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Excel Tip – Generate Random Dates With RANDBETWEEN and DATE Functions In Excel

The knowledge of how to generate random data in Excel is a useful tool to have. Whether it is to test functions, formulas or a spread sheet solution, having access to or generating a lot of data to work with to really give Excel a good workout.I generate a lot of, or find sources of free data to use as dummy data, but it does not always include date data or date fields. So here is how to generate some random dates in Excel.To generate random data we the RANDBETWEEN function. The syntax of this formula is=RANDBETWEEN(bottom,top)Parameters or ArgumentsbottomtopThe smallest integer value that the function will return.The largest integer value that the function will return.Note- if the bottom is greater than the top value then Excel will return the #NUM! error.So back to our formula combining… all we need to do is add the RANDBETWEEN and DATE functions together to get random outputs. The syntax of this formula is -RANDBETWEEN(DATE(startdate),DATE(enddate))The Start date and End date need to be in the format Year, Month, Day.Let’s work through an example. In the example we are using, I want to generate some random dates between 01 January 2014 and 01 January 2015.The formula will look like this=RANDBETWEEN(DATE(2014,01,01)DATE(2015,01,01))Once you hit enter Excel will display a 5 digit number, Excels understanding of dates. Excel stores dates and times as a number representing the number of days since 1900-Jan-0. We just need to get Excel to display the date we can easily understand it.To convert the date to Short Date format-

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Number Group

Select the date format needed from the drop down box. In this case I chose short date- it could be any other available option
Great, so we have one random date. To generate more random dates between 01 January 2014 and 01 January 2015 just drag the formula as you would normally to generate dates.Remember that these random dates will recalculate – and different ones will be displayed so if you want to make the random dates static to use in your data analysis then copy and paste the values.

CTRL+A to select th data set

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Copy

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Paste Special – Values
This will give you a permanent set to work with.

Breaking Down Sales and Marketing

Revisiting the Sales and Marketing ConversationBack in October 2015 we shared an article called “5 Ways Marketing Departments Help Salespeople Catch Butterflies.” Recently a tenfold article was shared with us, titled “What is the Meaning of Sales & Marketing and Their Advantages?” and, I have to say, it does a pretty awesome job of breaking down the differences, responsibilities, and links between sales and marketing roles. Why revisit this now? Because it has never been more apparent that the relationship between sales and marketing is still just as misunderstood as ever, especially with advances in marketing technology.Setting the Record StraightMany in the business world, especially those who rely on sales and marketing for success, don’t actually have a concrete grasp on exactly what sales and marketing are. Yes, the two are linked, but they are not one and the same. Sales departments rely on marketing; marketing departments and strategies exist to feed sales (notice I didn’t say “make” sales). You wouldn’t engage in marketing if you had nothing to sell, and your sales strategy would be much less informed and successful if not for your marketing efforts. Yes, many old-school salespeople (or go-getter small business entrepreneurs) are quite capable of drumming up business on their own, and may even have some tried-and-true marketing tactics up their sleeve – but few have the time, skill, or technological resources to effectively capitalize on the true potential of their market.A common mistake made by older, more established businesses is to assume that salespeople are skilled at marketing and that marketing people are skilled at making sales. In some cases this may be true, but certainly not across the board. While trying to conserve capital, many of these companies will attempt to combine their sales and marketing departments, essentially tasking their employees with two job descriptions, and that’s usually a bad move. It’s no accident that more recently established companies, tech giants, and organizations that employ a large number of millennials are killing it with their marketing efforts.Breaking It DownAs the tenfold article explains, some of the key responsibilities of a sales team include:

Follow Up

Relationship Building

Closing

Retention

The mark of a great salesperson is the ability to cultivate a personal relationship. Many consumers who have stayed loyal to the same brand, dealership, or salon for years will say that they appreciate the personal attention they receive there. It is not a marketing employee’s responsibility to follow up with a salesperson’s existing customer once the lead has been handed off, nor is it their responsibility to convert a lead to a sale, “close the deal,” or make sure the client remains a client for many years. Short of having an outstanding relationship with a skilled salesperson, product quality and excellent overall experience are the main things that will bolster client retention.On the marketing side, primary efforts are:

Awareness

Engagement

Conversion (from anonymous to known)

Retention

It is not a salesperson’s job to generate awareness or buzz about their brand, product or service. If they are expected to use their energy to make sales by nurturing leads and relationships, then how can they also be expected to have the time to do the leg-work up front that brings those leads to the table in the first place?The marketing department creates awareness, builds engagement by creating information that will invite audience members to take action, and targets and tracks engagement by motivating audience members to provide contact information or initiate a free trial or consultation (converting them from a cold prospect to a known lead or potential buyer). It is important to note here that the retention function of a marketing department doesn’t really overlap the retention efforts of a sales team.On the sales side, client retention refers more to the salesperson’s efforts to use the client relationship to continually check in with the client, attempt to engage them in further discussions about additional products or services they may be interested in, and seek referrals to the client’s friends and family members. On the marketing side, however, retention refers to maintaining a higher level of consistent engagement (through targeted marketing based on buying preferences, interests and history) so that the customer relationship doesn’t end at the initial purchase. Those email newsletters you receive after becoming a customer somewhere are not random – they have a purpose and are often tailored to things you’ve viewed or expressed interest in. A sales team simply doesn’t have the insights, time, or often the resources to execute these types of strategic campaigns.The Fine-Tuned Coexistence Of It AllThe ideal sales and marketing relationship is a symbiotic one. Marketers and salespeople work together to determine what consumers need and how to deliver it. Sales and marketing should motivate, inspire and feed one other. They should collaborate and coexist. In the hierarchy of the business food chain, sales and marketing should not be seen as rivals or equals, but counterparts. One truly cannot exist without the other, but their skill sets are not the same – especially today, where advances in technology require the modern marketer to have a very specific, honed, and competitive set of skills that most sales people simply do not need to have.For this reason many marketers are introverted, analytical, and deep-thinking individuals. Whether they’re crunching numbers and analyzing data, compiling reports on trends and conversion rates, or writing awesome ads and creating beautiful websites and collateral material, they are required to intensely focus on what works, what doesn’t, and adjust their creative efforts accordingly. Usually a marketing department will have creatives, analysts, and more tech-oriented people (who dive into the numbers and algorithms behind advanced marketing tools).In contrast though, many salespeople are extroverts – they light up a room, they have excellent “people skills,” can easily relate to others, and have the ability to pick up on social cues that might actually help them close a sale. Oftentimes salespeople have a broader focus, preferring to spend their days with appointments and meetings – activities that build relationships – rather than sitting behind a desk doing what a marketing department does best. For this reason, many salespeople have administrative assistants to help them with follow-up, paperwork, appointment setting, phone calls, proposals, and calendar management. This type of functional assistant role is less widespread in the marketing realm.Share Your ThoughtsBe sure to read the full article (and let us know how it compares to our post ) for additional insights on the relationship between sales and marketing teams. Join the conversation: in your experience, what have been some key components of a successful sales and marketing partnership?

Introduction to Marketing – Part 6: Branding Strategy

Introduction to Marketing – Part Six: Branding StrategyBranding is a large part of marketing as it encompasses so many things. A brand is a name, term, symbol, design or a combination of these used by an organisation to identify it as unique from others. It acts as an identity and signal, communicating many messages to the market. Position comes from the way the market views and connects with a brand. The strength of this bond and the value that customers place on a brand is known as brand equity.A brand/label name is the part of a brand than can be spoken or written, made up of words, letters and/or numbers. Brand elements are all of the central components that make up a brand, such as the name, design, slogan, and so on.Secondary associations in regards to a label are all the related elements, such as celebrity endorsements and product reviews.A trademark, commonly associated with a label, is the legal registration and recognition of an entire brand by an organisation that prevents the incorrect or unauthorised replication or utilisation of it. A service mark is the same as a trademark, however specifically refers to a service offering.Brand EquityAs mentioned above, the value customers place in a brand is known as a measure of brand equity. This value grows in stages:(1) Salience: this is general awareness of a label by the market, and is part of a general identity. The marketing strategy at this level is focused on determining who the brand is.(2) Imagery and performance are the visual association and product behaviour of a brand that communicate the features of what a label is to the market. At this level, the marketing strategy is focused on the meaning of the brand and what it is.(3) Feelings and judgements refer to the critical analysis and emotional connections that label has with the market, which communicate the personality of the label. At this point, marketing strategy is focused on response and what it is about the label that customers find appealing.(4) The pinnacle of brand equity is known as brand resonance. At this point, the label has a relationship with the customer and spurs a certain behaviour in response to the label. Marketing strategy here is about fostering brand loyalty by focusing on what the label is worth to a customer.Brand DevelopmentThere are two main approaches to developing a brand. An organisation can utilise a high budget and spend a lot of money to heavily communicate messages and increase awareness, or approach with a low budget, and instead, rely on other communication, such as word-of-mouth and very obvious brand names.Depending on the approach above, the brand name can line on a spectrum from:(1) Fictitious- such as Sony or Apple. The name is so obscure that it requires specifically teaching the market about what the product behind the label is or does.(2) Associative- names that allude slightly to their product’s function, but are conjured up on top.(3) Suggestive- label names that are semi-descriptive but a slight play on words.(4) Descriptive- such as Quick Copy or Pizza Hut. These names are more obviousObviously, the more fictitious end of the spectrum has the advantage of being unique and therefore easier to legally protect, however an organisation much teach the market about themselves (which may not always be a negative).The descriptive side offers a far more descriptive and obvious name that signal the right kind of image when a customer hears it, however because they are so run-of-the-mill, it can be difficult to be unique and tricky to legally protect.The goal of brand development is to increase brand equity so that the market pays attention and values a brand enough to generate popularity and sales. A good brand is strong, favourable, compatible with the product, unique and memorable.LogosA logo is the visual brand element or a brand, and can either be used with or without the name, depending on the knowledge of the target market. Logos can enhance or hinder and image, which is why it’s important for an organisation to ensure it matches the brand well.Label AssociationThere are several other brand elements that partner with a brand and impact on brand image and brand equity. These can be secondary associations, and include:(1) The organisation itself and its branding (such as Nestle’s Purina pet care sub-brand)
(2) The country of origin and its connotations (such as Italian wine or Swiss watches)
(3) Distribution channels (sold in nice stores, or particular outlets)
(4) Co-branding with other brands
(5) Characters (licencing and mascots)
(6) Celebrity endorsements
(7) Events and sponsorship associations
(8) Third-party sources (such as awards and product reviews)
(9) An associated slogan or jingle (to add more information or increase recall).All of these elements impact on how the market values and sees a brand.Brand ExtensionOnce a brand is in a market, an organisation may choose to extend its use. There are four types of brand extension methods.(1) Line Extension: where the product category and brand is already in existence (such as adding flavours or colours)(2) Brand Extension: New category, but an existing brand(3) Multibranding: Existing category but new brand (Toyota and Lexus cars)(4) New Brand: New product category and brand name