Managing a project to an on-time, on-budget completion has become increasingly difficult in the ‘do more with less’ reality of today’s business world. But what many project managers fail to realize is that their project is doomed from the start. Activities associated with a project’s roll-out and needed organizational change management often go unscoped and unfunded because they don’t directly contribute to the creation of the produce or service being developed. The cost of these activities is very real in terms of personnel and financial resources and the project’s ultimate success relies on their performance.
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Seldom do leaders assign work to individuals based on the corporate goal of achieving something.
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In a world of e-commerce and online activities, trade shows can be overlooked; however, this offline alternative is far from being unimportant. Contemporary trade shows offer the opportunity for an entire industry to put their best foot forward, attracting potential investors and customers. A myriad of competitors shall be vying for trade show revenue, and the first impression of a trade show stand can make or break a sale. Naturally, the first step in creating an engaging and approachable stall is to have sturdy pop up stands; nothing is more uninviting than a collapsed stand.
Modern trade show stall formats tend to utilise open curved fabric stands as they are approachable from the front, right, and left, rather than the conventional booth or cubical format. The open format permits the engagement of more potential customers, because it’s generally more inviting and interpersonal, as customers are free to come as they please without the barrier of a booth between the salesman and the customer.
The Display
The fascination with a stall begins with what observers can passively see before they decide whether or not to further engage with the stall. Images and brand names are conventional passive marketing materials. A projected video or slideshow, however, tends to generate more interest as it allows observers to passively view a demonstration of a product or service. Passive marketing materials are designed to generate interest and proffer brand awareness, comparable to a giant advertisement.
Gimmick style materials, such as pens and caps, are popular and can be used to promote brand awareness outside of the trade show; however, these should only be handed out after a customer engagement as a reminder of the brand.
Active marketing materials then advance the cause of passive materials and commonly constitute leaflets, business cards, brochures, booklets, and even interactive displays. These materials are designed to engage potential customers on a deeper level by:
Building customer relationships,
Establishing the expertise of a company or business, and
Delving into the question of ‘why’ a company or business is better than its’ competition.
Active marketing materials contain the information a potential customer needs. Interactive kiosk displays and tablet devices generally have higher levels of engagement; however, leaflets and booklets can be taken home for consideration in an environment outside the exhilaration of a trade show.
The Continuation
Trade Shows are merely an entry-point for customers and the attained sales leads must be developed into business. A resourceful method is to categorise sales leads into different priority groups, for example:
Group 1 – Very Interested
Group 2 – Somewhat Intrigued
Group 3 – Hesitant
Each group must be treated differently as resources ought not to be wasted by attempting to convince hesitant customers and allowing interested customers to slip away. Naturally, very interested clients ought to be contacted first for any follow-up processes, followed by group 2 and then group 3.
The Strategy
Prior to committing to a presence at a trade show, a marketing strategy must be created. While potential customers are seeking business, a stall must still outrank its’ competition, and the mere presence at a trade show does not guarantee engagement, nor does it guarantee sales.
What are the primary and secondary goals of attending the trade show?
The objectives of trade show marketing can differ, for example, a business may wish to:
Generate sales or leads
Build business relationships
Build brand awareness
Reinforce existing leads
Promote recent developments for training opportunities
Attaining a sale or leads is generally the primary objective; however, during a trade show, this may encounter some resistance. As a secondary objective, for group 2 and 3 leads, consider promoting other avenues of engagement, such as email / social media subscriptions, or proffering brand awareness to increase direct engagement with the company when they are considering a business proposal.
Trade show stalls ought to create a lasting impression and a memorable experience.
This is commonly assessed within the first few seconds of an engagement, which is why the first impression is crucial. Sales scripts and pitches must reflect this objective and the different avenues a potential customer could be taken down should be mapped out. This will proffer a smooth experience and when combined with active marketing materials, shall greatly assist in achieving the stall’s predetermined goals.
Trade show events differ; choose one which matches the goals of the business.
Trade shows can be in the form of:
Networking events,
Industry events,
Seminars,
Conferences,
Sponsored events, and
Webinars, amongst others.
If the primary objective of the business is to increase brand awareness or build business relationships, then a networking event may be the most suitable.
Finally, assess the results.
Consider what factors constitute a successful campaign, what was popular and what was not.
Were the primary and secondary objectives achieved?
Did leads materialise?
Are people talking about the brand?
How many people subscribed?
How many are actively engaging with the company?
Let the numbers do the talking and assess the results. This shall determine whether another trade show should be attended, or whether other marketing avenues ought to be considered.
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The most difficult question to answer when starting an Artificial Intelligence project is often to determine where to begin. The tendency is to jump straight into the technology without fully defining the problem or examining the market.
Before starting, define what problem needs to be solved and who needs the solution. It’s important to be very specific about your audience because these are the people who will actually purchase or use the product or service. What the end users need can be discovered using a variety of techniques, including market research, surveys and so on. Without defining the problem and the market, it’s likely the ROI will be weak and making sales will be difficult. Often, this is seen as technology for technology’s sake, or doing it just because it can be done. In other words, start with a business problem, an unused data set or survey the new AI techniques, which might identify a problem, a solution and a customer.
To operationalize an AI framework, use the concept of People, Processes, Data and Technology. With People, the concern is with building a team with the right skill set and organization. Processes deal with how the project is developed and the different methodologies available to achieve the goal. With Data, have a data strategy and focus on quality not quantity, as well as accessibility. Finally, Technology provides the software and hardware considerations on which to build the project. This approach can be molded and customized to fit the needs of any project. Just to be clear, this is a blueprint and is not intended as a straitjacket. Use the framework to enable progress, not to restrict your freedom of action.
If an organization is just starting with AI, which many are, change management strategy is very applicable. Change management helps build advocacy and a shared vision within organizations. The thing that many leaders understand is people implement change and that you can’t exclude people from the equation. Plans and processes are necessary but change often fails because the human side is not appropriately factored into the process.
For an AI project to be successful, somebody must ‘own’ it. This doesn’t imply that the project needs to be restrictively managed; rather, one or more senior stakeholders in the business must support the project, its goals and the team. And where the project sits depends on how your company is organized. No matter how a company is organized, the AI team must be embedded within the business and not siloed. If an AI team is isolated from the rest of the business, then their efficiency will be reduced, and they may not consider the needs of end users and stakeholders within the organization.
There also needs to be consideration of how data scientists and AI engineers work together. Are they working as one team or are there multiple teams? Do they work for the same organization? These and other questions must be addressed from the outset. First, you need to define the role of the data scientist. Are they a business or domain expert, statistics expert, programming expert, data technology expert or a visualization and communications expert?
To infuse AI into a company’s culture, communicate throughout the business to increase awareness and acceptance of AI, and build an understanding of the purpose, terms and options available. Your business can also provide educational opportunities to bring members of your organization in all areas of your business up to speed on the concepts. The team can be based out of IT, which would be IT-centric, integrated between data science and IT or a specialized group with team members from throughout the business.
Ultimately, start with the problem and work towards the solution with AI. AI is a profoundly powerful tool to get to that solution, yet there are many things to be considered; including the people who staff the projects and their skills, specialties and experience. However, choosing the right strategic AI framework will guide the project to success.
About the Author
Chris Duffey is author of Superhuman Innovation: Transforming Businesses with Artificial Intelligence, and the Head of Artificial Intelligence Innovation and Strategy at Adobe. Chris spearheads Adobe’s Creative Cloud strategic development innovation partnerships across the creative enterprise space.
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Contractors need to devise ways to cut costs in order to remain profitable. With increased competition, the need to cut costs has become important now more than ever.
Eliminating people is not the right way to cut costs. This will only stifle the ability of your firm to make a profit. Instead, you should look for other ways to cut costs and boost profitability.
1. Cost Audit
The first step in cutting costs should begin with a complete audit of the existing expenses. You should consider ways to reduce operational expenses.
You can relocate the office to a location where the rent is lower. Also, you can consider the shift from in-house to cloud operations to cut overheads.
A lot of contractors subscribe to different software services yet don’t use most of them. Consider whether the services really add value to your business by saving time or improving efficiency. If not, it’s better to cancel the subscription.
2. Time and Contract Clause
Instead of Under-the-contract-price, you should consider adding the add-to-exceed clause. In the former case, the owner of the project only has to pay a fixed cost that includes overhead and profit. This is not necessarily the most cost-effective approach.
Instead, you should consider the time and materials contract. This is a type of contract consist of the following three terms.
Actual material costs
Actual direct labor costs at a specific hourly rate
Agree on add-on to cover profit and overhead
The main benefit of this type of contracting is flexibility. This cost structure allows you to adjust requirements, replace features, and cater to changed user requirements without taking a hit on the bottom-line.
3. Seek Multiple Bids
When working with a sub-contractor, you should consider multiple bids. This may take additional time, but the effort will be worth it in the end.
You may have to send lots of emails and hammer the phones. But this will allow you to lock in on subcontractors that offer services at the least costs. This extra work will help in significantly reduce the internal expenses.
4. Inspect Your Schedule
You should keep an eye on your schedule for any potential stacking or acceleration of activities. Compressing the schedule will allow you to squeeze cost advantages. Time is money and any time that is saved will have a positive impact on the company’s bottom-line.
5. Financial Prequalification
You should prequalify all subcontractors to reduce the risk in case of cost escalation. This is particularly important if the subcontractor will bear most of the risks. It will help in absorbing any deviances in a project that result in increased cost.
By financial prequalification, you can get assurance that the subcontractors will be able to absorb any costs overruns. Some of the criteria that you should consider include pipeline, days of cash, and work in progress.
The above tips can help in greatly reducing the contracting costs. Consider adding an escalation clause in all your projects as well. This will pass on the risk of cost increase to the project owners.
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Managing a project to an on-time, on-budget completion has become increasingly difficult in the ‘do more with less’ reality of today’s business world. But what many project managers fail to realize is that their project is doomed from the start. Activities associated with a project’s roll-out and needed organizational change management often go unscoped and unfunded because they don’t directly contribute to the creation of the produce or service being developed. The cost of these activities is very real in terms of personnel and financial resources and the project’s ultimate success relies on their performance.
Seldom do leaders assign work to individuals based on the corporate goal of achieving something.
The First Impression
Chris Duffey is author of 
Contractors need to devise ways to cut costs in order to remain profitable. With increased competition, the need to cut costs has become important now more than ever.
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