Cryptobloc

Cryptobloc is a startup that wants to utilize blockchain technology to make trading easy and accessible. The site sums up Cryptobloc in their vision statement:

"To provide an open source, decentralized, social trading and investment platform that has an integrated marketplace where plugins such as financial indicators, trading strategies, exchanges, wallets, etc can be offered underpaid or free licenses and installed right from the app itself." 

The site www.cryptobloc.io is clearly new and largely underdeveloped. The site provides the premise of the tool but provides no means to engage with it. It feels like the site is more of an idea than a tangible, active company. Even in the early stages, it is vital to include some means of connection so that people who happened to reach the site can remain interested. In addition, while the buzz of bitcoin and blockchain remain, it is important to maximize on the opportunity to reel in potential customers.

An immediate plan for Cryptobloc, as a startup, would be to gain prospects. The best line of action for the company is to attach social media platforms to the site. This way as the company develops and expands, interested users can follow along.  There is a "news" tab on the site but access is allowed only with signups to the newsletter. Instead, the company should write and share news via Blogger or WordPress. It would also be interesting and serve as a source of legitimacy if the creators or employees wrote published articles on different journalism sites like Washinton Post or the Entrepreneur. Posting to sites like will also attract new target users and customers.

The company should create a twitter account first and foremost. Twitter would be best to engage people interested in Cyptobloc's platform and mission. Twitter works best for instant news sharing and quickly developing and changing topics like blockchain. The company should engage with leaders in the field in order to gain greater exposure.  Facebook will be the best site to utilize for paid marketing. Not only is Facebook proven for better monetary ROI but also because Cryptobloc may just find a large portion of its target on Facebook. It is true that Facebook is leaning towards an older audience, which is why the startup's desire for ease and access to trading will appeal to them. The company should post app tutorials and photos of the company here as well. In addition, creating a company profile on LinkedIn is a great place to attract serious customers because of the mature environment it creates.

Introduction to Technological Innovation

Technology is the application of knowledge. Science, on the other hand, is the understanding and development of knowledge. Innovation is the means to which value is created from what is existent. The means to innovation is recognition of areas of improvement, creativity in problem-solving, and embracement of change. The famous nuclear physicist, William Pollard said,"Learning and innovation go hand in hand. The arrogance of success is to think that what you did yesterday will be sufficient for tomorrow." Today, the world is incessantly changing and exponentially expanding upon learning. It is in this age that innovation has become the key indicator of success for businesses. If a company can do something different and better, that is their primary means to success.

Innovation can occur in several areas: an introduction of a new good, an introduction of a new method, an opening of a new market, obtaining a new market, obtaining a new source of supply, implementation of a new form of organization. Apple, previously Macintosh, rose to popularity through its innovation of the iPod and iPhone, an innovative product. Walmart became successful after it revolutionized its approach to warehousing, an innovative method. Tesla has innovated by creating a 30k vehicle, a drastic change from its luxury counterparts. This represents the opening a new market, a lower-income, middle-class target.

In this way, studying history can help one understand the future. The trends that occurred in the past almost always repeat over. Although the circumstances change, the process is almost always the same. In addition, studying history can help us understand the world today. Why is the world the way it is? Why are people the way they are? What ideas, cultures, movements, environments, and events have shaped the way people think and communicate? These are questions that history answers. In the context of business, we can study what companies did right and what companies did wrong in the past. This approach proves the vitality of innovation and the growing importance is maintains.

Over the course of the semester and over various interviews we conducted, I have come to realize the importance of experience, expertise, and networking. The questions presented and the answers given by various managers and employees has widened my scope and imparted humility. There is a wealth of knowledge sitting in the expertise of surprisingly accessible people. Asking questions and learning from people is an invaluable way to gain relevant, practical knowledge. LinkedIn has proven to be a great resource for finding and reaching out to people in various industries. I was surprised by the enthusiasm individuals, from established companies whom I never met, had responded with. People enjoy talking about themselves and their path to success, most being open to sharing great details. There are plentiful tips and lessons to take away when engaging with others. This is a newer, more profound realization I came to regarding networking that lays beyond its potential to provide opportunities or jobs.

From the discussions I partook in during class, I have come to immensely appreciate the field of technological innovation. Not simply because it is a distinct study, but because of its proliferation in almost all other fields today. Whether it is in the medical, veterinary, aerospace, transportation, food, agricultural, telecommunications or consumer goods industries. Some often discussed were prosthetics, 3D printing organs, virtual reality gaming, artificial intelligence, virtual assistants, military weapons, and wearable/internal technology. Innovation drives the high commodity industry. This industry is characterized by high demand and prices. Eventually, as the technology becomes more accessible, more inexpensive, and less novel, the high tech products gradually become commodities or valuable necessities.

The world is changing so fast it can sometimes be frightening. We no longer have the ability to be bystanders in the technological revolution of recent times. We have to adapt and change with the trends or we can fall far behind. In business, this is a fundamental reality. All monetary success today is contingent on a company's ability to find gaps, uncover problems, and understand behavior that in turn inspires innovation. Constant innovation is the immanent driving force of prominence today as can be seen by companies like Amazon, Salesforce, Tesla, Apple, among others.

Benedictine University: http://www.ben.edu/index.cfm
Daniel L. Goodwin College of Business: http://www.ben.edu/college-of-business/index.cfm
Entrepreneurship: http://www.ben.edu/college-of-business/undergraduate/entrepreneurship.cfm
ENT 320: http://www.ben.edu/college-of-business/undergraduate/entrepreneurship.cfm
Jodi Houlihan: https://www.linkedin.com/in/jodihoulihan/
Atiya Mahkri: https://www.linkedin.com/in/atiya-mahkri/

Social Media Analytics

Techopedia accurately defines social media analytics stating :

• "Social media analytics (SMA) refers to the approach of collecting data from social media sites and blogs and evaluating that data to make business decisions. This process goes beyond the usual monitoring or a basic analysis of retweets or "likes" to develop an in-depth idea of the social consumer. Social media is a good medium to understand real-time consumer choices, intentions, and sentiments. The most prevalent application of social media analytics is to get to know the customer base on a more emotional level to help better target customer service and marketing."

Social Media Analytics relies on the use of various key performance indicators. These numeric metrics help measure the effectiveness of social media. Primary aspects to monitor are audience size, audience profile, reach and engagement, traffic, content analysis, community responsiveness, competitor benchmarking, and sentiment analysis. Here are some useful metrics that companies widely use today:

Recommended Tools to Use:

• Platform-Based: Facebook Insights,  Twitter analytics, Pinterest Analytics, Instagram Insights
• Management Tools: Hootsuite, SproutSocial, Agorapulse
• Solely Analytics Software: Simply measured, Rival IQ, Quintly Google Analytics

Tools like these allow companies to gather and monitor data. This data is then analyzed and made into a report. Reports are given to decision makers that can make the calls on where to improve, continue on, or stop efforts. This allows effective decisions to be made that can be supported by meaningful data.

Social Media ROI

Social media ROI is sometimes viewed as impossible. Calculating ROI can be difficult because translating social media progress into financial or any tangible benefit is complicated. ROI is important because it measures the return companies acquire after investing time and money into having an active social media presence. Companies should determine ROI because it allows them to see if their efforts are working and enables them to improve their overall reach. It also determines which media channels are most successful in generating revenue.

The first step is to define goals. These goals must be a trackable and measurable action from the user's end. Some examples include purchases, downloads, or email sign-ups. The goals should enable you to differentiate between a browsing follower and a lead that will eventually purchase something. This is why simply tracking followers and likes is nice but not wholly meaningful. After this, attach determined goals to different campaigns. This way, each campaign has a purpose and measurable outcome.

Next is actually tracking the goals. Tools to use are Google analytics or Hootsuite Impact. USe Google URL Builder to attach trackable links to each campaign. For each conversion attach a value. Values to use are lifetime value of customers x conversion rate and average sale. These values for each campaign will be the earnings.

Last, social media expenses must be calculated. This includes employee hours, social media tools costs, and advertisement costs. Now, subtract these expenses from the earnings. This should be done for individual social media accounts or even campaigns in order to isolate each and see which site and campaigns are performing the best. Below is the simple ROI formula:

(Earnings-Expenses) x 100 / Expenses = ROI of Social Media

Hootsuite Basics

Successful social media, as mentioned by Professor Todd Kelsey, is dependent on content. This is why it is important for social media marketers to produce content that will attract, engage, and retain their target market. While a tool like Hootsuite cannot automatically curate meaningful content, it can effectively manage it. Hootsuite is a social media management platform. It allows users or companies to integrate up to 35 social media accounts into a single space. This allows for ease and efficiency when utilizing various networks. The dashboard allows for scheduling, content curation, monitoring, and analytics. HootSuite has products that amplify or boost follower counts, provide insight into current audiences, and prove ROI impact of social media efforts.

Hootsuite is also helpful when attempting social listening. Social listening involves figuring out what others are thinking and saying about a company and its social media. You can use a feature called GEOFILTER to see what Twitter users nearby are saying about a company, within a 50-mile radius, for instance. The tool essentially uses keywords to search for tweets then filters out anyone farther than the stated distance. Another similar feature is the location stream option. This allows users to see who is posting what content within a specific location, like in the corporate building or international store. The location stream and geofilter are beneficial because they allow companies to assess what people in closest proximity feel and express about the company.

Often companies will initially post regularly, especially during important product launches or events, then slowly quiet down. The scheduler feature is probably the most helpful management tool on the platform. The Bulk Composer feature allows up to 350 posts to be prematurely created then published on a predetermined day. The Hootlet Chrome extension allows you to post short content instantly and without directly accessing the Hootsuite dashboard. All posts can be read through calendar view, which provides a visual to ensure proper dates will have postings. Ultimately, the schedule feature enables users to create content ahead of time, especially for days like Women's Day or Holidays like Christmas. This organizes postings, ensures uniformity across accounts, and inhibits gaps in social media activity.

Overall, Hootsuite is an established company that provides a unique service. While a single user or a small company may not find massive benefit in a platform like this, a large company with a greater reach and more social media accounts will find Hootsuite and companies like it indispensable.