Category Archives: Blog

The Benefits of High-Performance Teams

There are many benefits of high performing teams. In creating high performance teams, employees become more satisfied, and their quality of work improves. Taking the time to build high performance teams in an organization creates loyalty, creates visibility, enhances collaboration, and provides optimum productivity.

 

Creates Loyalty

Developing high performing teams instills intrinsic motivation within employees. They find meaning in their work, and this satisfies them more than extrinsic motivators, such as commissions. When employees are intrinsically motivated at work, they are less likely to leave the organization. Satisfied employees are loyal, and loyalty reduces turnover. It ensures that only qualified employees staff the organization. Success is assured when qualified employees have a genuine interest in the success of the business.

 

Optimum Productivity

Creating high performance teams will lead to optimum productivity. This benefit goes beyond numbers on reports. Optimal productivity begins with the behavior of individual team members who learn to trust each other. As trust builds within the team, the individual members will work together more efficiently. As the team learns to work together, their roles become clear to them, and they communicate better. All of these factors help to create an amiable work environment. As the work environment improves, productivity will also improve, and the path to optimum productivity becomes evident.

 

Collaboration

Collaboration is both a product of high-performance teams and an essential aspect of them. Collaboration occurs when the members of the team work together towards a single goal. Successful collaboration requires everyone involved to respect and encourage diversity. This includes the diversity of opinion and people. Respect is the key to collaboration. Conflicting ideas are inevitable, but beneficial solutions are probable when all parties treat each other with respect and learn to see from different points of view.

 

Creates Visibility

High performance teams create visibility. The actions taken by each member of the team need to be apparent to everyone involved, particularly the manager of the team.  When there is visibility, teams work better together. Additionally, people are praised and rewarded when their actions are visible.

 

Interested in mastering this topic? This post is part of March’s focus on High Performance Teams Inside the Company, which is also a featured course in our Mini-MBA program online, brought to you from Harvard Square. Elevate your skills—enroll now!

360-Degree Feedback

360-degree feedback is useful for evaluating performance. It provides evaluations from different sources to paint a clear picture of how well an individual performs. Identifying strengths and weaknesses will allow employees to continually improve how they perform.

 

What is 360-degree Feedback?

360-degree feedback is an alternative method of reviewing employees. Rather than a traditional review, employees are given anonymous feedback from supervisors and peers. Managers’ feedback also includes direct reports and reviews from employees. Individuals also evaluate themselves in 360-degree feedback. Together, these evaluations will help improve performance by:

  • Identifying and enhancing strengths
  • Identifying areas that need development
  • Helping Employees set goals
  • Creating action plans

 

Vs. Traditional Performance Reviews

360-degree feedback provides a better picture of performance than traditional reviews. Supervisors perform traditional performance reviews, and theses reviews may have a negative impact on performance if employees feel it is not fair, damaging the trust between managers and employees. People in positions of authority also benefit from 360-degree feedback, as traditional performance reviews do not always give an accurate description of employer/employee relationships.

 

The Components

360-degree feedback evaluation forms are typically done on a scale of 1 to 10. There is a place for comments on the evaluation form. The scores from supervisors, peers, employees, and direct reports are averaged and compared with average company scores. HR typically handles the reporting to make sure that the feedback remains confidential.

 

Interested in mastering this topic? This post is part of February’s focus on Performance Management, which is also a featured course in our Mini-MBA program online, brought to you from Harvard Square. Elevate your skills—enroll now!

Smart Goals

If you’re finding it difficult to achieve your goals, perhaps you are not creating the right ones. Whenever you create goals, follow the rules for SMART goals: specific, measurable, attainable, realistic, and timely. When you combine the elements of SMART goals, you have a greater chance of success.

 

Specific

Goals need to be specific. Goals that are broad and general may be too difficult to achieve. For example, “Improve my life” is too broad. Specific goals explain what is necessary to complete a goal and guides you as you try to reach that goal. Specific goals may also identify location, requirements, and the reasoning behind the goal.

 

Measurable

Goals need to be measurable in order to be effective. A measurable goal specifies when a goal is accomplished by answering, “how much?” or “how many?” It provides measurable results. Without measurable goals, it is difficult to realize when the goal has been reached.

 

Attainable

Goals must always be attainable. It is important that you create goals that are challenging, but they still need to be within reach. When goals are unattainable, you may give up on them without even trying. The measure of a goal should always be attainable.

 

Realistic

It is important that you set realistic goals. Realistic goals are directly related to your abilities. For example, a goal to reprogram the computer is not realistic if you do not have the education or experience to accomplish the task. Additionally, you need to make sure that you have access to the tools necessary to meet your goals. If a goal seems unrealistic, break it down into smaller chunks to know for certain.

 

Timely

Always create goals that have specific time frames. General goals do not establish any time frames, which means that you may continue to pursue goals that you should relinquish. Timely goals encourage you to move forward in order to meet the deadline you have established. Once a time frame has been reached, you should take the time to re-evaluate the goal.

 

Interested in mastering this topic? This post is part of January’s focus on Goal Setting and Getting Things Done, which is also a featured course in our Executive Mini-MBA program online, brought to you from Harvard Square. Elevate your skills—enroll now!

The Components of EI

It’s one thing to recognize emotions, but to be able to understand and gain control over these emotions, will define an individual’s emotional intelligence abilities. To better develop emotional intelligence, it is important to begin by enhancing the key aspects of emotional intelligence. According to psychologist Daniel Goleman, there are five key components of emotional intelligence that help individuals navigate through complex emotional situations, resulting in conflict management and resolution. These components relate to the day-to-day lives of everyone. By recognizing these elements and what they entail, one can gain a clearer understanding, form proper decisions, as well as promote and contribute to an emotionally intelligent workplace.

 

Self-Management

Self-management is all about controlling impulsive behaviors, adapting to changes, following through on personal commitments, and overall managing emotions in a healthy way. An emotionally intelligent person who is competent in self-management will think before they speak, and consider any consequences that are associated with their actions. For example, rather than becoming defensive or aggressive when receiving criticism, an individual who possesses strong self-management skills will accept the criticism, maintain composure, and process their emotions with a clear headspace. In order to improve self-management abilities, it is critical to recognize that there are many things in life that will be out of our control.

 

Self-Awareness

Self-awareness is the key to self-confidence and creating a meaningful life. Simply put, self-awareness is to recognize traits of the self. This includes emotions, strengths, weaknesses, and patterns of one’s own behaviors. Beyond this, self-awareness involves being aware of the effects of your emotions, patterns, and actions. With the awareness of these traits, we can learn to better manage interactions with others and set boundaries.

Self-awareness is a critical step in the process of full acceptance or change. Without understanding the reasons behind why a person thinks the way they do, or acts in a certain way, one may never fully appreciate or understand the importance of making changes toward improvement. Emotional clarity will result in emotional responses that are healthy and appropriate.

 

Inference

Social skills and awareness are aimed to help manage emotional connections with others. The best way to strengthen social skills and create healthy connections is through emotional intelligence. Social skills focus on communication, influence, leadership, and conflict management. Being socially aware simply means having the ability to understand alternative perspectives, and empathize with others from diverse backgrounds, resulting in effective interactions and the building of networks. People with strong social skills pay close attention to their surroundings.

The development of social skills can be a continuous process of learning from life’s experience. This involves being open to change and new situations, and reaching out to others to understand emotional needs. A great leader will always be aware of their social surroundings, which benefits the whole team.

 

Internal Motivation

To excel in life, we need to be self-motivated. Self-motivation is the desire to learn and grow, based off of personal goals. It is also one of the personal competencies that are associated with emotional intelligence. A higher emotional intelligence is related to a higher motivation, optimism and resiliency. Internal motivation involves striving for personal development, in which harnessing our emotions will help to take appropriate action and implement hard work to achieve success.

It’s important that we understand the importance of motivating ourselves, rather than depending on others to do it for us. For example, emotional intelligence teaches us that if we do good on a test, we can be proud of our successes, rather than questioning our worth based off of feedback from others.

 

Empathy

Empathy is essential for forming interpersonal connections, as well as understanding emotional responses. Those who are empathetic will be both perceptive and proactive. Empathetic awareness is a big aspect of emotional intelligence; it helps to create awareness and sensitivity to the needs of those around us. Emotionally intelligent people will listen to gain an understanding of the feelings of another person, so that they can grasp how to properly respond to the situation.

In order for empathy to work, a person must first achieve self-awareness, and be able to recognize, classify, and understand their own feelings. This will help to relate to others, while enhancing mutual understanding and respect. Empathy will help to drive connection.

 

Interested in mastering this topic? This post is part of December’s focus on Developing Emotional Intelligence, which is also a featured course in our Mini-MBA program online, brought to you from Harvard Square. Elevate your skills—enroll now!

Constructive Thinking

To be a happy person, you have to think constructively. You have to look at things in a positive way and determine how it will benefit you. Always think things through, and determine the best course of action. Your brain is a powerful tool, so use it to your advantage.

 

Positive Thinking

Look on the bright side of things, and stay in that mindset. Having a positive thinking attitude will benefit you in so many ways. It helps with your mental health as well as your physical health. It is amazing the power that the mind has.  Positive people attract positivity to their lives. What you exude comes back to you.

Benefits of positive thinking:

  • Improves ability to learn
  • Lowers depression risks
  • Increases resistance to physical illness
  • Easier to bounce back after stressful situations

Ways to think more positively:

  • Stop negative self-talk
  • See the humor in things
  • Cultivate optimism
  • Always work on being positive

 

Self-Talk

Self-talk is something that we all need to be aware of. For a healthy mind, we want to focus on developing better self-talk and practicing it. Self-talk is our little inner voice. It may not always be loud, so we need to listen for it. It is important to pay attention to this because it can either be positive or negative. Positive talk is what makes you feel good about yourself. Negative self-talk makes you feel bad about yourself. It is pessimistic. Get rid of the negative voice, and focus on the positive one.

Positive self-talk can help with:

  • Feeling better about yourself
  • Boosting one’s confidence
  • Building one’s self esteem
  • Creating relationships
  • Feeling in control

 

Aware of Personal Beliefs and Assumptions

It is our responsibility to be aware of our own personal beliefs and assumptions. Generally, we all have our own beliefs,but they can be partially influenced by others. Our belief system is based on real life experiences; they create part of our identity. We do not tend to think about our beliefs unless we are in a situation where we need to.

 

Opportunity Thinking

Think about it, and make it happen! Opportunities present themselves to people who want them and pursue them.  Opportunities present themselves as chances to make a change; for something better to happen. It is important to take opportunities, even if you are afraid. They may make all the difference in your life. Look for the positive in opportunities, and go for it!

Habits to make opportunities happen:

  • Pay attention to your surroundings
  • Think of what you do as important
  • Imagine opportunities everywhere you look
  • Look for opportunities that suit you
  • Make decisions on whether you want an opportunity to happen

 

This post is from November’s topic on Self-Leadership, which is also a course on our Mini-MBA program online from Harvard Square.

Understanding Critical Thinking

Critical thinking skills are valuable for everyone– they help guide us through a world of information. While we are consistently thinking throughout the day, our critical thinking skills may provide us with the greatest value. Critical thinking is all about ensuring people make the best choices based on the best information. It involves the consideration of reasoning, logic and reflective thinking to form sound arguments and decisions. Whether in your personal life, or in your professional career, it is important to be able to form rational arguments that support your beliefs.

 

Defining Critical Thinking

Critical thinking is more than just thinking. It involves a deeper level of thinking that goes beyond our everyday basic thoughts. To think critically means to question ideas and conclusions, by analyzing, assessing and reconstructing concepts. Critical thinking helps you to determine which actions are necessary to create the best solution to your problems. A critical thinker does not accept facts at face value; instead, they analyze these facts to gain a thorough understanding of the topic at hand. As a result, critical thinking can encourage individuals to be open-minded, and gain better control over their own learning.

 

Importance of a Critical Approach

Everyday decisions have a significant impact on our quality of life. In order to make good decisions, it is essential to have good critical thinking skills. Critical thinking can help to ensure that you will live your best, most successful life. It enables you to better express your beliefs and ideas, while also improving your communication skills with others. As a result of improved communication, there will be fewer misunderstandings and frustrations.

No matter your path or profession, critical thinking skills will always be relevant and favorable to your success. Our economy depends on information and innovation, in which strong thinking skills are required to build these strategies. Although we often fail to notice the importance of these skills in our everyday life, they are one of the most desirable skills for the workplace. Employers will often look for candidates who evaluate problems using logical thoughts, since they are more likely to offer the best solutions to these problems. A critical thinker is trusted to make independent decisions, as well as work with others to solve problems quickly and efficiently.

 

When to Think Critically

Although critical thinking is necessary in today’s world, it is not necessary to think critically all of the time. Opportunities arise in our daily lives in which we need to face problems and decisions using powerful critical thinking abilities. When the outcome of the situation or problem will make a significant difference to you, a critical approach should be applied to the situation. Think about whether it may be life altering or if it will matter to you in the future. If critical thinking is not applied to important situations, it can result in a loss of financial resources, opportunities, relationships, or various other aspects in life.

 

The Role of Logic

Logical skills are significant for rationalizing important decisions. There is a strong relationship between logic and critical thinking; Logic is applied to a critical thinking situation, in which logic helps to separate truth from falsehood. Logic is the branch of philosophy that gives the rules for deriving valid conclusions. A conclusion is valid if it results from statements that are accepted as facts. For example, a logical statement might be 1+1 = 2. If a statement does not follow the rules, it is said to be illogical.

Logic can be applied to critical thinking to distinguish between good or bad reasoning. Logical thinking is a process which involves steps. In general, logical thinking involves checking the components of the argument and making connections between them, which is what we call reasoning.

 

Applying Reason

An individual’s ability to reason well is considered a critical thinking skill. Many of the definitions of critical thinking tend to focus on a person’s ability to reason. Reasoning occurs when we use our knowledge of one thing, process, or statement, to determine if another thing, process, or statement is true. Reasoning will help to strengthen your ability to draw logical, sensible conclusions. When we apply reasoning, we use logic to determine “what follows what.” Human reasoning does not always follow logic and can often be based on emotional bias.

 

This post is from October’s topic on Critical Thinking, which is also a course on our Executive Mini-MBA program online from Harvard Square.

Custom Training Programs for Executives

What are custom training programs?

Custom training programs, also known as bespoke or tailored training programs, are learning initiatives designed specifically for a particular organization or group of employees. Unlike off-the-shelf or standardized training programs, custom training is customized to address the unique needs, goals, and challenges of the organization. These programs are created to align closely with the organization’s culture, industry, and strategic objectives. Custom training programs can cover a wide range of topics and formats, including workshops, seminars, online courses, simulations, and on-the-job training.

Why do companies use custom training?

Companies use custom training programs to address specific learning needs and objectives that cannot be met by off-the-shelf solutions. Custom training allows organizations to tailor learning experiences to their unique business requirements, industry regulations, and workforce demographics. By designing training programs that are aligned with the company’s goals and values, organizations can foster employee engagement, improve performance, and drive business results. Custom training also enables companies to stay competitive by developing the skills and knowledge needed to adapt to changing market dynamics and technological advancements.

What kinds of skills can be taught in custom training

The skills taught in custom training programs vary depending on the organization’s goals and the needs of its employees. Common areas of focus include:

  • Technical skills such as software proficiency, industry-specific knowledge, and technical competencies required for job roles.
  • Soft skills including communication, leadership, teamwork, problem-solving, time management, and emotional intelligence.
  • Compliance and regulatory training covering legal requirements, safety protocols, ethical standards, and industry regulations.
  • Industry-specific training addressing trends, best practices, and emerging technologies relevant to the organization’s sector.
  • Managerial and leadership skills aimed at developing leadership capabilities, strategic thinking, decision-making, and change management skills.

What are the benefits of custom training for employees?

Custom training programs offer several benefits for employees, including:

  • Relevance: Custom training is tailored to the specific needs and roles of employees, making the learning experience more relevant and applicable to their day-to-day responsibilities.
  • Engagement: Employees are more likely to be engaged and motivated when they receive training that is directly relevant to their job roles and career development aspirations.
  • Skill development: Custom training helps employees develop the knowledge, skills, and competencies needed to excel in their roles and advance their careers.
  • Confidence: By acquiring new skills and knowledge through custom training, employees gain confidence in their abilities, leading to improved job performance and job satisfaction.
  • Career advancement: Custom training programs provide opportunities for employees to expand their skill sets, enhance their professional capabilities, and pursue career growth within the organization.

How long do custom training programs usually last?

The duration of custom training programs can vary widely depending on factors such as the complexity of the subject matter, the learning objectives, and the delivery format. Some custom training programs may be delivered in a single session lasting a few hours, while others may span several days, weeks, or even months. The length of the training program is typically determined during the needs assessment and planning phase, taking into account factors such as the availability of participants, logistical considerations, and the desired depth of learning. Ultimately, the goal is to strike a balance between providing comprehensive training and minimizing disruption to employees’ regular work responsibilities.

How are custom training programs delivered?

Custom training programs can be delivered through various methods to accommodate different learning preferences and organizational needs. Common delivery methods include:

  • Instructor-led training: Conducted by experienced trainers either in-person or virtually through live sessions, workshops, seminars, or lectures.
  • Online learning platforms: Utilizing e-learning platforms, Learning Management Systems (LMS), or custom-built online courses to deliver self-paced training modules, videos, quizzes, and interactive content.
  • Blended learning: Combining traditional classroom instruction with online components to provide a hybrid learning experience that maximizes flexibility and engagement.
  • On-the-job training: Integrating learning directly into employees’ work environments, allowing them to acquire skills and knowledge while performing their job duties.
  • Simulations and role-playing: Creating immersive learning experiences through realistic scenarios, case studies, simulations, and role-playing exercises to enhance skills application and problem-solving abilities.

Are custom training programs interactive?

Yes, custom training programs can be highly interactive to engage participants and promote active learning. Interactivity can be incorporated through various means, including:

  • Group discussions and brainstorming sessions
  • Interactive exercises, activities, and simulations
  • Case studies and real-world scenarios
  • Role-playing and skill-building exercises
  • Gamification elements such as quizzes, challenges, and leaderboards
  • Collaborative projects and team-based assignments
  • Multimedia content such as videos, animations, and interactive presentations

How are custom training programs evaluated for effectiveness?

Custom training programs are evaluated using a variety of methods to assess their impact and effectiveness. Evaluation strategies may include:

  • Pre-training assessments to identify learning needs and baseline knowledge levels
  • Post-training evaluations to measure knowledge retention, skill acquisition, and behavior change
  • Feedback surveys and assessments from participants to gather insights on the training experience, content relevance, and instructor effectiveness
  • Performance metrics and key performance indicators (KPIs) to track improvements in job performance, productivity, and business outcomes
  • Observations and assessments by supervisors or managers to gauge application of learning in the workplace
  • Follow-up assessments and refresher training sessions to reinforce learning and address any gaps or areas for improvement

What are some examples of successful custom training programs?

Successful custom training programs can vary widely depending on the organization’s goals and industry. Some examples include:

  • Leadership development programs tailored to cultivate specific leadership competencies and nurture future leaders within the organization
  • Sales training programs customized to equip sales teams with industry-specific knowledge, selling techniques, and customer relationship management skills
  • Compliance training initiatives designed to educate employees on legal regulations, industry standards, and corporate policies to mitigate risks and ensure regulatory compliance
  • Technical skills training programs aimed at upskilling employees in areas such as technology, software applications, and industry-specific tools or equipment
  • Diversity, equity, and inclusion (DEI) training programs focused on fostering a culture of inclusivity, awareness, and sensitivity to diversity issues in the workplace

What is the cost of creating custom training programs?

The cost of creating custom training programs can vary depending on several factors.

To learn more about our customized corporate education programs, please contact us at info@LeadersExcellence.com.

Transformative Marketing

This month, we’re excited to present an exclusive recorded webinar, Transformative Marketing: Combining New Age Technologies and Human Insights, featuring renowned marketing experts Philip Kotler and V. Kumar.

In this insightful session, they shared cutting-edge strategies for navigating shifts in customer behavior and leveraging innovative technologies to accelerate business growth. You’ll discover how to integrate diverse data sources, apply Marketing 5.0 principles, and deploy advanced techniques to gain deeper customer insights.

The speakers, Philip Kotler, Professor Emeritus of International Marketing at Northwestern University’s Kellogg School, and V. Kumar, a marketing professor at Brock University, are both recognized as legends in the field of marketing. Kotler, who holds a PhD from MIT, is a prolific author of over 90 books and 170 articles, including Marketing Management. Kumar, who earned his PhD from the University of Texas, has authored 35 books and over 300 papers.

 

Q&A from the Webinar: Expert Insights from Philip Kotler and V. Kumar

During the live webinar, we received many thought-provoking questions. Unfortunately, we didn’t have time to address them all during the event, but we’ve compiled those unanswered questions below, now answered by Philip Kotler and V. Kumar.

Please scroll down to explore these expert responses and deepen your understanding of transformative marketing strategies.

 

How are the core principles of marketing evolving conceptually, beyond the implementation of new technologies? Are we witnessing a fundamental shift in the essence of marketing, or is it more about the application of modern tools to traditional concepts?

There has been and is continuing to see some fundamental shifts in the essence of Marketing. For example, if you take the 4 P’s, Pricing has evolved to consumers choosing the price, willing to pay a set price or bidding for a certain price. Advertising and Promotions have evolved to personalization and customization. Selling and Distribution has changed to selling and delivering the product as per the social media influence, intelligent recommender systems and convenience of the customer. Product and innovation have gone to relying on customer feedback and customer co-creation and more of continuous innovations than any radical innovation.

 

In what ways can Artificial Intelligence (AI) introduce new dimensions and variables to the marketing mix, beyond automation, by enhancing personalization, targeting, and customer engagement strategies?

AI has given the flexibility to suggest in real time the right product recommendation to the right customer at the right price, and the convenience of having the product delivered through drones when possible. The precision achieved by the AI tools is unmatched. However, the recommendations are also limited to the products sold. The recent developments in Gen AI capabilities can go beyond the existing products and suggest something novel. For example, if someone wants to go on a vacation, Gen AI can customize a package within the stated budget and the stated number of days. This, the reliance on Gen AI will help to deliver better experience.

 

What are the most impactful transformative marketing tools specifically tailored to service-based industries (e.g., consulting, financial management, investment banking)? How do these tools differentiate themselves in such high-touch sectors?

FinTech world has evolved rapidly and there are AI tools and Gen AI applications (not naming them here to avoid any biases) to provide financial advice, generate consulting reports, and provide guidance on options trading and investment portfolio. Based on customer feedback, the AI tools are recalibrated and constantly being refined to improve the matching of the customer needs and recommendation accuracy.

 

Which AI-powered tools and platforms can effectively transform existing educational science videos into more interactive, immersive, and visually engaging audiovisual experiences for learners?

Education Industry can gain a lot by using AI (e.g., Chatbots), Gen AI (e.g., ChatGPT 4.0), Metaverse (e.g., for immersive experiences in the world of planets, universe). Beyond classroom education, one can experience visiting places, playing sports, and conversing with an expert). The curriculum has to evolve to integrate the new age technologies, and this needs investments in technology, teacher training, and most importantly overcoming resistance to adoption of immersive technologies by the key stakeholders (e.g., students, teachers, and the parents).

 

As personalization and customer experience become paramount in marketing, how can businesses strike a balance between using advanced technologies for efficiency and preserving authentic human connections with consumers?

The combination of AI and human insights results in Augmented Intelligence. Most importantly, in areas where data privacy is violated or biases introduced by the AI, human interventions can intervene and resolve problem areas. If a resume screened by an AI tool only chooses men (based on past hiring practices) for job interviews, then human intervention can detect that and include more women in the interview process.

 

How can businesses ensure that transformative marketing strategies powered by AI and advanced technologies are trustworthy, transparent, and free from bias, ensuring customer confidence and ethical integrity?

Based on our forthcoming paper (V. Kumar, Phil Kotler, Shaphali Gupta and Bharath Rajan) titled: “Gen AI in Marketing: Prospects, Perils and Policy Implications”, in the Journal of Public Policy & Marketing, we showcase the following examples for designing marketing-mix strategies:

Bases on the type of Gen AI tools used (GPT models; Transformer models such as Bidirectional Encoder Representations from Transformers (BERT); XLNet; Conditional transformer language model; Text-to-text transfer; DALL-E) and human intervention, any concerns or biases can be addressed.

Product: Toyota’s GAI text-to-image feature generates prototype images of their electric vehicle models (Dreibelbis 2023).

Price: Uber Freight’s GAI tool helps shippers access on-demand insights using natural language and ask questions about their journey and transit queries (Uber Freight 2023).

Place: Wendy’s GAI tool improves drive-thru ordering by quickly handling customer questions and accurately processing food orders, even if the items are described differently than on the menu (Spessard 2023).

Promotion: The Fashion Innovation Agency uses AI to transform fashion shows and catwalks using tools like Midjourney and Stable Diffusion. This technology allows them to create captivating looks for a model (Zwieglinska 2023).

We find that the promises of Gen AI to society include wealth creation, expanded access to information to a wider audience, instilling a process of continuous learning, ensuring smarter living, and presenting a way to improve personal wellness. All these are made possible by businesses that harness GAI for innovation, efficiency, and promoting creativity.

 

In today’s fast-evolving digital landscape, how do you foresee the core principles of marketing transforming over the next decade? What strategic shifts should marketers focus on to maintain relevance in this dynamic environment?

Marketing must move from customer obsession to stakeholder obsession. A company has to present strong rewards to its employees, distributors and suppliers for the customer to be truly satisfied. 

 

What are the ethical implications of autonomous marketing systems as they increasingly take over decision-making processes? How should marketers approach issues of transparency, responsibility, and consumer privacy in this context?

Any autonomous marketing system must designate at least one human partner who watches its performance. If the performance is disappointing or violates ethical concerns, the human partner can terminate its operation and replace it with human operation.

 

As marketing undergoes a transformative phase with advanced technologies, what challenges do industry leaders like Professors Kotler and Kumar foresee? How can companies prevent the erosion of human-to-human (H2H) connections in the era of automation and AI-driven marketing?

We capture this in our book on Transformative Marketing. So please read the book…

 

What are the key performance indicators (KPIs) and metrics that businesses should track to effectively measure the success of their transformative marketing efforts, especially in a data-driven landscape?

The KPIs do not differ from matching to a company’s goals. Now the focus is on value creation and value appropriation. These two tasks can be done efficiently by the new age technologies.

 

If a client has suffered financial losses due to failed AI-based marketing or online strategies, how can businesses rebuild trust and ensure that future marketing approaches deliver reliable, measurable results, regardless of the market or country?

The recommendations are always only advisory.

 

What emerging consumer behavior trends should marketers focus on when developing transformative marketing strategies to ensure they stay ahead of the curve?

More consumers are factoring into their brand choice behavior two concerns: the healthfulness of the product and the environmental impact of the company’s product and production process. For example, the company can use GenAI to assess whether these two concerns are properly handled in the marketing plan and desired outcomes. 

 

What specific challenges and risks are marketers likely to face with the rise of new-age technologies such as Natural Language Processing (NLP) and AI-driven decision-making?

Natural Language Processing must especially be reviewed for several types of unintended biases or untruthful “facts” that could undermine NLP’s usefulness.

 

What might Marketing 7.0 look like in the future? Can we anticipate the next evolutionary step in marketing, and how will it reshape the relationship between brands and consumers?

Human vs Machines will become Human and Machines in Marketing 7.0. With AI and 3D printing capabilities, customers will make their own products, and service robots will become a companion for all.

 

Buy the book “Transformative Marketing: Combining New Age Technologies and Human Insights” on Amazon now! Stay ahead by clicking here »

Body Language

Body language relies on body movements as gestures. It accounts for over 90% of the language we use. It can provide cues and hints about how the other person is feeling and thinking. Learning to read body language is important, since people may not always say what is on their mind.

 

Be Aware of Your Movements

Unless the room is covered in mirrors, we may not always be aware of the body language we are displaying. Since the majority of body language is nonverbal, we cannot always control what we are ‘saying’, so we must learn to be aware of our movements and gestures to prevent miscommunication. Look at yourself in a reflective surface, such as a mirror or a piece of glass, and practice saying things from a recent conversation you’ve had. Do you show any signs of body language – and what are they? Listen to what other people are saying when they talk to you. Look at the way they act or behave when they are around you or when they speak directly to you. Their body language can often let you know how you are coming across and let you know what message you may be sending out into the room, even if you are not aware of it.

 

It’s Not What You Say – It’s How You Say It

When we rely on words alone, we can accidentally let all sorts of meanings and phrases that were never meant to, come out. Linguistic tools such as tone, emphasis, and even pitch can make the simplest or nicest phrase come out wrong. The emphasis we place on certain words comes naturally, but might seem off-putting to others and lead to a confused message.

 

Open vs. Closed Body Language

Our body language is like a traffic light to the those around us. Open body language can signal a green light for people to approach and engage in conversations. Closed body language can signal a red light and make people want to keep their distance. Open body language includes gestures such as having open hands and palms, making eye contact, and reaching out to greet someone. Closed body language such as crossing the arms, turning the head away and constantly fidgeting, is much less inviting. This kind of body language can make you seem defensive and withholding from those around you. If you wish to communicate well with others, it is important to realize how to use (and not use) your body to speak out.

 

Communicate with Power

When you communicate with others, you want your message to be powerful. Before you begin, think about what you want to say, and how you want your message to come across. When you finish speaking, listen to what the other person has to say, nod your head and ask follow up questions. Turn your body to the other person and give them your full attention during the session. As always, remove any distractions.

 

This post is from July’s topic on Social intelligence, which is also a course on our Executive Mini-MBA program online from Harvard Square.

Increase Your Self-Awareness

By being aware of our actions and behaviors we change not only ourselves but our surroundings. We must be aware of what we are communicating and how our behaviors can affect others.

 

Remove or Limit Self-Deception

Self-deception is commonly used to hide something from ourselves or prevent ourselves from accepting something. We try to make ourselves believe whatever we want and alter the facts in our mind. For instance, we can deceive ourselves by thinking that our presentation was the best in the group or deceive ourselves by believing that people are talking about us when we walk away. It can affect our relationships with others and give people the wrong impression. One of the simplest ways to prevent this type of deception is to be direct.

 

Ask For Feedback

We often forget that one of the tools we can use to increase self-awareness is to ask for feedback from those around us. It doesn’t have to be a lengthy or complicated process and can be done very professionally or casually. The people around us see our routine actions and behaviors and can offer an honest opinion. The thought of asking someone to share their opinions and thoughts about us may seem unnerving and even downright scary, but their advice and thoughts can prove invaluable. If possible, let the person know in advance that you want feedback so they have time to form an impression and gather any tips or hints. A random request for feedback (such as right after a meeting) can be acceptable too, but keep in mind the person may be caught off guard and unable to offer a good answer right away.

 

Be Open to Change

We are creatures of habit, and when things don’t go our way, we tend to internalize and take things personally. Being open to change allows us to adapt to new surroundings and situations and helps us grow. Changing our attitude can help determine how we build our connections. Sometimes after we receive feedback from our peers, we may need to change how we do things or behave in a group. Perhaps after a meeting we decide we need to change how we plan our presentations. Whatever the reason, it is important to not disregard the importance of change and turn a blind eye to its prospects. Changing how we see ourselves and the people that surround us can have a positive impact on our attitudes and can help build better relationships with our peers.

 

Reflect On Your Actions

While feedback from other people can be a great tool, personal feedback can be just as valuable. Being reflective gives us a chance to learn from our experiences (even our mistakes) and recognize the chance for learning opportunities. By reflecting on our actions, we can see firsthand what actions we took, how they played out, and what kind of effect they had on people. Use all of your senses to recreate an experience in your mind and the actions that you took. What behaviors did you exhibit? What did you feel at the time? What type of reactions did you receive from other people?

Reflect on any body language cues you may have used and make note of any cues you may have seen in others. What intuitions or gut feelings do you feel from the experience? Do you feel as though you have learned anything new from the experience? These steps can help you reflect on your actions and increase your self-awareness, and your awareness of others.

 

This post is from July’s topic on Social intelligence, which is also a course on our Executive Mini-MBA program online from Harvard Square.

Negotiating on Behalf of Someone Else

Negotiating on behalf of someone else presents some special challenges. When you begin such a negotiation, you need to have a clear idea of your Walk Away Price (WAP) and the concessions you have permission to make. You also need to be sure you understand the issues well enough to respond to tough questions that may come up in the negotiation.

If you are assembling a team to assist in the negotiation, you need to select people who have the expertise and the temperament to move the negotiation forward. It is not unlike selecting an army unit, in some ways. When going into battle, you want to have people nearby who will ensure that your interests are protected. It is said that a chain is only as strong as its weakest link, and this is a good principle to take with you into negotiations.

 

Choosing the Negotiating Team

An essential part of leading a team of any kind is sharing information. Teams need information to thrive. Before the negotiation, hold a meeting with the team to make sure everyone has the information they need to make an effective contribution.

You do not want to approach negotiations with a team containing someone who is unaware of their role or of the overall goal. If there is uncertainty in the team, it will spread quickly and it will certainly be picked up on by your counterparts. This can lead to you being hamstrung in terms of your bargaining power, because a team with a clearly defined brief and all its members fully apprised of the plan will be able to pull concessions from one with chaos in its ranks.

Having a team with clearly defined roles and a clearly defined goal will be an asset in any negotiations. The more people you have (as long as they are professional and aware of their position), the more talents at your disposal and the more room for maneuver you will have when it comes to intensive negotiations. What you want is a situation where “two heads are better than one”, rather than one where “too many chefs spoil the broth”.

 

Covering All the Bases

Some negotiations are so complex that it is difficult for one person to master all the issues. In these situations it is worthwhile to assemble a team of experts to make sure all the bases are covered. As with any team, it is important that each person knows exactly what they are responsible for. What is gained through having a dedicated team designed to achieve the best negotiating muscle can be lost through having people who are unaware of their roles, or unclear on what they can and cannot deliver.

It is beneficial to have a team who feel that they can make decisions with an element of autonomy. This will allow them to operate naturally in a negotiation with little fear that they might overstep the mark. However, it is important to have some limitations to their autonomy, as they are not negotiating for themselves. There is a need for balance in these situations. If they feel their hands are tied and they cannot make a decision without referring back to you, they will be powerless in negotiations. If they feel that they have free rein and can do whatever they want, they may make a decision which you would not have made yourself and which damages your position. Finding the point in between where you can be confident that their decisions will benefit you, is essential.

As with so many issues, it is important to get the balance right, as complex negotiations have a tendency to break down or end in an unpopular agreement if they are not handled correctly and with a sense of common purpose. If you get your team right, you can ensure at least that you are not the negotiator who ends up with an unpopular deal on your hands.

 

Dealing with Tough Questions

Here are some possible ways to respond to questions that you decline to answer:

  • Suggest (in a friendly way) that the question is irrelevant. For example, you might say, “I’m not sure how that question fits in here.”
  • Say you don’t know the answer. This is the best course of action to take if you really don’t know the answer. This approach is better than guessing. As a next step, you might say that you will find out the answer and get back to the questioner within a day or two.
  • Say that you would like to wait to respond to the question until later in the negotiation. This is the best thing to do if your answer will reveal too much about your position too soon.
  • Reply with a question of your own. This may help clarify the motivation of the questioner. (What is the questioner really asking?)

Each of these approaches is a way that you can take the question in your stride and be seen to be giving it the consideration it deserves, without giving an answer that will put you on the back foot in terms of negotiations. People may ask you difficult questions in order to trap you, or because their own position is uncertain and they want to find a way to clarify it. How you handle such questions will be important, but as long as you show certainty and a desire to be straight with them, you need not lose confidence.

 

This post is from July’s topic on Negotiation Skills, which is also a course on our Executive Mini-MBA program online from Harvard Square.

Understanding Negotiation

Let’s take a look at two basic types of negotiation. We’ll consider the three phases of negotiation and the skills you need to become an effective negotiator.

 

Types of Negotiations

The two basic types of negotiations require different approaches.

  • Integrative negotiations are based on cooperation. Both parties believe they can walk away with something they want without giving up something important. The dominant approach in integrative negotiations is problem solving.
  • Distributive negotiations involve a fixed pie. There is only so much to go around and each party wants as big a slice as possible. An example of a distributive negotiation is haggling over the price of a car with a car salesman. In this type of negotiation, the parties are less interested in forming a relationship or creating a positive impression.

 

The Three Phases

The three phases of a negotiation are:

  • 1. Exchanging Information
  • 2. Bargaining
  • 3. Closing

These phases describe the negotiation process itself. Before the process begins, both parties need to prepare for the negotiation. This involves establishing their bargaining position by defining their BATNA, WATNA, and WAP. It also involves gathering information about the issues to be addressed in the negotiation.

It is essential to pay attention to all the phases of negotiation. Without the first phase, the exchange of information, and the establishment of bargaining positions, the second phase cannot happen in any meaningful sense because no one knows where they stand. It sets a scene for demands to be manageable and reasonable. Negotiations are, after all, about the art of the possible. Without the third phase, anything that has been decided during phase two cannot be formalized and will not take hold – leading to the necessity for further negotiation or an absolute breakdown in a relationship.

 

Skills for Successful Negotiating

These are some of the skills needed for successful negotiating.

  • Effective speaking
  • Effective listening
  • A sense of humor
  • A positive attitude

Without the above factors, negotiations will be difficult if not impossible. The necessity for negotiation arises because neither party will be able to get everything they want. Knowing that there must be concessions, each party in the negotiation is required to adopt an attitude of understanding that they must get the best deal possible in a way which is acceptable to the other party. The importance of effective speaking and listening is clear; it is necessary to establish what you are looking for and what you are prepared to accept, while understanding what the other parties will be happy with.

Good negotiators understand the importance of balance. Yes, you will have to make concessions, but the point of making concessions is to secure what you can get – so you need to pay attention to your bottom line and ensure you are not beaten down to a minimum. Knowing what is realistic, and ensuring that you can get the best deal, relies on being ready to insist upon something that the other side may not be willing to give initially. Emotional intelligence, persistence, patience, and creativity can all play a part here.

 

This post is from July’s topic on Negotiation Skills, which is also a course on our Executive Mini-MBA program online from Harvard Square.