Stanley Black & Decker, Inc. (NYSE:SWK) Q3 2023 Earnings Call Transcript October 27, 2023

Operator: Welcome to the Third Quarter 2023 Stanley Black & Decker Earnings Conference Call. My name is Shannon, and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. Please note that this conference is being recorded. I will now turn the call over to the Vice President of Investor Relations, Dennis Lange. Mr. Lange, you may begin.

Dennis Lange: Thank you, Shannon. Good morning, everyone. And thanks for joining us for Stanley Black & Decker’s 2023 third quarter webcast. On the webcast in addition to myself is Don Allan, President and CEO; Chris Nelson, COO, EVP, and President of Tools and Outdoor; and Pat Hallinan, EVP and CFO. Our earnings release which was issued earlier this morning and a supplemental presentation, which we will refer to are available on the IR section of our website. A replay of this morning’s webcast will also be available beginning at 11 a.m. today. This morning, Don, Chris, and Pat will review our 2023 third quarter results and various other matters followed by a Q&A session. Consistent with prior webcast, we are going to be sticking with just one question per caller.

A workshop full of tools and supplies, showcasing the range of products available.

And as we normally do, we will be making some forward-looking statements during the call based on our current views. Such statements are based on assumptions of future events that may not prove to be accurate, and as such, they involve risk and uncertainty. It’s therefore possible that the actual results may materially differ from any forward-looking statements that we may make today. We direct you to the cautionary statements in the 8-K that we filed with our press release and in our most recent 34 Act filing. I will now turn the call over to our President and CEO, Don Allan.

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Don Allan: Thank you, Dennis, and good morning, everyone. Stanley Black & Decker’s third quarter performance reflects the continued successful advancement of our strategic business transformation. Our focused execution resulted in improvements versus prior year in adjusted gross margin and earnings per share, as well as free cash flow. Reflecting on our journey over the last five quarters, we have made significant progress. One, our cost and inventory position is healthier behind the momentum of our supply chain transformation and we are confident in the runway for this to continue. Two, our execution is stronger and the results now demonstrate the focus across the organization to enhance the customer experience and improve our financial position.

Three, our performance today provides a solid foundation for the additional investments we are launching in innovation and market activation to capture the compelling long-term growth opportunities in the markets we serve. Four, our view is that the markets will remain dynamic. Our focus is on delivering best-in-class product innovation through our portfolio of world class brands, implementing cost efficiency measures within our control and driving share gain in our core markets. All aim to further improve margin, earnings and cash flow. While there are many important steps ahead of us on our journey, I am confident that we have the right strategy, a highly capable and motivated leadership team, and a strong competitive position to successfully execute our transformation.

Shifting now to our third quarter performance. Revenue was $4 billion, which was down versus the prior year primarily due to lower Outdoor and DIY volume. The demand for our Pro Tools, as well as automotive and aerospace fasteners remained healthy and demonstrated growth in the quarter. Across our end markets, the U.S. retail point-of-sale for our Tools and Outdoor products remained in a growth position this quarter versus 2019 levels. As we assess our competitive positions and demand trends, we believe that we are stabilizing our share position in a mixed market environment, while we continue to invest in market activation and field resources to drive future share gains. Our Global Cost Reduction Program delivered $215 million of pretax run rate savings in the quarter, on track for the expected $2 billion run rate savings by the end of 2025.

Adjusted gross margin rose to 27.6%, a 400-basis-point sequential improvement and 290 basis points favorable as compared to last year. The benefits from our inventory optimization and supply chain transformation are now clearly being reflected in our performance. As we navigate uncertain market conditions, we are continuing to focus on what is within our control to improve our margins. Looking ahead to 2024, we expect additional sequential and year-over-year gross margin gains. We delivered approximately $300 million of inventory reduction this quarter, which brings us to $1.7 billion reduction since mid-2022 when we started this journey. This contributed to over $360 million of Q3 free cash flow generation, which supported our quarterly dividend and $285 million of debt reduction in the quarter.

Benefits from lower supply chain costs contributed to third quarter adjusted diluted EPS of $1.05, which was better than our plan. Our year-to-date performance supports increasing our 2023 full year adjusted diluted EPS guidance to a range of $1.10 up to $1.40, which would be up $0.25 at the midpoint. I want to thank our 50,000 plus employees around the world for their focus, dedication and passion that contributed to another successful step forward in the third quarter. Our progress is encouraging and I am confident that by executing our strategy, we are positioning the company to deliver higher levels of organic growth, profitability and cash flow, as well as strong long-term shareholder returns. Now shifting to our third quarter segment results.

I will discuss our Industrial business performance and then pass it to Chris Nelson to review the Tools and Outdoor results. Third quarter Industrial revenue declined 4% versus last year, as price realization and currency were more than offset by lower volume and a 3-point impact from our Q3 2022 Oil and Gas business divestiture. We improved Industrial adjusted operating margin by 110 basis points versus prior year, driven by continued price realization and cost actions to deliver adjusted operating margin of 12.2% in the quarter. This represents strong execution and continued year-over-year margin expansion for our Industrial team. Within this segment Engineered Fastening organic revenues were up 6%, including aerospace growth of 29% and auto growth of 9%, as we continue to capture the strong cyclical recoveries in these markets, which was partially offset by what occurred in industrial fastening.

Our Attachment Tool business experienced organic revenue declines, primarily as a result of customer destocking to normalize their inventory levels. The long-term fundamentals for growth remain solid in all these businesses and we believe the temporary channel inventory destocking in Attachment Tool will be complete as we exit 2023. I want to thank the Industrial business for their strong execution. This is the fifth consecutive quarter of double-digit adjusted operating margin for the segment. We are excited by the runway for growth, share gain and operating leverage in these businesses. I will now turn the call over to Chris to review our Tools and Outdoor performance.

Chris Nelson: Thank you, Don. And good morning everyone. I am now at the 4.5-month mark at Stanley Black & Decker and this period has really reinforced my excitement about the future for this business. I have spent my time with end-users, customers and our passionate and highly capable Tools and Outdoor organization. We have iconic brands such as DEWALT, CRAFTSMAN, Stanley and Cub Cadet, a strong pipeline of innovation, and customers and users who are eager for our newest products. We remain focused on capturing that opportunity. We are rapidly making progress with our transformation. The organization remains committed to supporting the necessary cost efficiencies as we prioritize the additional investments in innovation, brand support and commercial resources that will be most impactful to reaccelerate growth and share gain in the market.

Now turning to the Tools and Outdoor third quarter performance. Total revenue was $3.4 billion, down 5% organically versus prior year as a result of lower consumer Outdoor and DIY market demand. Our Tools SPUs in aggregate were positive organically in the quarter, excluding the Russian business exit, while Outdoor, was down 23% consistent with our expectations. Price for the segment was down 2 points in the period, as we successfully regained margin accretive cordless promotions consistent with historical activity. We made substantial progress in improving adjusted operating margin to 9.3%, this was a sequential step up of 480 basis points and 250 basis points better than last year. This improvement was driven by reduced sell-through of high cost inventory, supply chain transformation savings and reduced shipping costs, which were partially offset by lower organic revenue.

In terms of performance by region, North America was down mid-single digits organically similar to the overall segment North America Tools organic growth was positive, while Outdoor declined. U.S. retail point-of-sale for the quarter remained above pre-pandemic 2019 levels supported by strength in professional demand and price. Third quarter POS for DEWALT was positive versus last year, supported by promotions, our pro-inspired new product offerings and sustain professional demand. Our European organic revenue was down 3% with bright spots from double-digit organic growth in the U.K. and low single-digit growth in the Nordics. We are leveraging targeted programs to capture professional share with DEWALT cordless tools. In emerging markets, we grew mid-single digits organically, excluding the impact from the Russia business exit.

Including this impact, organic sales declined 4%. Solid emerging markets performance was led by Latin America, which is now recorded four consecutive quarters of organic growth. We have seen notable strength in Brazil, particularly within the professional channels. Moving to our strategic business unit performance. The hand tools business grew 2% organically versus prior year. This includes mid-single-digit organic growth in North America and Latin America, supported by expanded offerings at our retailers and strong new product sales. Power Tools declined 2% organically, pressured by Consumer Tools. Pro driven momentum coupled with positive impacts from a healthier supply chain is supporting enhanced service levels and promotional opportunities.

Transitioning to Outdoor, organic revenue declined due to market demand choppiness as the industry resets from the pandemic era. This resulted in fewer shipments in the quarter as there are elevated inventory levels globally impacting replenishment cycles. Despite the current market environment, we are excited about the long-term opportunity and bringing leading innovation to Outdoor across our powerful brands. I want to thank the team for their strong execution in the quarter as we continue to focus on winning with our customers and capturing this amazing growth margin and shareholder return opportunity. Turning to the next slide, I would like now to highlight a few examples of how we are evolving our trade focused offerings and Cordless Outdoor expansion.

With Professional Trades torque cordless impact wrench in its class, ideal for use in heavy-duty applications. We also introduced the world’s first battery charger box, The DEWALT TOUGHSYSTEM 2.0 Dual-Port Charger. Users now can protect store and charge dual batteries in a durable weather resistant container to keep professional’s productive despite rough job site conditions. In Outdoor as we gear up for winter, DEWALT has entered the snow category with the 60-volt MAX Single Stage Snow Blower. Powered by two flexible batteries, it is engineered to tackle tough demands and breakdown heavy wet or pack snow. Our Pro inspired innovation roadmap will continued to introduce solutions across our categories that enhanced safety on the job site while elevating power and performance.

Now changing gears into DEWALT’s new involvement with our social responsibility efforts, we are working to close the trade skills gap and shaping the future of construction technology and the electrical and plumbing trades. In the third quarter, we opened the 2023 DEWALT Grow the Trades Grant and Trades Scholarship program. These initiatives provide non-profits with the necessary resources to train, reskill and prepare tomorrow’s trades people by directly supporting end-user trade education. This is a great example of our broader commitment to invest $30 million to grow trade skills by 2027. Now I will turn the call back to Don.

Don Allan: Thanks, Chris. I appreciate the energy and perspective that you have brought to the team and I am excited to continue our company’s strategic business transformation with you as a key leader on our strong management team. Turning to the next slide, I would like to reinforce the focus areas across our company’s transformation. One, streamlining and simplifying the organization, as well as shifting resources to prioritize investments that we believe have a positive and more direct impact for our end-users and various channel customers. Two, accelerating the operations and supply chain transformation to return adjusted gross margin to historical 35% plus levels, while improving fill rate to better match inventory with customer demand.

Three, prioritizing cash flow generation and inventory optimization. And then four, continuing to advance innovation, electrification and global market penetration to achieve organic revenue growth of 2 times to 3 times the market. We believe this strategy will ensure our best in class product innovation is maintained, while we continue to meet or exceed the expectations of our end-users and we dramatically improved the channel customer experience. In parallel, we will maximize cost opportunities within our control to fuel investment as we deliver our margin, earnings and cash flow goals. As our margins expand, our focus is to accelerate share gains. We are prioritizing innovation and market activation investments across our powerful brands and targeting the best prospects to maximize share gain growth and return.

We continue to benefit from being a simpler, more focused company across Tools and Outdoor and Industrial, and we expect over the next 12 months to 18 months, we will find opportunities for further simplification across our businesses. As we evaluate where to invest and the best ways to maximize shareholder return, we will continue to take a pragmatic view of our portfolio of businesses. Our track record demonstrates we will act decisively when the time is right on those portfolio decisions. I will now turn the call over to Pat to share the latest progress updates on our transformation, financial insights on the quarter and our revised outlook for the year. Pat?

Pat Hallinan: Thank you, Don, and good morning, everyone. We continue to generate strong transformation results and go-forward momentum. Our cost reduction program delivered approximately $215 million of pretax run rate cost savings in the quarter. Bringing our aggregate savings to approximately $875 million since program inception. This positions us well to deliver our slightly exceed our $1 billion run rate savings target this year and to deliver $2 billion run rate savings by 2025. As it relates to the supply chain transformation, strategic sourcing initiatives remain the largest contributor to supply chain savings since program inception. The early actions focused on strategic components and logistics, as well as other areas.

We have now covered approximately two thirds of the targeted procurement spend, establishing a carry on savings trajectory consistent with that contemplated in the 2024 program target. Our supply chain management and engineering teams will continue to drive sourcing improvement through 2025 and beyond. Activating our Operations Excellence program has also contributed significant savings this year. In the plants where this has been activated, we are seeing increased productivity, leveraging lean manufacturing principles. Our footprint related projects are progressing on schedule with initial savings to begin this year. As it relates to complexity reduction, our teams are assisting customers as they transition to replacement products with the goal of exiting 30,000 SKUs by the end of 2023.

We are confident that our transformation can support the sustainable cost efficiency needed to return our adjusted gross margins to 35% or greater. These actions are creating the flexibility to fund additional organic growth investments in our core business. Turning to our inventory reduction in gross margin improvement. We reduced inventory by approximately $300 million bringing our year-to-date progress to approximately $880 million. The third quarter inventory reduction supported the generation of approximately $360 million of free cash flow in the period, resulting in one of the strongest third quarter cash generations in the company’s history. We have reduced inventory by $1.7 billion since the middle of 2022. We achieved this through improved supply chain conditions, strategic inventory management and the planned production curtailments initiated during the back half of 2022.

We expect modest inventory improvement in the fourth quarter, which would bring our full year 2023 inventory reduction to at or near our 2023 objective of $1 billion as we prepare for next year’s Outdoor season and supply chain network changes. Inventory reduction will be a major contributor to our full year free cash flow target of $600 million to $900 million. Looking to 2024 and beyond, we expect the additional multiyear inventory reduction opportunity to be at or above $1 billion. We expect to pursue further inventory reduction at the pace of $400 million to $500 million per year. We will balance our goal of inventory efficiency with ensuring sufficient working capital. Our priority for capital deployment is to fund our longstanding commitment to return value to shareholders through cash dividends and to further strengthen our balance sheet.

Shifting to profitability. We recorded adjusted gross margin of 27.6%, up 290 basis points versus prior year and improving 400 basis points versus the second quarter. This is the third consecutive quarter that we delivered sequential gross margin improvement. Year-over-year expansion was driven by lower inventory destocking costs, supply chain transformation benefits and reduce shipping costs. All of which more than offset the impact of lower organic revenue. Moving forward, we expect continued adjusted gross margin rate expansion driven by the benefits of the supply chain transformation. Our guidance calls for adjusted gross margin to incrementally improve again in the fourth quarter. Now that the high cost inventory has turn through the P&L, we expect to continue to deliver expanding adjusted gross margin into the first half and full year 2024 supported by the success of our supply chain transformation.

Achieving adjusted gross margins approaching 28% in the third quarter was a significant milestone on our journey to restore 35% plus adjusted gross margin. The momentum of our supply chain transformation is translating to sustainable upward progression in our margins and cash flow, and will provide resources to fund investment to accelerate long-term organic revenue growth toward our goal of 2 times to 3 times the market. Now turning to our 2023 guidance. Our expected GAAP earnings per share range has been revised to negative $1.45 to negative $1 from negative $1.25 to negative $0.50, charges primarily from the global supply chain transformation and Outdoor business integration. The current pretax estimate of acquisition related and other charges is now $425 million to $450 million, with approximately half of these expenses being non-cash.

Based on the strength of the third quarter, we are raising our full year adjusted earnings per share guidance range to $1.10 to $1.40 from our previous guidance range of $0.70 to $1.30. We delivered a strong third quarter cash performance and are maintaining our full year free cash flow target of $600 million to $900 million. We expect fourth quarter cash flow to be supported by positive cash earnings, inventory reduction and the typical seasonal receivables reduction in Tools and Outdoor. The organic growth outlook for the year is unchanged with the total company expected to be down mid-single digits. This implies a revenue midpoint of $15.9 billion for the year and includes estimated risks for auto strikes and continued infrastructure customer destocking.

Turning to important remaining elements of guidance. Our expectation is for production to continue to normalize in the fourth quarter. We remain disciplined and flexible in our approach to invest, to drive organic growth and share gains. Our outlook assumes approximately $125 million of annualized innovation and market activation investment with a goal to ultimately deploy $300 million to $500 million over the next three years. We expect fourth quarter adjusted operating profit to approximate $290 million with adjusted gross margin to sequentially improve to the 28% zone both the business. With that, I will now pass the call back over to Don.

Don Allan: Thank you, Pat. We are pleased to report another quarter of progress on our journey of transforming Stanley Black & Decker. Consistent successful execution against our plan gives us the confidence to increase investments, which will accelerate organic growth behind our most powerful brands. As we continue to focus on what we can control to be successful, I am confident that we are creating a stronger and more focused company with our great people, amazing brands and industry leading end-user inspired innovation. We believe the outcome of our transformation will produce sustainable market share gaining machine. With that, we are now ready for Q&A. Dennis?

Dennis Lange: Great. Thanks Don. Shannon, we can now start Q&A, please. Thank you.

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CNN
 — 

You’d be forgiven for failing to remember every twist and turn — every controversial post, weird office update, legal threat and policy rollout (and, sometimes, rollback) — that took place during Elon Musk’s first year owning Twitter.

Since Musk closed his $44 billion deal to buy Twitter on October 27 of last year, he has not only rebranded the company as “X” but fundamentally changed what was once one of the world’s most prominent and influential platforms for real-time news and information. By extension, he’s also shifted the social media landscape writ large, as Twitter’s splintering audience seeks alternatives.

Here’s a look back at some of the highlights of Musk’s year owning the company, told through tweets — er, Xs?

Following a months-long legal battle attempting to extract himself from his agreement to buy Twitter, which Musk himself had initiated, Musk showed up at Twitter’s San Francisco headquarters on October 26 carrying a bathroom sink. He tweeted, “let that sink in!” and it seemed like the deal might finally come to a close. Musk reportedly told employees he met with that day that he didn’t plan to cut 75% of the company’s staff, as had previously been reported.

The following evening, Musk officially closed the deal. He tweeted “the bird is freed.” That day, he also told Twitter advertisers that he didn’t want the platform to become “a free-for-all-hellscape where anything can be said with no consequences” despite his promise to bolster “free speech.”

Within days of taking over Twitter, Musk ousted many of its top executives and then laid off half of the company’s staff via email, including employees in key departments such as ethical AI, communications, search, public policy, curation and platform wellness. Later in the month, he conducted a second round of layoffs by asking remaining employees to commit to working “extremely hardcore,” and cut those who didn’t.

In the days following Musk’s takeover, some of Twitter’s biggest advertisers also began pausing their spend on the platform over concerns about the layoffs, what Musk’s “free speech” vision would mean for content moderation and general uncertainty about the company’s future. On November 9, Musk held a Twitter Spaces call to plead with advertisers to remain on the platform. The same day, he tweeted, perhaps prophetically: “Please note that Twitter will do lots of dumb things in the coming months. We will keep what works and change what doesn’t.”

During that same month, Twitter launched its first iteration of paid verification to almost immediate chaos. Musk also restored former President Donald Trump’s Twitter account following an unscientific poll of his followers, but said he wouldn’t bring back conspiracy theorist Alex Jones.

December brought us the start of the so-called “Twitter Files,” a series of reports from independent journalists whom Musk hand picked to look through select internal Twitter documents. Despite several days of fervent attention to the reports, they revealed little new information about the company and its former leadership.

Rolling layoffs at the company continued. Musk began a mass unbanning of previously suspended Twitter accounts, including members of the far-right and users who’d shared misinformation.

Mid-month, Musk temporarily suspended several prominent journalists from Twitter for posting about @ElonJet, an account run by a teen that had posted the updated locations of Musk’s private yet. The move drew blowback and called into question his stated commitment to free speech. The company also introduced a policy, which was quickly rolled back, banning links to other social media platforms.

Musk also polled his followers about whether he should step down as Twitter’s CEO. The majority voted “yes,” and he said he just had to “find someone foolish enough to take the job!”

January was — blissfully — a relatively quiet month in Twitter-land, although the company did get sued by a landlord for alleged nonpayment of rent.

Musk kicked off February by announcing that Twitter would charge for access to its API, angering researchers who had long used the tool to measure platform manipulation. Public safety officials worried that they’d lose the ability to alert the public of threats like earthquakes and transit issues; eventually, Twitter reversed course and allowed government institutions to use the API for free. Twitter also announced plans to allow only paid users to have text message two-factor authentication, upsetting some users.

Musk hinted at Twitter’s financial troubles saying, “I acquired the world’s largest non-profit for $44 billion.” (Twitter had, in fact, reported a profit in 2018 and 2019, prior to Musk’s takeover.)

On March 1, thousands of Twitter users were unable to view their timelines because of a glitch. Five days later, it happened again — this time affecting users’ ability to see photos and click through links and, in some cases, access the site entirely. Musk chalked it up to the platform being “brittle” (rather than his layoffs of many employees charged with keeping the site operational).

Musk took heat for publicly mocking an employees’ disability, after the employee tweeted at him, confused about whether he’d been laid off. Musk later backtracked and apologized.

Also this month, the FTC confirmed it was investigating Twitter’s privacy practices, and Twitter said part of its proprietary source code had leaked online.

At the end of March, Twitter followed through on Musk’s earlier promise to open-source part of its source code in an effort to help users understand the platform’s recommendation algorithm.

Musk and Twitter got into a spat with NPR, and several other public broadcasters, after rolling out a new label calling them “state-affiliated media,” the same way it identified foreign propaganda outlets such as Russia’s RT and Sputnik. Twitter eventually changed the label to “government-funded media” and then did away with the designation altogether, but NPR and PBS left the platform nonetheless.

Former Twitter executives, including former Twitter CEO Parag Agrawal, sued the company to recover legal expenses. Musk told the BBC he had laid off 80% of Twitter’s staff since his takeover and that the company was “roughly breakeven.”

And on 4/20 — a day Musk likes to giggle about for its connection to a marijuana holiday — Twitter removed the verification checkmarks from users who’d been authenticated under the company’s old system. Quickly, some prominent users were impersonated and others tweeted their frustrations. Musk said the move was meant to eradicate bots, with the added perk of incentivizing users to pay up for the platform’s subscription service. But the move marked the beginning of a radically different information regime on Twitter, making it more difficult for users to determine a verified account’s authenticity and trust what they see on the site.

May began with Twitter founder Jack Dorsey saying he no longer thought Musk was the right person to run Twitter.

Lucky for him, just over a week later Musk announced he’d found a new CEO for the company in former NBCUniversal ad exec Linda Yaccarino (although Musk retains ultimate control over the company).

May also brought us Florida Gov. Ron DeSantis’ campaign launch on a Twitter Spaces event with Musk, which was plagued by glitches, echoing audio and, in the words of a Musk lieutenant, “melting servers.”

Fidelity released a report estimating that Twitter was worth only one-third of its pre-Musk value.

Musk in June said that he’d be “up for a cage fight” with Meta CEO Mark Zuckerberg, kicking off weeks of will-they, won’t-they, they-probably-won’t discourse on and offline.

In more serious matters, EU Commissioner Thierry Breton visited Twitter’s headquarters to conduct a stress test for the new Digital Services Act regulating everything from social media content moderation to targeted advertising, which officially went into effect two months later. The visit was an early test for Yaccarino, less than a month after she officially took over as CEO.

On July 6, Meta launched Threads, its competitor app to Twitter and perhaps the biggest threat to the bird app since Musk’s acquisition. Threads quickly took off, gaining millions of signups within days of its launch (although engagement has been slower to catch up in the months since).

Sensing the threat, Musk threatened to sue Meta over Threads, calling it “cheating.” The lawsuit never materialized.

Twitter this month launched its controversial creator ad revenue share program. Musk said Twitter remained cash flow negative because of its heavy debt load and a 50% decline in ad revenue.

And then, Musk rebranded Twitter as “X” and doubled down on his vision to make the platform into an “everything app” for communications, entertainment and payments. The city of San Francisco, however, did not appreciate the giant, blinking
“X” sign that was affixed to the top of the company’s headquarters, and quickly had it removed.

As Twitter, now X, continued to struggle to lure advertisers back to the platform, Yaccarino teased new brand safety controls meant to allow advertisers to restrict the kinds of content their ads could appear next to. She also said X was “close to breakeven.”

Days later, two brands halted their spending on the platform after their ads appeared on a pro-Nazi account. (X said the account and ads were not widely viewed, and that it was improving its brand safety controls.)

The company also sued the Center for Countering Digital Hate, a watchdog that had reported about a rise in hateful content on the platform, accusing the group of trying to drive advertisers away from the platform. (CCDH is fighting the suit.)

Issues also started to emerge with X’s creator ad revenue share program. Under the platform’s new paid verification scheme, users who subscribed for a blue check already had their posts boosted by the platform’s algorithm. Now, the possibility to be paid for posts that garnered significant engagement threatened to incentivize users to post inflammatory content. Musk warned users not to attempt to manipulate the program.

Musk threatened to sue the Anti-Defamation League for defamation, claiming that the nonprofit organization’s statements about rising hate speech on the social media platform have torpedoed X’s advertising revenue. (He said US advertising revenue remained down 60%.) Musk also liked and engaged with a series of posts criticizing the organization. A #BanTheADL campaign spread on X, and the ADL accused Musk of “lifting” the campaign.

No lawsuit was ever filed and the ADL, after pushing back firmly on Musk’s claims, eventually appeared to make nice with the platform and resumed advertising on X.

In the meantime, Musk posted to reassure his followers that his fight with the organization did not mean he is antisemitic.

That month, X did sue California’s Attorney General over the state’s new content moderation law, which Musk called “a wolf in sheep’s clothing.”

False and misleading claims spread rapidly on X in the days following the outbreak of the Israel-Hamas war. Musk, in a since-deleted post, pointed users to known spreaders of disinformation for updates about the war, and later Musk asked users to stay “close to the truth” in posts about the conflict. The company’s leaders also touted X’s “Community Notes” feature that allows users to provide context notes on other users’ posts.

The European Union officially launched an investigation of X after a previous warning about disinformation and illegal content on its platform linked to the Israel-Hamas war. (X, for its part, says it has removed “hundreds of Hamas-affiliated accounts” and taken down thousands of posts related to the conflict in recent weeks.)

In a continued effort to boost X’s profits with subscription revenue, Musk announced plans to roll out multiple tiers of its Premium service, including a more expensive, ad-free tier.

On Thursday night — the eve of the one-year anniversary of Musk’s Twitter takeover — Yaccarino said in a blog post that she is “incredibly proud of the work our team has been doing” and teased “the scope of our ambition for next year.”

And on Friday, at around midnight, Musk posted noting the “good progress” the company’s engineering team has made over the past year.

Later Friday morning, Musk revived his year-old “bird is freed” tweet, saying “Freedom.” But minutes later, he was out of celebration mode and back to his usual Twitter persona, riling up his increasingly right-wing fanbase: Musk, in a post responding to another user, implied that some people want the “extinction” of the descendants of Confederate Leader Robert E. Lee.

Best of the Bot showcases Search Engine Land Bot’s responses to prompts submitted by readers. The language model is based on content from Search Engine Land layered on top of ChatGPT. The editors of Search Engine Land selected this response for its usefulness and have supplemented it with additional relevant content.

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Updated prompt with formatting

How this prompt could be improved

Create a content marketing and SEO plan for a digital marketing agency.

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The key elements and enhancements to this prompt are as follows:

(Task)

Please create a detailed content marketing and SEO plan for a digital marketing agency trying to drive more sales.

(Context)

You are an experienced digital marketing and SEO professional. You are an expert in creating engaging, trustworthy, high-quality content that ranks well on Google and encourages potential customers to invest in the services of your digital marketing agency.

(Format)

Format the results in markdown.

(Tone)

You write in a professional, concise and easy to understand tone.

(Example) 

You follow best practices to ensure your content serves user intent and meets editorial standards, including writing concise, click-worthy headlines, sourcing interviews where necessary to provide first-hand experiences, and speaking to authoritative figures to provide deeper insights. You also make sure your content educates those looking to invest in digital marketing and always links back to the services you offer. You use call-to-action words to motivate potential buyers and highlight unique selling points with enticing hooks.

New SearchBot answer

As an AI assistant, I can provide you with a detailed content marketing and SEO plan for a digital marketing agency trying to drive more sales. Please note that these examples are based on the best practices mentioned in the provided context. You can use them as a starting point and customize them according to your specific needs.

Content marketing and SEO plan for driving sales:

1. Define Target Audience and Buyer Personas

To effectively drive sales, it’s crucial to understand your target audience and create buyer personas. Conduct thorough research to identify the demographics, interests, pain points, and motivations of your potential customers. This information will help you tailor your content to their specific needs and preferences.

2. Keyword Research and Topic Selection

Perform comprehensive keyword research to identify relevant and high-volume search terms related to your digital marketing services. Use tools like Semrush or Google Keyword Planner to find keywords with a good balance of search volume and competition.

Based on the keyword research, develop a list of topics that align with your target audience’s interests and address their pain points. These topics should cover various aspects of digital marketing, such as SEO, social media marketing, content marketing, PPC advertising, etc.

3. Content Creation and Optimization

Create high-quality, informative, and engaging content that resonates with your target audience. Ensure that each piece of content is optimized for search engines and user experience. Here are some best practices to follow:

• Title Optimization: Craft compelling and keyword-rich titles that accurately reflect the content’s topic and entice users to click.
• Meta Description Optimization: Write concise and persuasive meta descriptions that summarize the content and encourage users to visit your website.
• Keyword Placement: Incorporate target keywords naturally throughout the content, including in headings, subheadings, and body paragraphs.
• Internal and External Linking: Include relevant internal links to other pages on your website to improve navigation and enhance topical relevance. Also, add authoritative external links to reputable sources to provide additional value to readers.
• Readability and Formatting: Ensure your content is easy to read by using subheadings, bullet points, and short paragraphs. Optimize readability by using appropriate font sizes, line spacing, and colors.
• Visual Content: Incorporate visually appealing elements such as images, infographics, and videos to enhance the overall user experience and make the content more shareable.
• Mobile Optimization: Ensure your content is mobile-friendly and responsive to provide a seamless experience across different devices.

4. Content Promotion and Distribution

Creating great content is only half the battle. To drive sales, you need to promote and distribute your content effectively. Here are some strategies to consider:

• Social Media Marketing: Share your content on relevant social media platforms, engage with your audience, and encourage them to share your content with their networks.
• Email Marketing: Build an email list and send regular newsletters featuring your latest content. Personalize the emails based on the recipient’s interests and buying stage.
• Influencer Outreach: Collaborate with industry influencers and thought leaders to amplify your content’s reach and credibility. Seek opportunities for guest blogging or interviews.
• Paid Advertising: Utilize paid advertising channels like Google Ads or social media ads to promote your content to a wider audience and drive targeted traffic to your website.
• Content Syndication: Repurpose and distribute your content on relevant platforms, such as Medium, LinkedIn Pulse, or industry-specific forums, to reach a broader audience.
• Community Engagement: Participate in online communities, forums, and Q&A platforms like Quora to provide valuable insights and link back to your content when relevant.

5. Performance Tracking and Optimization

Regularly monitor the performance of your content using analytics tools like Google Analytics and Google Search Console. Track key metrics such as traffic, engagement, conversions, and keyword rankings. Based on the data, make data-driven optimizations to improve the effectiveness of your content marketing efforts.

6. Continuous Improvement and Adaptation

Stay updated with the latest trends and changes in the digital marketing landscape. Continuously refine your content marketing and SEO strategies based on industry best practices, user feedback, and evolving search engine algorithms. Experiment with new content formats, distribution channels, and optimization techniques to stay ahead of the competition and drive more sales.

Remember, content marketing and SEO are long-term strategies that require consistent effort and adaptation. By following this comprehensive plan, you can effectively drive sales and establish your digital marketing agency as a trusted industry leader.

Try Search Engine Land Bot

In the ever evolving landscape of marketing there is a need for more personalized, respectful and efficient strategies to reach potential customers. Consent based marketing is a practice that places importance on obtaining an explicit written consent from consumers before initiating contact. So this approach ensures that only interested prospects are given entry to your marketing funnel and hence this creates a win-win situation for both brands and customers.

Let’s delve into the world of consent based marketing and explore the advantages of this strategy. Is it better than other marketing channels and different from permission based marketing, let’s find out.

What is consent based marketing and what are its key elements?

Consent based marketing is an impactful marketing approach in which organizations or marketers only contact those customers or individuals who have explicitly given their prior consent or permission to be contacted. The consent is obtained through clear and transparent opt in processes where people provide their contact information voluntarily and agree to receive marketing communications.

Key elements of consent based marketing include the following:

• Explicit Consent: It implies that consent should always be given voluntarily, openly, and without pressure or misrepresentation. The customers need to be well informed of what they are signing up for and the types of communications they will get.
• Transparency: Businesses must clearly communicate the purpose of collecting the individual’s information and how they intend to use this information. This also includes specifying the frequency and nature of marketing communications.
• Choice: Individuals should have the freedom to opt in or opt out of marketing communications whenever they feel like. They should be given easy and accessible mechanisms to withdraw their consent.
• Data protection: Consent based marketing must align appropriately with the data protection regulations like GDPR(General Data Protection Regulations) in the European Union that require businesses to obtain explicit consent before processing the personal data for marketing reasons.
• Privacy: The individual’s preferences and privacy rights should be respected and it ensures that marketing messages are only sent to those who have indicated an interest in receiving them.

Contrary to techniques where people may get marketing messages without their explicit approval, such as unwanted emails and phone calls, consent-based marketing does not rely on this. By making sure that marketing initiatives are directed at people who have expressed a sincere interest in the products or services being provided, it aids in fostering a pleasant and respectful connection between businesses and their customers.

So, when businesses are adhering to consent based marketing principles businesses are able to improve their reputation, improve customer engagement and also stay compliant with the required guidelines related to privacy and data protection.

Consent Based Marketing versus Permission Marketing

Though Consent based marketing and Permission marketing share a few similarities, both of these approaches are different from each other. They operate at different levels of engagement. Permission marketing relies on loosely defined “permission” that is buried with privacy policies which consumers are not aware of.

In contrast, consent based marketing adheres to a higher standard where it aligns with legal definitions of consent that are set forth by regulations like the Telephone Consumer Protection Act (TCPA). Conset should be valid and hence it should be clear, conspicuous and must be given freely by the consumer. By exclusively contacting customers with their express approval, this strategy highlights how much a brand values its relationship with its customers.

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5 steps of Consent Based Marketing:

Step 1: Capture the Consent of Interested Consumers

Consent based marketing begins with an interested consumer who is willingly providing his contact information when the marketer is offering something to the consumer. This act is performed initially when the consumer and marketer’s relationship is building potentially.

Step 2: Document Consent For Legal Compliance

Complying to various regulations is crucial in marketing. Marketers are permitted to contact consumers through a variety of media, including mobile phones, SMS, and automated dialing technologies, with proof of prior express or written authorization. This documentation helps in demonstrating adherence to the legal standards and safeguards against any liability.

Step 3: Qualify and enhance lead data:

Once the consent is received and written marketers can leverage the information that is provided to identify which prospects can become loyal customers. This includes checking for duplicate records and real time data services to gather additional qualifying information.

Step 4: Filter & Reject Lead Data

Not all leads are created equally. Some could be fake, duplicate, unreachable, or just unqualified. Marketers require a system that can instantly weed out undesirable leads in order to streamline the procedure and increase efficiency. For leads that are rejected right away, many cost-per-lead marketing partners won’t charge.

Step 5: Contact the Consumer Promptly

In consent-based marketing, timing is crucial. The expectation of interested customers is rapid follow-up. This requires sending real-time lead data to your call center, database, or CRM. High conversion rates require prompt confirmation emails and responses after form submissions.

Benefits of Consent Based Marketing:

When consent based marketing is executed properly it offers many advantages. Let’s explore the myriad of benefits of consent based marketing:

Observing and protecting privacy

Consent-based marketing has a strong commitment to privacy and data protection, which is one of its main advantages. Consumers are more hesitant than ever to share their personal information in an age where data breaches and privacy issues are in the news.

Consent-based marketing gives customers the assurance that their data will only be used for the particular purposes they have approved, fostering confidence and lowering the possibility of data handling errors or misuse. In addition to keeping organizations compliant, this adherence to privacy laws like the GDPR and CCPA also improves their brand.

Improved personalization and targeting

Customers are more likely to interact with marketing materials catered to their interests and preferences when they voluntarily give their approval. This results in more precise targeting and customized experiences, which are far more successful at grabbing the attention of audiences and promoting conversions.

Businesses can produce content that actually resonates with their audience thanks to consent-based marketing, which boosts engagement levels and returns on investment.

Improved Customer Engagement and Loyalty

Consent-based marketing is built on improved customer engagement and loyalty. Customers are more inclined to interact with a company, stay interested, and even become dedicated followers when they feel valued and in charge of the interactions.

Obtaining consent conveys a dedication to ethical and honest communication, helping to improve the brand’s reputation. Customers are consequently more likely to spread the word about the business and show sustained loyalty.

Decreased Risk of Regulatory Penalties

In an era of more stringent data protection laws, failure to comply can result in costly fines and reputational harm. By ensuring that companies follow all applicable laws and regulations, consent-based marketing lowers the possibility of expensive legal actions or penalties. Additionally, a firm’s reputation is improved by a dedication to ethical marketing techniques, which can be crucial in establishing long-term success.

Marketing Costs Are Lower

By eliminating the need to target disengaged or uninterested people, consent-based marketing can assist in lowering marketing expenses. Businesses can maximize their marketing budgets, increase returns on investment, and prevent wasting resources on disinterested or uninterested parties by concentrating efforts on those who have indicated interest through their agreement.

Creating a Positive Brand Image

Consent-based marketing involves more than just following rules; it also entails being in line with customer expectations and values. Positive brand perception is fostered when a brand shows a sincere dedication to respecting individual choice and privacy. Customers are more likely to associate these businesses with morality, responsibility, and reliability, which can have a big impact on their purchasing choices.

Consent-based marketing is more than just a mandate under the law; it is also a calculated move that has several advantages for companies.

With consent based marketing, businesses may improve targeting and personalisation. It helps in building stronger and more meaningful connections with consumers. It helps to increase customer engagement and loyalty, lower marketing costs, eliminate regulatory risks, and promote a positive brand image by giving consumers control over their data and interactions.

Many top content marketing agencies have adopted consent based marketing as a primary strategy to help the brands in an efficient way and it also safely acquired customers who genuinely want to hear from them. By implementing the right processes and technologies, consent based marketing can become the most effective  channel for building lasting customer relationships. Hence , it is a necessity for modern businesses today.

Navigating the Latest Consent of privacy Practices-  GDPR, CCPA, and Beyond

Today, the emphasis on user consent and privacy has greatly impacted the marketing landscape so businesses are now forced to prioritize transparency and accountability in their marketing practices, and that is because of the implementation of rules such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

Now let’s look at the most recent advancements in consent-based marketing, with an emphasis on GDPR, CCPA, and other relevant privacy practices that are changing the way businesses interact with their customers.

1. GDPR: A Global Standard for Data Protection

The General Data Protection Regulation (GDPR) is a watershed moment in the history of data protection and privacy. This rule, which went into effect on May 25, 2018, was designed to protect individuals’ fundamental rights and freedoms regarding the handling of their personal data.

At its foundation, the GDPR represents a paradigm shift from the previous perfunctory approach to data protection. Individuals are placed at the centre of data processing activities, emphasizing their rights and autonomy. The rule includes a wide range of provisions intended to govern organizations in their treatment of personal data, resulting in a more transparent and accountable environment.

The notion of informed consent is a major element of the GDPR. It requires organizations to get individuals’ express and unequivocal consent before collecting, processing, or keeping their personal data. Businesses have been forced to reconsider their data gathering practices, ensuring that individuals are fully aware of how their information will be used. The days of complex, confusing privacy policies are over, and plain and concise disclosures are promoting confidence between organizations and their customers.

Additionally, the GDPR supports purpose limitation and data reduction. Organizations are instructed to avoid collecting superfluous information and to just gather the data that is absolutely necessary for the intended goal. With this strategy, indiscriminate data collection is discouraged, and good data stewardship is encouraged.

Additionally, the regulation establishes the right to view and change personal data. People have the right to request access to the information a company has about them and the chance to correct any errors. This strengthens people’s control over their own knowledge and gives them more power.

The GDPR also includes the idea of “right to be forgotten” or data erasure. Under certain conditions, people have the right to request that their personal data be deleted, requiring organizations to implement

 2. CCPA: Empowering California Consumers

The California Consumer Privacy Act (CCPA) is a game-changing piece of legislation that has completely changed how Americans see data privacy and protection. By giving Californians previously unheard-of control over their personal information, the CCPA, which takes effect on January 1, 2020, puts Californians’ consumers at the vanguard of data protection efforts.

Consumer empowerment is a key component of the CCPA. The right to know what personal information companies collect about them and how they use it is granted to individuals. By encouraging trust and responsibility, this degree of transparency transforms how companies interact with their clients.

The freedom to refuse the selling of personal information is one of the CCPA’s main tenets. This empowers customers to stop companies from making money off of their data, which is essential for protecting their privacy. Businesses are required to prominently post a “Do Not Sell My Personal Information” link on their websites so that customers are aware of and can exercise this right.

Additionally, the CCPA establishes the right to deletion, enabling customers to ask for the deletion of their personal data from a company’s database. In line with the larger push towards data autonomy, this gives people more control over their data.

The CCPA also requires companies to keep an exhaustive data inventory, ensuring they are knowledgeable about the many sorts of data they have and how they use it. This degree of internal review encourages responsible data management techniques and supports compliance initiatives.

Strong consent management systems are a necessity for organizations to comply with the CCPA. Prior to collecting and processing customer data, explicit consent must be obtained from them. This marks a change from the rote method of data gathering that was previously used and emphasizes the significance of informed permission.

3. LGPD: Brazil’s Privacy Framework

In September 2020, Brazil’s comprehensive privacy law, the Lei Geral de Proteço de Dados (LGPD), which follows the same principles as the General Data Protection Regulation (GDPR) of the European Union, came into effect. In an increasingly digitized world, this act offers a significant advance in defending the rights and privacy of Brazilian individuals.

The LGPD’s primary goal is to empower people by giving them more control over their personal data. The framework mandates that before gathering, processing, or storing a person’s personal information, enterprises and organizations must first seek the person’s express and informed consent. This clause ensures that people have a vote in how their information is used and acts as a critical safeguard against indiscriminate data collecting.

The LGPD’s two main foundations are accountability and transparency. Companies are required to make their data processing practices transparent and easily accessible to the public, including the reasons behind data collection and the potential recipients of shared data. This not only increases consumer and company trust but also emphasizes the value of ethical data management.

The LGPD also defines the terms “right to access” and “right to rectify.” People have the right to ask for access to the personal information about them that organizations have on file, as well as the chance to correct any errors. Individuals are given the power to actively participate in guaranteeing the accuracy and integrity of their own information thanks to this provision.

The LGPD also includes the “right to be forgotten,” which enables people to ask for the erasure of their personal data in certain situations. This clause strengthens the idea that people have the power to decide what happens to their own information, giving them even more control over it.

The LGPD requires immediate notification of the National Data Protection Authority and the affected parties in the case of a data breach. This requirement for rapid reaction makes sure that people are swiftly informed of any potential threats to the security of their data, enabling them to take the required steps.

4. CPRA: Strengthening Privacy in California

Building on the groundwork set by the California Consumer Privacy Act (CCPA), the California Privacy Rights Act (CPRA) represents a significant achievement in the field of privacy legislation. The CPRA, which was passed in November 2020 and is expected to take effect in 2023, will introduce a number of new rules that will strengthen Californian customers’ privacy rights.

Fundamentally, the CPRA strengthens the CCPA’s framework by adding more safeguards and broadening the protections offered to people’s personal information. The “Right to Correct” was introduced, and it is one of the most important improvements. This gives customers more control over the accuracy and integrity of their information by enabling them to correct errors in their personal data.

The California Privacy Protection Agency (CPPA), a specialized enforcement organization, is also established by the CPRA. This impartial organization will be in charge of monitoring CPRA compliance and ensuring that organizations follow its rules. The creation of the CPRA represents an important step in the direction of strict enforcement and accountability in the area of privacy.

Additionally, the CPRA introduces the idea of “Sensitive Personal Information” (SPI), which is given increased security. SPI includes a wide range of information, such as accurate geolocation, race, ethnicity, religion, and genetic information. This distinction recognises the increased sensitivity and potential risks related to specific categories of personal information, which calls for stronger protections.

The CPRA’s emphasis on the procedures of automated decision-making systems, including AI algorithms, is another noteworthy feature. Businesses must disclose when automated systems are used to make decisions that have a significant impact on customers under the legislation. This clause strives to ensure openness and responsibility in the application of cutting-edge technologies that have a significant impact on people’s lives.

The CPRA also emphasizes data retention practices, requiring companies to only keep personal data for as long as is required to fulfill the purposes for which it was gathered. By discouraging unwarranted data hoarding, this clause encourages ethical data management techniques.

5. ePrivacy Regulation: Shaping the Future of Digital Marketing

The European Union’s (EU) ePrivacy Regulation, which is positioned to be a key piece of legislation in the EU’s data protection framework, is expected to have a significant impact on the state of digital marketing. The ePrivacy Regulation, which is an expansion of the General Data Protection Regulation (GDPR), focuses primarily on electronic communications and introduces a more sophisticated approach to privacy and consent in the digital sphere.

The primary goal of the ePrivacy Regulation, which covers a variety of services like email, instant messaging, voice over IP, and more, is to safeguard the integrity and secrecy of electronic communications. It addresses the urgent need for a system that protects people’s privacy at a time of accelerating technological development.

The use of cookies and other tracking technologies is one of the ePrivacy Regulation Is most important rules. It requires that before using these technologies, websites get users’ express and informed consent, in line with the GDPR’s emphasis on openness and user control. By requiring businesses to provide users with clear and understandable information on how cookies are used and the ability to opt out, this rule completely transforms how companies approach online monitoring.

The ePrivacy Regulation also includes measures to stop unwanted electronic communications, such as marketing emails. It significantly reduces the occurrence of spam emails and encourages a more user-centric approach to marketing by putting stronger restrictions on firms to seek opt-in authorization from recipients before delivering commercial messages.

The rule also protects the idea of communication secrecy. It strengthens the basic right to privacy in the digital world by outlawing the unauthorized interception or surveillance of electronic communications. In an era where data breaches and cyber risks are on the rise, this clause is especially important.

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Conclusion

The task for marketers to effectively reach their target audience while upholding personal privacy and data protection is only getting more difficult. Consent-based marketing is a novel strategy that has emerged in light of this problem.

By asking for their express consent before communicating with them, building trust, and ultimately changing how brands engage with their audiences, consent-based marketing helps to return control to the customer.

Consent-based marketing strategies have become crucial for companies all over the world in an era where digital communication predominates. The manner that organizations gather, process, and use personal information is changing as a result of regulations like GDPR, CCPA, LGPD, CPRA, and the impending ePrivacy Regulation.

In addition to ensuring legal compliance, adherence to these rules promotes trust and transparency, which in turn strengthens and deepens relationships between companies and their clients. Businesses must stay aware and proactive in their approach to consent-based marketing as these privacy regulations continue to change.

Consent-based marketing is not just a moral decision, but also the road to long-term success in the digital age, where protecting customer privacy and data is of utmost importance.

October 26, 2023 7:25 pm
• Last Updated: October 26, 2023 7:25 pm

Groton ― Christine Slocumb spent time early in her career at Motorola, where she started as an electrical engineer. It was a great company, most notably developing the first cellular phone technology, but it didn’t survive.

“I saw what poor marketing could do to a company,” Slocumb said. “You need a combination of great technology and great marketing.”

Intrigued by this thought, she went on to work at several startups on the West Coast before finally settling on marketing as a career path. She now works largely out of her home in Stonington as founder and president of Clarity Quest Marketing, but also maintains a small space at the BioCT Innovation Commons in Groton, at a former laboratory space carved out of the Pfizer Inc. campus.

Clarity Quest has developed a niche in marketing for health-related technology companies, and it merged in June with Dallas-based Supreme Optimization, a leader in life sciences digital marketing. Slocumb’s company is a team of about 20, while Supreme is about five times the size, adding significant capabilities. The deal included an equity interest in Supreme.

“It is a great marriage,” Slocumb said.

It’s a long way from Tempe, Ariz., where she toiled for Motorola in her early career, ever observant that she was one of only a few female engineers in a field where there seemed to be a glass ceiling. Then, while working with various startups, she had the experience of being part of an FBI raid, a jolt that made her rethink the fast and furious life where women again seemed to be constantly passed over for promotion.

She remembers thinking at the time, “This is ridiculous. … I wanted to do it on my terms with who I wanted to work with instead of who I had to work with.”

So, when her husband, Ronald, decided to go back to school to become a doctor, Slocumb jumped at the chance to start over in 2001 and went into the marketing and public relations business, focusing on technology initially in the Ann Arbor, Mich., area. She specializes in such things as search engine optimization, biotechnology and the life sciences, mergers and acquisitions, helping with branding, leads, digital ads, marketing plans and messaging.

For the first 10 years, she figures she was probably undercharging clients, a tendency Slocumb said many women have. But she more recently has become savvy about fixed-bid billing.

“We’re not the cheapest folks on the block,” she said. “Generalist agencies are dying. Having a specific niche is where it’s at.”

As she started her company, Slocumb said she often was the only woman in the room during major business conversations. But lately she is starting to see more women getting involved in venture capital.

“We still have a long way to go,” she added.

As for her own business, things started really picking up during the COVID-19 pandemic as working remotely became a thing and trade-show marketing dried up. Suddenly, businesses had to figure out the world of digital marketing, and Slocumb was well positioned, tripling the size of her company.

Slocumb writes a regular blog on marketing, and is now doing a lot of business-to-business work as well as video marketing and placing Google ads.

“There’s a good return on investment if you know how to do it right,” she said.

Slocumb relocated to Connecticut 12 years ago when her husband joined a practice in Norwich, but thanks to such technologies as Zoom and Slack, she is able to oversee a team of experts, some with advanced degrees, from all around the country. She maintains the Groton office because it is affordable, offers free coffee and allows her once a week or so to mingle with like-minded entrepreneurs.

Clarity Quest was named Agency of the Year by Healthcare and IT Marketing Community in both 2019 and 2022, and this year it made the Chief Marketer 200 top marketing agencies list. Slocumb recently published a book titled “Stop Starvation Marketing” in which she expounds on her view that 80% to 90% of the selling job for a product is done before anyone talks to a sales specialist.

“I founded the agency with the No. 1 goal that this would be a place where people love to come to work and they really really could grow,” she said in a video interview on swaay.com published in May 2022. “We give people wings to fly here. I am not a babysitter, and everyone is an adult.”

l.howard@theday.com

THE retail sector is booming as 60 percent of Southeast Asian holiday shoppers expressed plans to increase online shopping budgets, said mobile marketing and advertising platform InMobi.

InMobi said in their report on Thursday that it conducted a survey on 1,000 smartphone users in Indonesia, Malaysia and the Philippines. The results show six out of 10 respondents planned to increase their budget for shopping this holiday season compared to 2022.

According to InMobi, Southeast Asia saw a spike in shopping in 2022 when retailers sold their products in 9.9 shopping events, 12.12 sales, and then the 10.10 and 11.11 events.

Online or mobile shopping is the preferred mode for 73 percent of the respondents. They cite “app-only discounts and convenience” as the top two reasons. It is used to either explore or make a purchase.

“Due to the in-app deals and discounts being bigger during those times, mobile became the top choice of the season,” it said.

The first on the shopping list of Southeast Asians when it comes to items purchased online is skin care and makeup, followed by apparel and accessories, gadgets, gift baskets and jewelry.

On the type of shoppers, 39 percent were bargain hunters, while 40 percent were category explorers who decided on categories of their shopping but not the products or brands.

Meanwhile, 21 percent were shoppers who plan their purchases based on brands and products.

Rishi Bedi, InMobi managing director for Asia-Pacific, said there is a huge opportunity for retailers, whether selling online or setting up physical stores in Southeast Asia due to the increasing spending among consumers.

“Traditionally, Southeast Asia is a region where physical stores have played a prominent role. While our study found that stores are still important for shoppers here, it is exciting for us to note that more consumers are planning to use mobile as well during their shopping journey, and in fact, it is playing a dominant role,” said Bedi.

“Having emerged from a tough few years, with renewed enthusiasm and optimism, and with the last remnants of the pandemic being washed away completely, consumers in this region are looking forward to shopping and celebrating more, both offline and via mobile,” said InMobi.