No matter how much technology has changed our day to day lives, both at home and at work, what remains essential to running a successful business is customers—how you treat them, how they feel about your product or service, and whether they share those good (or bad) feelings.
In decades past, interacting with customers and helping to manage their problems and expectations was something that was left mostly to humans, which meant any good or bad things could also be subject to staffing or competing deadlines. But technology has helped with that in a unique way: by automating much of the customer journey through artificial intelligence, or AI.
Customers may not realize it, but a part of the process with many companies is already managed by AI. It’s helping with predictive needs, to name just one area. And its use will only continue to grow. This graphic explains what it’s doing and how business will continue to use AI.
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On April 6, 2016, the Department of Labor released a 1000-page document known as the Fiduciary Duty rule (DOL fiduciary) requiring financial advisors to always act in the best interest of the client, expanding the meaning of “investment advice fiduciary” originally defined under the Employee Retirement Income Security Act of 1974 to also include retirement investment advice. Asset managers have since faced a new set of intricate regulations to comply with, tight timelines to meet, and structural/operational changes to enact within their own firms.
From the very beginning, the fiduciary rule had the weight of inevitability and the social pressure of protecting investors’ morality behind it. Assets under management in America alone nears $40 trillion, most of which is managed by the US’s largest 50 banks.
While the industry foresaw change with the DOL fiduciary rule, my marketing team saw opportunity. What if we could prepare our subject matter experts to react quickly, time our content with the news cycle, and launch an advertising campaign that could help demystify the rule for our clients and potential prospects? Better yet, what if we could be the leading consulting firm on the rule and how to implement it? We immediately got to work.
- Web presence: Ahead of the game In advance of the April 6th announcement, we developed a classic microsite, and built it out with thought leadership, media placements, and videos, all of which were keyword-optimized. Front-and-center, we placed a jargon-free description of what the DOL Fiduciary Duty Rule really meant and how we understood its possible effects. Also quickly available to visitors was a highlighted drop-down list describing various services related to DOL Fiduciary rule and how we could help. Throughout the first added our DOL-focused publications, webcasts and videos, as well as other related content.
- Thought leadership: A deep-dive and first-to-surface We are never surprised by a regulation. At the time of the announcement, marketing was prepared (at 6 a.m.!) to work alongside a five-member client services team to tear apart the 1,000 page ruling; we published a paper within 48 hours. We also scheduled interviews beginning at 11 a.m. that day with two thought leaders who were media-trained.
- Media coverage: And then some In advance, and in anticipation of the announcement, two subject area experts had been previously identified and were prepped for press interviews. We arranged for interviews on the day of the DOL announcement with The Wall Street Journal, Financial Times, Reuters, Reuters TV, Bloomberg, CNBC and CNBC Closing Bell.
- Webcast(s): Ramping up and following up In February 2016, we held a webcast to present industry perspectives and impacts, discussing four major impact areas: business models, operating models, technology and data, and compliance programs. By polling our webcast participants, we also confirmed concerns that we assumed were top-of-mind for our clients. Once the rule was announced, we held a follow-up webcast within two weeks. The April webcast reviewed the regulation, compared the proposed rule to the final, discussed industry impacts and reactions, next steps and FAQs.
Over the course of 14 months, we helped PwC grow a dedicated DOL team of nearly 200 employees serving 25 clients, 120 projects, and of course we booked business. Best of all we got the call every marketer dreams of from the project team to “please turn your marketing off we have too much demand!”
Your neighbor borrows money from you. When he pays you back, would you prefer a) cash; b) a check; or c) cryptocurrency? While the third option may give you pause, it may only be because digital money is new and hasn’t established the trust you give to the first two. Consider it a branding problem.
Cryptocurrency expert and author Alex Tapscott agrees. Over the course of several blogs, Alex and I have discussed the different forms of digital money, their blockchain platforms that make transactions possible, scalability and—most importantly—trust. The essential question on many people’s minds is, How do you move from greenbacks, which everyone (mostly) has confidence in, to something as “mystical” as bitcoin?
“Here’s the thing,” Alex said. “In 2015, a lot of banks and companies and governments were waking up to the potential of this technology. They loved the idea of frictionless payments, of secure networks, of lower cost, of better speed. But they didn’t like the idea of opening up their companies to anonymous networks of participants.
“The blockchain innovation is the most-important part of the equation,” Alex continued. “Bitcoin is just the incentive mechanism which helps to secure the network. I have spoken to people in the financial services industry, and also big technology firms, who readily acknowledge that if they’re going to build consortium and private blockchains, they’re going to need to reconcile this issue of how to secure transactions.”
Alex mentioned Mt. Gox and Silk Road, two of the more popular scandals impacting digital currency and hurting its reputation badly, and in recent news the Hong Kong bitcoin exchange Bitfinex said it had some $72 million stolen in a serious hack—an amount that has slumped, due to loss of confidence in the currency.
“If I speak to the uninitiated with the subject, and I say ‘bitcoin,’ a lot of times they say, ‘Isn’t that just criminal money that drug dealers and ransomware perpetrators use to commit crimes?’ ” Alex said. “I won’t downplay the fact that there’s a major communications issue around bitcoin. Some of us have wondered if it’s too late to rebrand this whole space to help cleanse it of its troubled past.”
Alex used the analogy of the Internet as the structure of content, in the same sense that blockchain is the structure of digital currency, and how branding can actually facilitate trust.
“With the Internet back in 1994, people hadn’t really arrived on a term for it. Was it the ARPANET? Was it the information superhighway? Was it the network of networks? Eventually we landed on the term ‘Internet,’ which has got a sort of aura of elegance to it that the words like ‘blockchain’ and ‘bitcoin’ do not yet have.”
Alex and his dad, business theorist Don Tapscott, actually did come up with a new term for these vague concepts in their new bestseller, “The Trust Protocol: How Blockchain Technology Will Change Money, Business and the World,” just published by Penguin’s Portfolio imprint.
The new term is the “trust protocol.”
“I’d say that there has never been a system designed where security is more at the heart of it than with blockchain,” Alex told me. “I think that big, open public blockchains are the most secure way to move and store and manage anything of value than anything we’ve ever created. Just look at history: If the NSA, the CIA, JPMorgan, Morgan Stanley, Target, LinkedIn, Twitter and Home Depot can’t secure financial data or data about identity, then no one can. These are companies and governments with enormous resources.
“The problem is that they’re all centralized and they all control data,” Alex said. “If you could take that and decentralize it across a network, it would make it much harder to hack. It doesn’t mean it’s impossible to hack, but it’s significantly harder to hack a blockchain than it is a conventional database because you don’t just have to hack one source, you have to hack millions of different computers in a very short window of time.”
Next time, Alex and I will look at more issues concerning cryptocurrency, and how they might figure in your future—how bitcoin and blockchain can disrupt entire industries. Stay tuned!
Here is a great piece on the maturity of a company’s Thought Leadership program by ITSMA.
Last year I was asked by ITSMA to collaborate on this piece with them. They also tapped into companies like Deloitte, E&Y, IBM, Coginzant, SAP and more.
What came out is quite interesting for any company looking to take their thought leadership program to the next level. Here are a few points I pulled out to highlight for you that can help you make the case internally:
- 79% of would-be buyers say thought leadership is important to critical to determining which providers they want to learn more about
- 75% of would-be buyers say thought leadership helps them determine which buyers to put on their short list
- Traditional format for thought leadership has been the white paper but in this era of digital and social that isn’t enough
- To reap the benefits of a thought leadership program you must have SME’s that are recognized outside of your company
- Interaction with SME’s in social media improves the ability to communicate key thought leadership ideas
Click here for a full copy of the report on the 4 Stages of a Thought Leadership Maturity Model
I had a chance to catch up with fellow author, Simon Sinek to discuss his book called – Start With Why at the World Business Forum held in New York at Radio City Music Hall on October 7-8. My goal was to go a bit more in-depth on how to get started for B2B marketers, hope you enjoy the interview.
For those that follow this blog but are not yet familiar with your book Start with Why, give us little background.
A few years ago, I discovered that every single organization on the planet, even our own careers always function on the same three levels: what we do, how we do it, and why we do it. Everybody knows what they do. It’s the products we sell or the services we offer. Some know how we do it. It’s whatever you call it, your differentiating value proposition, your USP, the things that you think make you different or stand out from the crowd. But very few people and very few organizations can clearly articulate why they do what they do. But why I don’t mean to make money. That’s a result. I mean what’s your purpose, what’s your cause, what’s your belief, why does your company exist. And those that understand the why can clearly communicate it have an unbalanced amount of influence and success and loyalty in the marketplace with greater ability to innovate on all the rest of it.
Can every company have a why?
Not only can a big company have a why, every company does have a why. It comes from the founder. It’s the reason why they started the company. Those that are started from market opportunity, I read this article in a magazine and I realize that those tend to be very weak and they tend to not do well. But when a human being personally suffered or people close to them personally suffered something and they found a solution to whatever that problem was and that was the birth of the company, that’s a clear purpose.
Where’s the right place for a marketer to get started?
A good place to start is when companies are formed around real problems. It has to be born out of the cause of the founder. If it wasn’t a specific problem, then that founder has their own why, and the company is formed in their own cause. Virgin is Richard Branson. It’s the same thing. So you can usually go to the personality or the cause, the why of that founder.
How do you make it stick with the organization?
The why is the sticky part because it’s the visceral part. The why talks directly to the limbic brain, which is the part of the brain that makes decisions. It’s the emotion and feeling part of the brain. So when we start with why, that’s what makes it sticky. You can start with what and people might enjoy it for a moment. You describe the product, what it does, and it may or may not appeal to some people. But it’s the why that makes it interesting and makes people viscerally connected to it.
How do you make a strong why work in a B2B professional services organization?
The good news is that even consultants, accountants, or engineers are still human beings. So as much as they like to believe that all of their behavior is rational, it’s not. Otherwise they would only buy the cheapest product and they would never be loyal to anything. When the why is clearly communicated, it viscerally appeals to people, and they feel connected. And being a part of an organization with a clear sense of why becomes part of our self-identity. We wear the tee-shirt that they gave us at the company picnic. We don’t wear it to bed or paint the house. We wear it with pride and don’t want it to get dirty because it’s part of our self-identity.
No matter where you look, brands are all trying to crack the code of having a two-way conversation with their customers wherever they are – be it in-store, online, on a smartphone, on a tablet or on social media. It’s a constant struggle for brands to make themselves be seen and heard above all the noise that’s out there, especially when their “prime” consumers have minimal attention spans and are far less forgiving of faulty, uninspired experiences with brands.
However, brand loyalty online can be much more fleeting than it is offline. Stop and think about some of the online brands that have your devoted loyalty (no matter what sins they may occasionally commit). What Google, Amazon and Facebook all have in common is that they’ve built their entire customer experience across all devices and all channels around customers’ trust and respect. For many of us (myself included), it would take a lot to sway my trust, respect and loyalty away from these three online giants.
When brands commit customer experience sins such as excessively slow page loads, page flickers, and irrelevant messages and offers, the cost can be more than just how consumers feel about and speak of your brand. It can actually decrease their likeliness to click through a brand’s website or mobile site, and lead to a willingness to go to a competitor’s site. That is what we saw in the “Mobilizing the Retail Shopping Experience” research study. One of the most important findings of the study revealed that 39 percent of consumers would leave and visit a competitor’s mobile site if their customer experience expectations were not met. Meanwhile, another 23 percent would return less often if the mobile experience were deemed poor. If that’s just the scenario on mobile retail sites, just think about all of the e-commerce sites and brands that rely on the Internet to drive traffic, click throughs, newsletter sign-ups and purchases. Here are three secrets to help brands have a two-way conversation with their customers online.
Don’t treat every customer the same.
Smart marketers realize that painting their entire web and mobile audience with the same brush is no longer a valid strategy. With so much data available about a visitor’s digital behavior and preferences, it’s unfortunate that there are still brands out there with one-size-fits-all customer experiences. Say a visitor is sitting in front of their laptop on a Sunday night and while searching Google for Prada heels, this visitor is served up an ad with multiple fashion sites with a variety of shoe options that will make this visitor swoon. When this same visitor returns to one of the fashion sites, wouldn’t it be more effective to personalize and differentiate the messages and offers she sees? That’s the power of personalization: It not only gets a first-time visitor to click on a home page and navigate through product pages to the final “buy now” purchase moment, but it also gets returning visitors to come back repeatedly for multiple purchases.
Show and tell customers why you’re better and right for them.
While consumers may have been to your site before, they are not experts in every single product that your brand makes and what differentiates those products/prices from competitors. How is it that Amazon can offer millions of products, yet it makes customers feel like it knows the certain products that they may want either by showing products to others like myself who have already purchased, or similar products typically sold alongside the items I just added to my shopping cart? It’s all about being smart and attentive to the customers’ needs and preferences.
Stop talking and listen to your customers.
In this “Age of the Digital Customer,” everything consumers like and don’t like is being tracked socially on places such as Facebook, Twitter, Instagram and Pinterest. But for brands, the real opportunity lies in the data obtained from consumer interactions on these social media sites. By incorporating Facebook data into the entire digital experience, brands can develop richer, more relevant customer profiles and, in turn, be more personal and targeted in the messaging and offers shown to these consumers. That means the experience becomes more than just a social experience. It becomes authentic, meaningful and sustainable.
The Red Bull Wake Open in Tampa, Florida is the world’s largest Wake Boarding contest and they wanted to do something new and engaging from a guest experience perspective this year. So, after reviewing various mobile technologies they decided to partner Smartsy to incorporate Visual Recognition and User Generate Content into their branding and collateral to help make them more interactive and actionable.
The custom app was easy to use and built around Red Bull’s main priorities for the event: driving guest engagement, generating new content and building athlete awareness. To do this various functionality was incorporated that allowed users to unlock secret content from posters and wake board rider cards (think baseball cards for wake boarders!) that offered insider perspectives on the competing athletes and the event itself.
During the event the fans could also capture their own experiences and see themselves on the Jumbotron, which created a lot of good user generated content and buzz. They were also asked to vote for their favorite rider (electing who would be the official “Fan Favorite”).
In addition to that they could see content from previous Wake Opens, as well as share content over their social networks and follow their favorite riders on FB or Twitter.
Despite inclement weather at the event, held over two days in Tampa on July 5th and 6th, the app ended up with a lot of adoption and users provided very positive responses to the app. While Smartsy can’t disclose specific stats on the results, they can say that they experienced very strong voting numbers, sharing across social networks, content ‘liking’ and user generated content exceeded expectations, and received extremely high numbers of visual recognitions, especially on a per download basis. The feedback from both Red Bull and guests were that they loved the new experience and thought it was a really fun way for Red Bull interact with their fans.
So, you’re one of the seemingly millions of brands out there using Facebook to lure people over to your website. Chances are you’ve viewed recent reports about Facebook’s surprisingly low activity rates (“Only 1% of people who like a Facebook page ever go back to that page”) as vindication of what you’ve always suspected: marketing on Facebook just doesn’t work.
You’re not alone. The following are the 10 top reasons brands fail to tap into the real potential of Facebook. (Hint: zero of them are Facebook’s fault.)
1. Failure to make a great first impression
Most fans won’t ever come back to a brand’s page unless they feel they have good reason to. This is not totally different from how they interact with their friends’ pages when you think about it. Unless the new friend has great content to go back to, there’s not much of a reason to go directly to their page very often, if at all.
2. Poor text and visuals
A successful Facebook page must have concise, engaging text that’s relevant to both the brand and the fans’ interests. Overly long, humdrum copy will fail to capture fans’ attention. Crisp, eye-catching, high-resolution visuals (photos, videos, illustrations) that clearly speak to those things visitors like about the brand in the first place will draw them in for more.
3. Stagnant page content
If fans stop by more than once only to find the same old Facebook page, they might assume the page is outdated — or worse, abandoned. It’s important for marketers to give fans new ways to connect and advance their relationship with the brand or product being promoted. Keep to a consistent schedule with fresh content and ever-improving offers, and be sure to test what works with your audience.
4. Inconsistent or lazy branding
If there’s no stylistic connection between a company’s Facebook page and its main website, visitors may not trust that the page is legit. Brands often spend a disproportionate amount of time, money and effort on website branding efforts, in comparison to the relative pittance reserved for complementary Facebook efforts. Keep branding consistent across all channels, so that visitors know exactly where they’re going and whom they’re dealing with.
5. Confusing calls to action
Once fans arrive at a brand’s Facebook page, they should have a clear idea of what to do and what’s available to them. Offers and calls-to-action should be prominently displayed, and any associated instructions should be easy to follow. Be aware, however, that Facebook has guidelines concerning calls-to-actions, offers and anything else resembling blatant advertising on company pages, so it’s important to make sure you’re current on usage guidelines.
6. Too many clicks
People are impatient—and want immediate gratification—especially on Facebook. If you have to use forms to give visitors access to the content they want, they’re likely to click away. Make sure the desired destination can be reached in the fewest amount of clicks possible. Also, if you have to use a form to capture data, keep it short and simple.
7. Mysterious visitors
All fans are not alike – so why treat them all the same? With the right tools, marketers can compile profiles using Facebook data authorized by the user (age, gender, location, name, relationship status, etc.) as well as previous site behaviors, to get a better sense of the type of people they’re reaching on Facebook. Those profiles can then be used to present offers, content and/or experiences that are the most effective in attracting fans, “Likes”, website traffic or any other relevant conversion metrics.
8. Preconceived notions
As excited as marketers may get about shiny new objects—especially social media objects—they‘re often reluctant to spend the time and money to truly develop new efforts for them. Why not step out of your comfort zone and try to develop specific content based on customer segments? An even crazier idea—consider developing Facebook-specific campaigns rather than repurposing ones created with a different platform in mind.
9. Ineffective plugin use
If Facebook plugins aren’t integrated into the main company website, a great deal of potential traffic—and revenue—is being lost. Plugin tools turn consumers into brand advocates, making it easy to share site information with Facebook friends. Let visitors like or share website pages back to their Facebook profile with one click. Better yet, provide personalized suggestions to your website visitors, based on what other people are sharing as well as their own click behavior.
10. Sticking to stand-alone metrics
Getting just one side of the story isn’t enough. Marketing programs need to be set up so that Facebook stats and user profiles are fully integrated with all other online and offline ecommerce channels’ information to create rich, detailed and fully comprehensive user profiles. Profile reports should be updated on a regular basis, so the most recent user information is always available.
With the proper attention to detail and willingness to dedicate the same energy to Facebook efforts as they do to other initiatives, online marketers will no doubt find that their 1% conversion rate is something they can control—and that it’s not Facebook’s fault their customers aren’t more engaged.
We’re all human. We all make mistakes. However, when your mistake involves social media, it’s not that easy to make amends. Take, for example, the case of the (now) infamous KitchenAid tweet about President Obama’s dead grandmother.
If you somehow missed it, it went a little something like this: During the first presidential debate between President Obama and Mitt Romney, Obama credited his tenacious grandmother who helped raise him and passed away three days before he was elected president.
Moments later, @KitchenAidUSA, the company’s official Twitter account, sent this:
“Obamas gma even knew it was going 2 b bad! She died 3 days b4 he became president.” The insensitive tweet not only went to the company’s 25,000 followers, but also included a hashtag to make it a part of NBC News’ social debate conversation. KitchenAid hastily deleted the tweet, but the damage was done. Even after the head of the KitchenAid brand, Cynthia Soledad, offered an apology, many still expressed outrage and announced boycotts of the brand.
Of course, KitchenAid isn’t the only company who has fallen victim to social media gone bad. There is a plethora of marketing campaigns to choose from that all ended with disastrous results. Here are a couple listed below along with the lessons we can learn from each of them.
During last football season’s Superbowl, Toyota launched a major Twitter campaign meant to promote the Camry. Creating a number of Twitter accounts labeled @CamryEffect1 through @CamryEffect9, Toyota intended to engage users by directly tweeting them. However, this had the opposite effect: users accused Toyota of bombarding and spamming them with unsolicited messages. To their credit, Toyota quickly suspended the accounts and issued an apology, but by then it was too late.
Lesson learned: Not only is mass-spamming your social media audience an awful campaign plan, but in order to truly engage your community, tweets should be interesting and engaging. In the case of the Camry, it came across as nothing more than self-serving spam.
Last year, Qantas faced huge backlash over a very poorly timed Twitter competition, inviting followers to win a pair of first class pajamas by tweeting their idea of a luxury experience. The promotion was arguably already in poor taste given the global economic downturn, but was also acutely insensitive given that at the time of the contest, the airline’s labor relations was at a standoff with the unions representing its pilots, engineers, baggage handlers and caterers. Qantas had grounded their entire domestic and international fleet, leaving thousands of passengers stranded. The competition turned into an opportunity for angry customers to share their gripes and jokes at the company’s expense.
Lesson Learned: Timing is everything.
Durex South Africa
Durex caused quite a controversy when they sent out this terrible tweet in South Africa: “Why did God give men penises? So they’d have at least one way to shut a woman up. #DurexJoke” The tweet certainly made an impression with tweeters, bloggers, and mainstream media picking up the story with the sole intent of trashing the brand. Durex later issued an apology of the offensive, misogynist tweet which was apparently sent out by their PR company.
Lesson Learned: Just because you have a hashtag joke does not mean anything goes, and sex does NOT always sell.
Now, for a couple examples of social media done right:
A couple years ago, Canlis, a restaurant in Seattle widely regarded as the best in the city, celebrated its 60th birthday, and to mark the occasion, it ran a Facebook and Twitter contest where the winners were able to dine at 1950’s prices. From a restaurant where the average entree can set you back over $60, that’s a pretty good deal. Brothers (and founders) Mark and Brian Canlis personally signed 50 restaurant menus from 1950 and hid them around the Greater Seattle area daily for the 50 days leading up the Canlis’ 60th birthday. The “scavenger hunt” started anew every day, as the restaurant posts a clue to the menu’s whereabouts, via their Twitter and Facebook accounts. The first person to unravel the clue and find the hidden menu won the dinner.
This was a genius social media marketing campaign and I love the creativity that went into it. The contest duration was long enough to give it lasting interest and participation, it encouraged repeat visitors to their social media sites, the prize was worth playing for, and there were MANY winners.
Proctor & Gamble
We all know the infamous ‘Old Spice’ viral video campaign by now (which earned itself over 43 million views on YouTube), but what you may not have heard of is the follow up to the video. Proctor and Gamble’s brand agency, Wieden + Kennedy, put Isaiah Mustafa on the Web and invited fans to use Twitter, Facebook and other social media outlets to pose questions that he quickly answered. The questions poured in–even celebrities asked a few–and Mustafa responded in more than 180 Web videos shot quickly over a few days. The real-time effort was the first of its kind, but it won’t be the last.
Lastly, let’s take a look at a social media campaign going on right now that you can take part in: QuestionPro, a provider of online survey software, is currently running a contest on their Facebook page, asking users to ‘burn their comment cards’. The idea behind the contest is that the era of paper feedback is dead, and that hospitality needs to move to a more digital solution, such as QR codes, digital feedback surveys, and iPad and tablet based research tools.
This campaign works for a few reasons — it’s funny without being offensive, it relates to their product strongly enough to send a message but without going overboard, and most importantly, it’s easy to enter. Yes, there are lots of examples of super-innovative contests that attract plenty of attention, but there are even more examples of innovative contests that flop because they are too complicated for the user.
Head over to the contest page to check it out.
Welcome to my blog, my name is Paul Dunay and I lead Red Hat's Financial Services Marketing team Globally, I am also a Certified Professional Coach, Author and Award-Winning B2B Marketing Expert. Any views expressed are my own.
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