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Estimating the market size | MaRS

Estimating the market size | MaRS | marketing tips | Scoop.it

Sizing the market is a necessary task for business and marketing planning, and budgeting for all start-ups, especially those that seek third-party financing such as venture capital. Even though their investment philosophies may differ, most VCs and angel investors would like to know that they are investing in a market with a large potential size (typically, at least $1 billion).

mcgrawmarketing's insight:

A nice introduction and overview of how to estimate the size of a market.  I would add that when you get to setting goals, it is extremely helpful to look at your competitors performance over time.

 

For example, if the market leader currently has 10% of the market and it took them 10 years to get there...you probably shouldn't be projecting 15% share within 5 years for your own business unless you have a solution that will revolutionize the market.

 

 

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Kevin Tu's curator insight, April 9, 2013 5:32 PM

this article suggests that as a marketer, you need to know the size of your market first before you do any plan on it. in my onpion that is very imporant becasue that can help you to budeget your program, Knowning how big is the tartget market so you can know how much money you should spend on per head and to caculate whats the return on investment.

 

mcgrawmarketing's comment, April 9, 2013 9:35 PM
Completely agree Kevin...thanks for sharing!
록시's comment, April 10, 2013 1:52 AM
Good point Kevin. without knowing your market there wont be good business planning including the budgeting.

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Why the Hand-off From Marketing Leads to Sales Is Awkward | Marketing Technology Insights

Why the Hand-off From Marketing Leads to Sales Is Awkward | Marketing Technology Insights | marketing tips | Scoop.it
I'm talking about why the hand-off from marketing leads to sales is awkward. I'm going to get right to it -when it comes to marketing passing leads to sales it's awkward.
mcgrawmarketing's insight:

A good article covering the lack of processes...and the negative impact that has on the business.  Face it...you need to sit down and deal with the details in order for everyone to have a clear understanding (and shared understanding) of how your business attracts leads, assigns leads, nurtures leads to first purchase, repeat purchase and loyalty.

 

I've been doing a lot of work with organizations on this very subject over the past 12-months.  Mapping out processes, defining what needs to be done, by whom, when and how.  It's hard work...not something that a lot of people enjoy but at the end of it, your business has a process to build upon and improve moving forward.  (And I say "improve moving forward" because things change and your process will need to adapt...so it's work you will need to stay on top of every day moving forward.)

 

Does your business have written processes for attracting, capturing, nurturing, retaining customers?  Are those processes part of the training of new employees?  Are those processes monitored so that all employees are correctly implementing them?  Is there a regular review process so that modifications can be made...and then incorporated into training and development?

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Fincompetent

Fincompetent | marketing tips | Scoop.it
To my delusional bank and credit union friends: Feel free to deceive yourselves into thinking that you provide superior service or that your "people" differentiate you.
mcgrawmarketing's insight:

Just grab a cup of coffee or tea, glass of water or can of soda...and spend 5 minutes reading this.  We've all experienced what the author describes.  And we all work for or have worked for organizations that do that to the customer...so when are we going to fix it?  Or take proper steps to minimize it?  Because it seems like all we're doing now is allowing it to continue...or is it just me?

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Was Oreos ‘Dunk in the Dark’ Tweet Really a Runaway Success?

Was Oreos ‘Dunk in the Dark’ Tweet Really a Runaway Success? | marketing tips | Scoop.it

Given there were so many campaigns and changes occurring around the same time, it’s difficult to directly attribute that tweet to an increase in revenue. But it definitely generated coverage, every media outlet from Forbes to CNet to The Huffington Post praised the genius of the Oreos tweet, which was universally considered to have won the Super Bowl ad blitz – some even questioned whether that one tweet did more for the Oreos brand than the multi-million dollar Oreos commercial that aired during the game.

mcgrawmarketing's insight:

The short answer to the question with it's long winded response is still "no".  There was no offer or call to action.  There was no tracking mechanism.  

 

The intent wasn't to sell...it was to build awareness, at best. (And I do think it helped build awareness for the brand and build a good feeling about the brand...but what pushed sales were the coupons in the Sunday paper along with the placement of the product in the cookie aisle and the pricing incentives offered to the retailers...)

Source: http://www.socialmediatoday.com/content/was-oreos-dunk-dark-tweet-really-runaway-success ;

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IBM & Twitter: How data can build a smarter business - YouTube

IBM and Twitter are helping businesses make smarter decisions about their supply chains, logistics, operations and more by applying IBM analytics and experti...
mcgrawmarketing's insight:

IBM fails to make the case for incorporating social media data into their analysis...but they offer a great example of a "solution" in search of a problem.  

You focus on the best available data from trusted and affordable sources and unless you feel you don't have enough of the right data to make an informed decision, you don't go off in search of new data sources because of the costs (time, money, etc.).

 

And if you have your supply chain and sales data...what is Twitter going to add?  Noise.  Analysis paralysis?  

Anyone have any first hand experience here that shows the lift and ROI for following IBM's suggestion here? 

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Google Launches "Store Visits" Metric In AdWords, To Help Prove Online-To-Offline Impact

Google Launches "Store Visits" Metric In AdWords, To Help Prove Online-To-Offline Impact | marketing tips | Scoop.it
Measures impact of search ads on in-store traffic as part of AdWords Estimated Total Conversions.
mcgrawmarketing's insight:

What a crock of pooh.  It's an estimate.  You could require a code or coupon so they bring it into the store and show you so you can get a real count...or you can guess.  Which raises the question...do you feel lucky, punk?  Well, do you?

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Why Copyblogger Is Killing Its Facebook Page - Copyblogger

Why Copyblogger Is Killing Its Facebook Page - Copyblogger | marketing tips | Scoop.it
An audience-first approach drives Copyblogger, and that's just one of the reasons why it's killing its Facebook page. Find out what led to the decision.
mcgrawmarketing's insight:

"It’s not our job to tell our audience where we live. It’s to grow communities where they live."


This is a fascinating read - make the time and enjoy it.  They knew what they wanted to accomplish.  They had a plan to test.  They measured results and analyzed them.  They used that insight to drive a decision.


What are you doing to determine if the platform is worth the time, effort, energy...and could you kill your presence on the platform if your data and guts tell you it's the right thing to do?

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CMO Spotlight: Michael Brenner, Business 2 Community

CMO Spotlight: Michael Brenner, Business 2 Community | marketing tips | Scoop.it

“Marketing has a marketing problem. Marketing has to stop taking orders and start representing the voice of the customer in the organization.”

mcgrawmarketing's insight:

Amen.  Marketers need to stop focusing on the channels and the technology and start focusing on the customer because the customer will tells us about the product, the price, the distribution as well as the messaging and communication channels.  

It's great that technology lets you run 2x the campaigns for the same cost but if you don't know your audience, their needs, expectations, buying criteria and process...you're just wasting time and money pushing out the wrong messages.

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Analytics vs. Instincts

Analytics vs. Instincts | marketing tips | Scoop.it
Even for the savviest marketers, finding the right balance of analytics and gut instincts can prove to be difficult.
mcgrawmarketing's insight:

This delicate balancing act, Greitzer says, often comes into play when marketers are trying to evaluate unknowns or new aspects of a potential campaign. “It can be tough. A channel, say for example mobile, may not necessarily be mature enough for the metrics to tell a really concise, complete story,” he explains.


That's one reason why we test...data tells us X, gut tells us Y...

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Why It's Time for Marketers to Rethink the Sales Funnel - Kapost Content Marketeer

Why It's Time for Marketers to Rethink the Sales Funnel - Kapost Content Marketeer | marketing tips | Scoop.it

Hello from Content Marketing World, dear readers!  The lake is big, the people are nerdy, and orange is the new black.

My favorite insight so far of the day? Forget the sales funnel. Right now.

This morning’s opening keynote speaker, Andrew Davis, revealed how outdated, misrepresentative, and just dead wrong the sales funnel is in today’s search landscape. Yes, I’m talking about the same funnel we base our sales and marketing strategies on. Yes, this one:

mcgrawmarketing's insight:

For me, the sales funnel has always been more of a guide then a "set in stone" process...people will enter the process at various places and they will move forward, step back, remove themselves from the funnel, come back in...you get the point.

 

They will also change their reasons and criteria for purchasing.  Today, high quality/value is key but tomorrow it's all about low price...and next week, it's concern over failing to act/purchase (I need it now...been putting this off for months.) followed by "God I do love it in red!"

 

Basically the funnel helps us visual what would be a logical process for people that aren't all that logical...a point raised by the author of the article.

 

The post mentions 'moments of inspiration where you focus on what appeals to the emotional side of the brains - fear, pleasure, pain, survival.  And those are things you should be testing in your messaging and creative presentation...but it really doesn't replace the funnel.

 

So, is the funnel dead?  I don't think so.  It's a tool.  It's a starting point for discussion.  It's imperfect but it helps.

 

What do you think?

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Visual Content Is Shaping the Future of Social Media [Infographic]

Visual Content Is Shaping the Future of Social Media [Infographic] | marketing tips | Scoop.it
Visual content is exploding on social media, with sites like Pinterest and Vine leading the charge.

Even Twitter, which started as a place to post short and simple messages, now has images for a more visual experience. Indeed, the future of digital media is upon us — and it’s rich with visual content.

According to an infographic from Oracle, there are five tweets per second that include a Vine link. The acquisitions of Tumblr and Vizify point to an increased interest in interactive media and infographics, with Yahoo investing in visual media.


Via Lauren Moss, massimo facchinetti, malek
mcgrawmarketing's insight:

You know how much I loathe infographics...but this one was easy to read and made sense.  I would suggest that "All social networks should be considered" but unless you have unlimited resources, you might want to test and prioritize and invest where the greatest return is generated.  (Sorry, I work with firms much smaller than Oracle, about $38 billion, so they tend to have fewer resources.)  ;)

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corneja's curator insight, October 5, 2014 10:16 AM

Fotos, videos, viñetas, infografías... están ganando terreno al contenido escrito en redes sociales. Ese aumento del contenido visual ¿es un fenómeno exclusivo de las redes sociales?

Jolynn Oblak's curator insight, November 10, 2014 10:26 AM

This is the wave of the future. Using visual media to build brands and engagement and sites like Instagram and Pinterest will be at the forefront,

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Marketers Arent the De Facto Owners of Customer Experience

Marketers Arent the De Facto Owners of Customer Experience | marketing tips | Scoop.it
CX responsibility needs to be shared across the organization, with marketing as evangelists.
mcgrawmarketing's insight:

A very good article that reminds us all that marketing cannot own customer experience because customer experience is delivered/impacted by everyone across the organization.  (And I am a firm believer that with 'ownership' comes 'authority' so unless marketing has the authority over your AP department and how they work with clients that owe money OR the service department or IT or...marketing cannot 'own' customer experience.)

 

Making sure that the organization is aware of their impact on the customer experience is an important task for marketing - they need to communicate with the internal audience.  

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Why content marketing isn't just a strategy for your marketing department

Why content marketing isn't just a strategy for your marketing department | marketing tips | Scoop.it
Taking an organizational approach gives you more opportunities to connect with target customers than adopting a narrower mindset
mcgrawmarketing's insight:

I have long been a believer in the organizational approach to content marketing - and this articles provides a thorough, thoughtful overview that can help you successfully implement it.  Bottom line is, as the author points out, you get a much more valuable result when you can bring in a broad array of talent to develop really relevant, insightful content.

 

What has your experience been?  Are you still creating content within the marketing department or have you reached out across the organization>

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Paralysis by Analysis: How Too Much Data Can Stifle a Marketing Campaign

Paralysis by Analysis: How Too Much Data Can Stifle a Marketing Campaign | marketing tips | Scoop.it
Don't be paralyzed by too much data! Here's how to understand when your KPIs are too excessive (and what to do to fix your reporting).
mcgrawmarketing's insight:

What's the objective and how will you know it's been achieved?

 

That's it.  If the objective is to generate sales by $400,000 in 3 months starting January 1st and ending March 30th, 20xx - that's your KPI.

 

And you will know it's achieved when you run the campaign report that shows the sales generated by the campaign.  (Directly - meaning they saw the campaign and ordered directly from it - and, if you so choose, indirectly - meaning they saw the campaign, responded to it without buying immediately and then eventually made a purchase within the January-March time frame stated in the objective.

 

If you're allowing yourself to be paralyzed, step back and take a deep breath.  Break the campaign/project down to its base and you'll be fine.

 

How have you overcome or avoided analysis paralysis?

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Dos and Don’ts of Becoming a Successful Data-Driven Marketer

Dos and Don’ts of Becoming a Successful Data-Driven Marketer | marketing tips | Scoop.it
Industry experts weigh in on what you should and shouldn't do to succeed in the data-driven marketing world.
mcgrawmarketing's insight:

There's a lot of good advice in this piece...my favorite comes from Maria DePanfilis (Partner, Analytics and Optimization, Rosetta) when she writes:

DO augment your data-driven insights via other types of intelligence such as qualitative and/or contextual research.

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Four of Five CMOs Unable to Keep Up With Tech Demands

Four of Five CMOs Unable to Keep Up With Tech Demands | marketing tips | Scoop.it
Marketing must be reconceived as a revenue generator and it must be put in charge of customer experience, says a study.
mcgrawmarketing's insight:

“The transformation taking place will be profound as marketers race to adopt technology and add skills that will allow them to manage the entire relationship with the customer.”

 

Personally, if marketing thinks they need to "...manage the entire relationship with the customer...", they are doomed.

 

The organization needs to be customer focused...marketing can help the organization succeed but if they elect to micro-manage the relationship and step in where other departments need to be responsible for their own work...marketing is going to fail.

 

What do you think?  Should marketing "...manage the entire relationship with the customer..."?

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NY Times The Catalog Lives

NY Times The Catalog Lives | marketing tips | Scoop.it
The national paper of record makes it official Despite digital alternatives, use of catalogs is on the rise.
mcgrawmarketing's insight:

Do they (shoppers) fill out the order form and mail it in like they did in days gone by?  Or do they call and place their order over the phone?  Or do they go online and placed their order online?

 

No matter - shoppers are motivated to buy via catalogs (good ones) and they may buy through a number of channels (mail, phone, web, email, walk into a store, etc.)

 

Catalogs work!

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Study: Only 1% Of C-Suite Believes CMOs Are Responsible For Digital Innovation

Study: Only 1% Of C-Suite Believes CMOs Are Responsible For Digital Innovation | marketing tips | Scoop.it

According to a new Accenture Interactive study, CMOs predict digital will account for more than 75 percent of their marketing budgets over the next five years. That’s no surprise since the proliferation of technology is driving a lot of change in the marketing ecosystem.

mcgrawmarketing's insight:

I still struggle with the concept of 'digital business'.  The business exists to service the customer.  And the customer exists in the non-digital world, though they can utilize digital/technology when it offers them the highest perceived value.  But that decision to operate in the non-digital and/or digital world is the customer's to make - so if a business elects to become 'digital' they are, in essence, telling the customer that they can only interact with them in the digital world.

 

And that's not service the customer.

 

So maybe we need to stop listening to tech companies telling us that we need their tech in order to survive and succeed in the future?

 

What am I missing? Help me here....

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5 Reasons Why Your Message May Not Matter to Your Market

5 Reasons Why Your Message May Not Matter to Your Market | marketing tips | Scoop.it
There are lots of reasons why B2B software and technology companies struggle to get their message heard. The root cause is ineffective positioning, and it raises its ugly head in many ways. Here ar...
mcgrawmarketing's insight:

No unique, relevant benefits.  Too many benefits.  Inconsistent delivery - failure to repeat so that it really clicks with the audience.

 

Are good refresher for your messaging strategy.  What you need to say in order to cut through the clutter and help your audience get a clear understanding of the value you offer.

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5 Ways Your Business Can Use Snapchat

5 Ways Your Business Can Use Snapchat | marketing tips | Scoop.it

te arJust like Twitter or Facebook were when they first came out, Snapchat still seems foreign and ne...

mcgrawmarketing's insight:

"In a recent Adweek article about Taco Bell’s dominance of Snapchat, a spokesman says they have a 80% open rate on the snaps they send, which is unheard of for any other marketing method, from email to Twitter."

 

Open rates don't matter.  Open rates don't pay the rent.  They don't pay my salary.  They don't pay your salary.

 

Open rates, as a meaningful metric, is like "Throws out direct mail in trash basket under desk".  Meaningless.

 

Here's the important part...

"Taco Bell is successful on Snapchat because they talk in the language of the main audience that is using the app– millennials and teens who make up the 16-35 age bracket."

 

Why?  Because it's all about the right audience and the right channel...so if you're audience is using a channel, test it.  Test it to see if it helps you achieve your objectives.  

 

But if your audience isn't using the channel, feel free to put that channel on the back burner and focus on channels that reach your audience.

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Getting Personal: Leveraging Big Data for Better Connections

Getting Personal: Leveraging Big Data for Better Connections | marketing tips | Scoop.it

“There’s so much pressure to leap to the future that many overlook the interim steps that are easy to get to and would deliver a lot of value,” Schmults said. “Targeting by recently viewed—that’s a simple form of personalization. And geotargeting is one data point you can look at to think about what would be relevant to some people. Maybe send a message to folks within 10 miles of a store. It isn’t taking 110 data points and looking for patterns. It’s taking one data point and applying it. It’s a spectrum.”

mcgrawmarketing's insight:

Nice article from Chief Marketer that touches on the importance of data - regardless of size - as well as the importance of taking the proper action based on a single data point or the patterns that emerge from hundreds of data points.

 

Come on - share your recent data success story.  How have you used data to drive improved performance?

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7 Ways to Know Your Customers Better Than Your Mother Knows You

7 Ways to Know Your Customers Better Than Your Mother Knows You | marketing tips | Scoop.it
It's critical that you get to know your customers. Here are seven ways you can stalk your customer without getting slapped with a restraining order.
mcgrawmarketing's insight:

Some good ideas like survey your customers but the article does fail to mention "get out from your cube and go mingle with the customer".

 

I'm working with a firm right now and we're creating some  audience panels (potential and current customers) that we will meet with regularly in order to get their input for content/events and to discuss their perceived opportunities, threats, unmet needs and wants, etc.  

 

I see the value of participating in social media and data/analytics but nothing beats sitting down with 10 customers or suppliers or potential customers (or a mix) and listening to what they are facing, what they are preparing for and how they view the industry/market.

 

Market research can seem expensive - but it's so much better than spending significantly more on new product development and launch and creating a failure.  For the clients I work with, that means spending high 5 or low 6 figures on new product development and launch or they can invest 10% of that - or less - on some upfront research that will help identify/confirm new opportunities.

 

How much does your business invest in market research, competitive intelligence and even analytics in order to identify opportunities and/or threats so you can work more effectively?

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15 Reasons Why Analytics Prediction Will Make Your Life Easier | Convince and Convert

15 Reasons Why Analytics Prediction Will Make Your Life Easier | Convince and Convert | marketing tips | Scoop.it
Thanks to the success of Google Analytics, there are dozens of ways to collect historical data from your website and connecting social networks. And yet, your optimization strategy is probably missing one very important step: predictive analytics. Learn how predictive analytics can make you a better marketer.
mcgrawmarketing's insight:

I've been working with several organizations on creating these forecast models - it takes time and effort but once you work through it, the results are well worth the effort.  This article gives you 15 really great reasons why you need to invest in forecast models.

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15 Tools Every Social Media Manager Should Use | Visually Blog

15 Tools Every Social Media Manager Should Use | Visually Blog | marketing tips | Scoop.it

Smart businesses know that social media is a power to be reckoned with: social media channels create a direct line of communication between your company and consumers and give anyone with an Internet connection instant access to the latest buzz around your products or services. Not to mention, they can help you to generate revenue, while building your brand presence. Let that marinate for a second."

mcgrawmarketing's insight:

Useful tools but please remember that you should be investing in any of the social networks/channels if a large enough segment of your audience uses the network/channel and if they use it for gathering information, evaluating options, etc.

 

If they aren't there, why should you invest your limited resources?

 

And if they are there but aren't using the network/channel in their own buying/decision making process, why should you invest your limited resources?  (Maybe branding...if your goal is to increase awareness and help the audience understand what makes you unique (perception and expectations) but please have a research study to measure before/after.)

 

What do you think?  Any of these tools something you can't imagine living without?

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Are these the world's worst marketing buzzwords?

Are these the world's worst marketing buzzwords? | marketing tips | Scoop.it
Every day, marketers around the world use hundreds of acronyms, compound words and, yes, buzzwords to describe what we do.
mcgrawmarketing's insight:

My top 3 are "Growth Hacking", "Storytelling" and "Pivot".

 

Growth hacking is something that a self professed growth hacker does but cannot explain in a way that allows anyone else to clearly understand.  And when asked "Yeah, well how does that differ from marketing?", the growth hacker become more frustrated and incapable of providing a response that clearly explains the difference.  The conversation usually ends with the growth hacker screaming "Because I say so!" and leaving the room.

 

Storytelling is something that a writer will present as new, innovative and earth-shaking...until someone introduces the writer to the works of Ogilvy.  Then there is silence and, usually, tears because the writer realizes they aren't as good as Ogilvy.

 

Pivot is a wonderful word used by today's entrepreneurs when they realize their business idea really was shit.  It's usually used in this sentence "We better hurry up and pivot before the VC stop by and ask for their money back.  I don't want to live with my parent's again!"

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The Seven Deadly Sins of Marketing Automation

The Seven Deadly Sins of Marketing Automation | marketing tips | Scoop.it
Marketing Strategy - Marketing automation is only as good as the person using it. Failing to properly implement and use it just sets you up for frustration in the short term—and failure in ...
mcgrawmarketing's insight:

Seven great points addressed in the article.  My favorite is #7 - 

Running on autopilot

Despite the name, marketing automation doesn't mean you can go on autopilot. Just like your leads must be nurtured, you marketing automation programs also need to be nurtured.


It reminded me of those stories of people taking RVs for a test drive, pressing the "Cruise Control" button and then getting up from the driver's seat in order to head to the back of the RV so they could chat with the rest of the family.


# 4 was a close second for me - especially when they started off with "Stop selling, and start nurturing… most of the time."  I've seen too many lean too heavily on nurturing and they've done everything possible not to sell and seem too pushy.  Listen.  You have to ask for the sale.  That's why you're in business - to sell, not nurture.  And if they aren't ready to buy...move on to those that are.


It's like when I worked retail during college.  Greet everyone.  Make them feel welcomed and safe.  Introduce yourself.  Ask how you can help them today and if they push you away, go greet the others that walked in.  Eventually you will find one that is looking to buy and you can walk them through the final steps to ownership.

 

Then go back and check in with the others again.  Chat with them.  Get to know them.  Offer some suggestions based on what you learn.

 

What do you think?  Sell or nurture? What's the line?

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