu stage, you should have a clearer idea of who your leads are and what they’re looking for. Your focus should be on continuing to educate your leads and situating your products and services as the solution to the challenges and needs of your prospects.
BoFu: bottom of the funnel
The bottom of the funnel (BoFu) is the decision stage of the buyer’s journey. You’ve established a relationship with your prospect during the MoFu stage, and your lead is now turning to you for specific information about your products and services. It’s at the BoFu stage that leads are ready to make a purchasing decision.
This is the stage when it’s all about conversion. Your goal is to inspire your lead to convert, helping them to realize that your business has the solutions they need. It’s important to note here that your goal is not to “sell,” but rather to make sure your leads know that you’re there to help.
(Made with Canva)
Optimizing ToFu, MoFu, and BoFu content for lead nurturing
Once you have a clear idea of the stages of the sales funnel and your goals for each, it’s time to consider the right types of content to ensure that prospects receive exactly the right message for each step of the buyer’s journey.
ToFu content: generating engagement
At the top of the sales funnel, where your goal is to engage your audience and collect contact information from qualified prospects, your content needs to educate leads and establish thought leadership. ToFu content shouldn’t pressure your audience to make a purchase, but instead should be geared toward providing information that speaks to needs, challenges, and questions common to your target audience.
According to Coralie Wood, Director of Demand Generation at LoginRadius, “Top-of-funnel content needs to be much more digestible and informative to ensure you are positioned as a thought leader.”
Some types of content that work particularly well for the ToFu stage:
- Blog posts
- Infographics
- Video content
- Whitepapers
- eBooks
MoFu content: addressing prospects’ needs
At this challenging middle stage, your content should begin to establish your business as the solution to a prospect’s specific needs and challenges. This is the consideration stage, and your lead is in the process of evaluating all available information to prepare to make a purchasing decision. Developing the relationship requires that your content be highly informative about how your business is ready to meet your prospect’s needs.
Because of the “wide net of interested leads who haven’t been fully qualified,” says DiNardi, “if you are too shameless about plugging your products or services, you’ll come across as pushy and likely to turn off buyers.” Instead, he suggests being “helpful and knowledgeable, while guiding your prospects into the right decision.”
Effective content types for the MoFu stage include:
- Email campaigns
- Free templates or guides
- Product-to-product comparisons
- Webinars
- Case studies
BoFu content: inspiring conversions
Now that your ToFu and MoFu content have attracted and nurtured a qualified lead, it’s time for your BoFu content to convince your lead to convert. It’s the closing stage of the buyer’s journey, which means marketers should be directing prospective buyers toward content that sells. This type of content is about cementing a decision and helping your leads recognize that your business has the right solutions.
“It’s important to note here that BoFu content can also lead directly into validation. This starts to cross the line from traditional content marketing to things like product marketing and customer testimonials,” says Mike Baker, marketing director at Lola.com. “As you work closer to the bottom-of-the-marketing funnel, your content should shift from purely educational to a more consultative, product-focused and a ‘show-don’t -ell’ style of marketing.”
BoFu content types geared to inspiring conversions include:
- Product demos
- Case studies and testimonials
- Free assessments or trials
- Targeted email campaigns
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by Fronetics | Sep 10, 2019 | Blog, Content Marketing, Current Events, Marketing, Social Media
As social media users increasingly prefer to share content and recommendations via private messaging apps, brands need to be aware of how to take advantage of this trend.
Highlights:
- Nearly two-thirds of social media users now prefer to share content and recommendations through private messaging apps.
- Facebook Messenger is by far the most popular of these platforms.
- Chatbots can help brands engage in conversations on messaging apps and capture leads.
A recent study has confirmed a trend we’ve long predicted: A significant majority (63%) of social media users now express a preference for private messaging apps for sending messages or recommendations to people in their circle, as opposed to posting publicly on social media.
Marketers need to be aware of the implications of this shift toward private messaging apps, or “dark social channels.” Recognizing that three out of five users now prefer to connect via a private channel rather than open social media platforms, brands can tailor content accordingly and create a strategy that capitalizes on this shift.
Private messaging apps by the numbers
GlobalWebIndex and WeAreSocial teamed up to conduct research on content-sharing preferences, looking at more than 3,100 internet users. They asked research subjects how they tend to share information like articles, photos, videos, and recommendations and received the following responses:
- Private messaging apps: 63%
- Social media accounts: 54%
- Word of mouth: 51%
- SMS: 48%
- Email: 37%
Next, researchers broke down the results further, to reveal which messaging platforms users prefer:
- Facebook Messenger: 82%
- WhatsApp: 56%
- Instagram: 34%
- Snapchat: 32%
These are striking numbers. Not only is the preference for messaging apps clear, but brands should take note of the dominance of Facebook Messenger as the preferred platform. It’s likely that this preference is accounted for by the prevalence of social media for content consumption and distribution. Therefore, private messaging apps within social media platforms, with Facebook Messenger chief among them, are an easy and convenient way for users to share information.
What brands need to know about private messaging apps
The trend toward content sharing via messaging apps is mixed news for brands. On the one hand, marketers are likely be dismayed that a significant percentage of website visitors will likely be coming from these untraceable sources. On the other hand, says Olivia Valentine of We Are Social, “it means that there are likely more brand advocates than you might think.”
Valentine is right. When users share content and recommendations on messaging apps, they are engaging in authentic, private conversations, making the recommendations all the more meaningful.
Not only are social messaging apps becoming the preferred content-sharing platform among users, but brands can use these apps directly to engage with their audience. Facebook Messenger now has over 1.3 billion active monthly users globally and offers businesses the opportunity to connect directly and authentically with their audience.
Chatbots
Perhaps you’ve been reading about the rise of private messaging apps for content sharing and despairing over the idea that to keep your business relevant, your marketing staff will now need to be spending every working hour responding to thousands of messages with prospects.
Don’t despair. This is where the latest trend in artificial intelligence for marketers can help. Chatbots are computer programs that simulate, with ever-increasing accuracy, human conversation. This software communicates with your prospects inside a messaging app, carrying on a conversation until a prospect is ready to move down the sales funnel.
When it comes to creating chatbots, we recommend platforms including HubSpot’s Chatflows, Chatfuel, ChatScript, and Facebook’s Bots for Messenger tool.
The takeaway: the shift toward messaging apps is a net positive for marketers
To take full advantage of the growing user preference for private messaging apps, marketers need to ensure that their content is easily shared, engaging, and generative of authentic conversations among their audience. Furthermore, using chatbots can help businesses capture leads and engage in direct conversations on these platforms.
As Valentine points out, while the increased use of private messaging apps does mean that a certain amount of web traffic will be coming from untraceable sources, brands should be celebrating the fact that this trend means that recommendations are far more meaningful and your audience is becoming increasingly empowered to advocate for your brand.
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by Fronetics | Sep 5, 2019 | Blog, Logistics, Marketing, Social Media, Supply Chain
Instagram Stories offers paid advertising delivering targeted content to B2B buyers and building brand awareness with potential customers.
Highlights:
- As the number of people using stories has grown, so has the number of businesses using the format to connect with their audiences on social media.
- As more people browse Stories, you can show your ad to the maximum number of people possible using this format.
- You can get more eyes on your video content by posting videos on Instagram Stories.
Video transcript:
I’m Elizabeth Hines from Fronetics and today’s topic is paid advertisements on Instagram Stories.
Instagram Stories are the latest social media trend. As the number of people using stories has grown, so has the number of businesses using the format to connect with their audiences on social media.
Story ads represent an alternative to News Feed ads, which, though still effective, had lost a bit of novelty. Here are 3 reasons to start using Instagram Story ads:
1) Brand reach: As more people browse Stories, you can show your ad to the maximum number of people possible using this format.
2) Traffic and conversions: Send more people to your website, where they can convert to a lead.
3) Video views: Stories are a great platform for video. You can get more eyes on your video content by using it in this channel.
The rise in popularity of Instagram Story Ads tells an interesting, ahem…story. People are interacting more and more meaningfully with brands on their mobile devices and they increasingly want to do so in a format that is easy, convenient, and engaging.
If you want help setting up your Instagram Ads, visit us at fronetics.com to learn more.
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