Guidelines for Mining the New Research Goldmine: Online Social Media
The explosion in popularity of online social media as a means for people to communicate with one another has resulted in a new, valuable source of information for market researchers. Facebook, Twitter and blogs generate new opportunities to observe, interact and gather information. As such, social media are becoming widely used by both public and private enterprise for research purposes. However, given the relatively new nature of these social mediums, developing guidelines for their appropriate use in a research context has lagged. As a result, there has been ambiguity in terms of the market research industry’s responsibilities, requirements and standards for using social media as a research tool.
Managing Retention in FIFO Operations
In an increasingly competitive employment market fuelled by the resources boom, how can mining companies differentiate themselves to attract and retain quality fly-in fly-out (FIFO) talent?
There is abundant anecdotal evidence that the FIFO lifestyle compromises the well- being of the employees and their families in terms of stress, relationship break-down, alcohol and drug use, depression and suicidality. Lowered job satisfaction and increased stress appear to be associated with extended periods of absence from partners, friends and family members – particularly children. In addition, stress placed upon partners and children is likely to spill over onto the FIFO worker him or herself. University of Western Australia research (Clifford, 2009) shows that although there is limited evidence to support long term psychological detriments associated with FIFO work, it does appear to be associated with short term stress increments, along with decreased job satisfaction.
How much is Your Reputation worth?
As a shareholder in News Corporation I have followed the News of the World phone hacking scandal with much interest. Many analysts would argue that News of the World represents less than 1 % of the News Corporations profits and that what happens in this small part of the Murdoch empire should have minimal (if any impact) on the overall performance of the organisation.
These analysts are wrong; the share price of the Organisation has fallen by almost 20% since the scandal started and has wiped billions of dollars off the company’s market value. So how can it be that what happened in a tiny division of News Corporation has had such a monumental impact on News Corporation’s overall share price?
The double-edged sword of being “fair”
There is a body of evidence theorizing on what makes a good manager. However, how a manager is perceived has dramatic effects on their career development, regardless of whether their management style is correct, unorthodox or plain wrong. How you are perceived by specific people within your company can also have dire effects on your promotion opportunities. New evidence suggests that you will be more respected by your peers and senior management if you are perceived as being a ‘tough’ manager verses a ‘fair’ manager. This hidden cost to exhibiting management fairness suggests that it is the opinions of your peers and upper management that could hinder your chances for promotion and career progression. This however does not suggest that managers can through away all scruples in order to be a successful manager.
When Brands get Branded
The difference between having a brand and being branded is an issue that has arisen in the news recently. The plight of Tiger Airways and The News of the World are examples where a company has lost the brand reputation and, as a consequence, have now been branded by the public. A quote from billionaire businessman Warren Buffett comes to mind and managers at the top and middle ranks of the two companies could have heeded its warning. Buffett was quoted as saying, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that you’ll do things differently”.
Survival of the fittest Brands
Strong brands can weather the tough times and come out as strong, if not stronger, on the other side. A recent report on the value of global brands by Millward Brown (click here to go to report homepage) found that the top 100 ranked brands increased in value by 24% in 2011 from pre-recession levels in 2008, and by 64% since 2006. Further, all 13 product sectors measured saw increases in overall brand value since 2010, demonstrating the ability of strong brands to endure the hard times and emerge with the upper hand.
The AFL’s move towards a Free Market
The AFL is one of the most regulated employment markets in the world. Recent moves by the AFL Players Association towards “Free Agency” mean that some of the restrictions on player transfers are now being removed. This effectively is a move towards a free market. In spite of these changes salary caps and draft concessions still structurally drive competition equalisation and restrict player movement.
The AFL has placed artificial barriers in the market to ensure that the rich clubs cannot simply go out and “buy” the best players. The AFL’s number one objective is to develop their brand. They do this in part by creating a structure that creates an even competition. A more even competition makes for closer games. Closer games enhance the popularity of the sport and this drives profitability.
Ask not what your company can do for you, but what you can do for your company
Have you ever been involved in a relationship where only one party wins, at the expense of the other? Such a relationship leaves you questioning “Where is the value for me in this exchange?” Today, businesses are asking this question as they try to prepare attractive propositions to prospective employees. The argument is won, that an Employee Value Proposition (EVP) is needed to differentiate, redefine and communicate your offering in attracting and retaining top talent. But how do you create, use and manage this tool successfully, so that it drives people performance? Kochanski & Elliott (2010, Sibson Consulting) suggest an approach that encompasses the exchange of value between both employee and employer, where the wants of employers and employees are synchronised. They also suggest that organisational culture will aid to bridge the divide between the wants and expectations of these two parties.
The Tale of Two Visions
A recent article in The Australian entitled, “Volvo’s fork in road as owners vie for future” (08/06/2011) posed an interesting dilemma currently being faced by the automaker. Having been acquired by Geely Holding Group, a Chinese car manufacturer, from Ford Motor last year, the new owners have been working tirelessly to transform Volvo and revitalise the brand. It is at this point that the “fork in the road” presents itself.
The question is whether Volvo is appropriately consolidating its brand equity as a “safety” oriented brand, by representing afresh as edgy, sleek, and target to the luxury oriented customer. Arguably this has the potential to undermine such established brand equity, and Volvo must prove the credibility of such a strategic change to espouse what are clearly different organisation visions and values.
Online social lives – Fair game for market research?
For the past decade, conducting qualitative market research through social media has become increasingly popular. A particular attraction is that it can be more straightforward in terms of logistics: participants are invited to participate in an online discussion forum; the participant contributes in their own time and they can give direct consent for their information to be used for research. In terms of the ethics, this approach is similar to more traditional means of collecting data.