How much have marathons continued to grow in the past decades? Back in 1976, there were an estimated 25,000 individuals who finished marathons in the U.S. Fast forward four decades; there is an annual average of around 500,000 marathon finishers in the country. The highest number, so far, is 550,600 marathoners, which was set back in 2014.
Even if managing these events can be time-consuming, costly, and requires much energy, corporations are getting in on the business of organized road racing because of the benefits it yields, such as the following:
Lucrative return on investment
The largest revenue stream during marathons is the participation fee; the New York City Marathon charges a $255 registration fee for the participants. But even with all the cost channels involved, from marketing to operations, there is still a big amount of profits that awaits. This is why companies usually organize races for charitable fundraising.
Long-term partnership with sponsors
Marathons, especially those that are created for charity or philanthropy, attract sponsors who wish to contribute, too, to a good cause. This provides a means for the organizing corporation to establish a rapport with these sponsors which could prove advantageous for both parties in the long run.
With thousands of runners looking to participate in marathons, half-marathons, or other running events, organizing one can serve as an effective tool for community building and networking opportunities.
Steven Rinder is a business and corporate development executive with experience in different fields. He is also a running enthusiast. Visit this page for more on Steven.
In the past, many people saw social media as a disruption to marketing. As the years went by, social media has become a day-to-day staple. People post about their lives—be it their professional or personal lives—on sites like Twitter, Facebook, Instagram, and even Snapchat. Industries now utilize the use of social media to address their consumers’ needs, wants, and even complaints. How do healthcare professionals utilize the use of social media to enhance their services?
Social media is designed to spread information faster to a bigger audience. Many healthcare companies use social media to share general information about their product or service, from tips to avoiding a cold to information about health hazards.
Evaluate product quality or service performance
Healthcare professionals use social media to gather immediate feedback about their newest technologies or services. The responses they collect also give them the opportunity to evaluate the possibility of building additional services.
This can be controversial. There are patients and even medical professionals who can’t keep their hands off their gadgets, and they often provide live updates on their procedures. While this may be overly personal for some, it can deliver up-to-date information to other doctors, medical students, and other individuals. It can provide educational value to those who only have access to medical advances through the internet.
In times of crisis, social media can provide consumers updates about hospital capacity, emergency room access, and even operation status.
Steven Rindner is a corporate development and business executive specializing in real estate, media technology, and healthcare business. Visit this blog to read similar articles.
A good media strategy helps businesses reach their target audience. Using various tools in media, companies can improve their overall conversation rate based on the market-related metrics they wish to achieve.
When creating a media plan, most companies take the same approach. Three important components are considered to capture the attention of their niche markets. Entrepreneur.com shares these three, which should figure in the creation of a media plan:
1. Define the market problem. It is important to know the exact demographic of your niche market and your current standing within it. Where is your business coming from? Is there product loyalty and to what extent? To answer these questions, good market insight is needed.
2. Create attainable media objectives. This refers to your overall marketing objectives and goals. They need to be measurable and specific, such as increasing brand awareness among the youth or increasing sales among a particular age group.
3. Formulate a media strategy. You should consider your media budget and where you plan to allocate every slice of it. Are you promoting via social media or will marketing take the form of a mix of both traditional and digital media? Are you willing to spend on tapping a celebrity as brand ambassador?
Over the years, the most effective media strategies have been those that evolve over time. You can learn from your results and other company’s previous strategies. Always measure your results as they can provide valuable data that can be used in future media strategies.
Not too long ago, the film industry was having trouble keeping both critical acclaim and financial success. Lackluster blockbusters littered the streets of tinsel town, the result of a shift away from good storytelling and into recreating outlier successes of Marvel’s cinematic universe. Effects-laden monochromatic spectacles geared at an international audience had been Hollywood’s costly gamble.
Meanwhile, in a different arena, the television industry seems to have regained its muse, hitherto lost in the sea of down-market reality programming. The television industry of the millennial era had begun churning out popular and critically acclaimed dramas and action stories with production values that rival cinematic releases.
But with television companies experiencing a domino effect of losses as of late, the tube may not be able to soar as high as it could without making sweeping changes to its structure. At the same time, the juggernaut film franchises of old, banking on the popularity of franchises past, are experiencing a minor rebirth. Although there have been a few hiccups, in general, the film industry has earned a remarkable turnaround, culminating in the release of Jurassic World in mid-2015. Promising to follow suit are the highly anticipated James Bond and Star Wars films, themselves resilient legacy franchises and produced with the aid of well-grounded companies known for industry expertise.
What would become of this newfound row of success is still uncertain. On one hand, many of these breakthroughs were from older properties, with much of their success banking on nostalgia. On the other hand, many of these successful franchises avoided some of the common clichés and false assumptions that led to the downfall of similar attempts to retool franchises. Time will tell if Hollywood would finally see its true rebirth.
Steven Rindner is a business and corporate development executive who has served in various companies across different industries. He has accumulating extensive expertise in media, technology, real estate services, and healthcare businesses. Visit this blog for more updates on key media industry issues.
The millennial generation is rapidly taking over the Baby Boomers’ role as business leaders. It is estimated that more than half of today’s workforce (in the U.S.) is—or is expected to be—born after the 1980s. With different mindsets, perspectives, and goals, millennials could run businesses and the economy is a much different way.
The young, ambitious, energetic, and innovative age group has already experienced (and overcome) two major financial crises in a span of just 10 years, equipping them against similar adversities in the future. Social media and IT infrastructure have boomed in an unimaginable pace as the generation was growing up. Tech-savvy business neophytes are learning corporate duties at a much faster rate than did their older mentors. Millennials grew roughly at the same time the information age peaked, providing them resources to study plenty of concepts, analyze changing economic data, and invent solutions for emerging or anticipated global financial issues.
Surprisingly, millennials are highly flexible and place high value on the concept of “work-life balance.” They are highly productive because they know how to give their hard-working brains a break. They think fast and creatively, itching to get out of the box and travel to places where they can learn new things and ways of life.
However, these positive traits are not consistent throughout the population. Not all millennials are well-informed or well-trained to tap into powerful resources and lead innovative changes. Many of them—particularly those in their 20s—are stuck with the thirst for the “youthful lifestyle” that hinders them from investing in platforms that could protect them against financial catastrophes. Nevertheless, they still have ample time and all the necessary tools to change that.
Steven Rindner is an executive with a strong background in business development and growth strategy across a number of industries including media, technology, real estate services, and healthcare. Follow him on Twitter to know more about his professional background.
What is the best leadership strategy to-date? Kathy Caprino, a contributor to Forbes.com, shared this interview she had with Ray Carvey, Executive Vice President of Corporate Learning at Harvard Business Publishing in this article below.
Do a Google search on “Leadership Training,” and you’ll find over 100 million results – academic programs, management training series, white papers, leadership “gurus,” articles, resources and more. Those of us in the leadership space are inundated with new-fangled approaches to understanding leadership, and teaching and training leaders today.
Through working with emerging women leaders at Fortune 500 companies and in academia and non-profits, I’ve formulated my own views about what goes into the making of a truly great leader – one who is capable of articulating a powerful, positive and compelling vision for organizational and individual growth, and who can generate the trust and support needed to execute on this vision.
To learn more about the best of the best in leadership training today, I was excited to catch up with Ray Carvey, Executive Vice President of Corporate Learning at Harvard Business Publishing. Harvard Business Publishing Corporate Learning division partners with clients to create world-class leadership development solutions for managers at all levels in global organizations and governments.
I asked Ray all about what top-level leadership training does now that it didn’t 10 years ago:
Kathy Caprino: What lessons have you and Harvard Business Publishing learned recently about employee training that you didn’t know before?
Ray Carvey: We’ve learned that there are several key dimensions of leadership training that must be present in all the programs we deliver, if we’re to help organizations thrive and succeed in today’s environments. These key dimensions are:
Developing a leadership mindset.
To evolve as leaders, managers have to internalize the idea that leadership is fundamentally different from managing tasks. Being a great leader means both managing tasks and functions well, but also understanding how to behave and “show up” as a leader. It can be hard to grasp for some, but it can be learned.
There’s a big difference between a learning organization and a training organization.
It surprises me how many training programs exist in a vacuum. They might focus on training on specific skills like time-management, budgeting and coaching, for example, but they incorporate very little business context into the design of their programs, and they measure metrics such as “usage,” rather than real business impact. Top-level training organizations move beyond abstract learning to understand how to align what they’re doing with key business objectives.
Our clients who really do this well speak in business terms, not in training lingo. For them, learning and development initiatives start out with what the business is trying to achieve. Some business goals we’ve helped clients achieve are building stronger capabilities for innovation, improving client/supplier relations in high-growth emerging markets, or shifting what has been a single-country headquarters mindset to a global one.
If content is king, then context is queen.
Context is so important for effectively incorporating learning into an organization. For learning, getting it right in the context of your organization’s needs is what makes it relevant, meaningful and “sticky.”
Leadership development doesn’t and shouldn’t look the same at every organization. For example, how leaders make decisions at a start-up in a high-growth industry is going to be quite different from decision-making at a 100-year-old organization in an established market.
Technology has changed the way people do business. With different platforms emerging every year, most entrepreneurs are now adapting to various media channels to promote and sell their products and services.
Pointing out the extinction of dinosaurs as an example, Nitin Pangarkar, associate professor of strategy and policy at the National University of Singapore Business School, emphasizes the threat of “technological change” in the survival of companies that fail to adapt in today’s technological evolution.
According to Pangarkar, a company’s ability to integrate internal and external knowledge is crucial for survival. He adds that by achieving this, businesses will not only achieve integration, but will also be able to enhance their competitive position in the market.
“With an appropriate strategy, companies can maintain, or sometimes even enhance, their competitive positions during technological revolutions. For every Kodak, which failed to adapt, there is a Canon, which successfully handled the challenges posed by such upheavals; and for every Nokia, there is a Fanuc,” he explains.
This said, it is indeed important for companies to stay proactive not only in following technological trends, but also in filling both internal and external knowledge gaps to survive the technological evolution.
Steven Rindner is a results-oriented executive with a strong background in business development and growth strategy across a number of industries including media, technology, real estate services, and healthcare. Follow this Twitter account for the latest in the business world.