Customer

Mohammad Anas Wahaj | 30 jun 2016

E-Commerce strategy once was a source of competitive advantage and differentiating factor in business. But now it is an essential strategy for businesses to connect and engage with their customers and, market and sell their products and services online. AJ Agrawal, Founder and CEO of Alumnify, suggests 4 affordable marketing strategies to boost e-commerce efforts and stand out from the competition - (1) Start Testing More On Facebook: Utilize split testing or A/B testing to evaluate advertising effectiveness and save cost. Continue the process until best results are achieved. One tactic you can implement in your testing is to prequalify leads. (2) Use The Right Influencers: Word of mouth generates twice the number of sales as paid advertising. Invest in reputation marketing and word of mouth marketing. Use the right and relevant influencers. (3) Invest In Your Email Marketing Campaign: 44% of customers click on promotional emails and then make a purchase. Build email list and invest in email marketing campaign. Finally get a group of brand ambassadors from the list and initiate word of mouth marketing through them. (4) Retargeting In The Right Style: Use retargeting to highlight and establish that unique selling point to convince them to buy and not go to competitors. Use data analytics to understand customer behavior. Segment your adds based on user interactions with site. Keep testing advertising effectiveness until best results are achieved. Continuous testing of marketing strategies and improving upon them will help in differentiating from competitors and attract customers. Read on...

Forbes: 4 Marketing Strategies To Take eCommerce To The Next Level
Author: AJ Agrawal

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Mohammad Anas Wahaj | 24 may 2016

Altimeter Group's April 2016 report, 'The Race Against Digital Darwinism: Six Stages of Digital Transformation', defines 'Digital Transformation' as, 'The realignment of, or new investment in technology, business models, and processes to drive new value for customers and employees to effectively compete in an ever-changing digital economy.' According to Brian Solis, an analyst at Altimeter, 'Many conversations around digital transformation are focused on the IT side, and technology does play a big role, but there's a human side of the story and it's driven by the customer experience.' He explains that most digital transformation happens without top leadership, and it actually develops from the middle of the organization, from change agents, who act as lawyers, cheerleaders, and politicians, as they have to gather evidence, rally everyone together, and convince people to work together. The report provides six stages for digital transformation - (1) Business As Usual: Digital is present but not prioritized; Leadership is change resistant; Roadmap focuses on technology, not customer experience; Customer strategies and processes are siloed; Teams are not collaborating. (2) Present and Active: Occurence of early adopters experimenting with new technologies; Teams operating independently; Focus on customer experience starts to develop; Change agents are present and engage with colleagues to share latest digital trends. (3) Formalized: More collaboration happens between change agents and early adopters; Decision making driven by data, analytics and insights starts; Conversations revolve around customer experience, digital vs traditional; Need for formal vision regarding digital transformation and executive sponsorship for it; Education and training for digital begins. (4) Strategic: Most parts of the organization are now aware of digital transformation efforts and mapped processes; They start to get streamlined; Change agents become prominent; Role of CDO (Chief Digital Officer) or CCO (Chief Customer Officer) emerges; Data and analytics become more important; More collaboration is visible; Digital investments become ROI focused. (5) Converged: Digital efforts converge and get streamlined; Customer experience efforts now influence all processes; Change agents become leaders; Top leadership gets actively involved in digital transformation; Governing body is established to oversee changes; More collaboration between IT and customer experience teams. (6) Innovative and Adaptive: Digital transformation and innovation become interwoven into the fabric of the organization; An omni-channel system develops and provides consolidated information on customer data and its effects; New teams and roles evolve that prioritize digital. Read on...

TechRepublic: Altimeter report outlines 6 stages necessary for digital transformation in business
Author: Conner Forrest

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Mohammad Anas Wahaj | 28 apr 2016

As web technologies continue to evolve along with user expectations, businesses have to keep pace with them for successful digital marketing and search engine optimization (SEO). User experience optimization (UXO) and user experience design (UXD) are at the core of online marketing and SEO strategies. UXO keeps customers hooked to the website and UXD is the process that is used to create the website with customers in mind. Optimal UXD utilizes best usability principles to provide best user interface by keeping customer interactions at the core of design. Dan Makoski, VP of Design for CapitalOne and most currently Chief Design Officer at Garage Partners, says, 'Experiences are personal moments felt by people, something that can't be owned by designers; however, we can design for it. The experience of the people we design for is what determines the success of the products, services and relationships that we create.' Don Dodds, Managing Partner and Chief Strategist at M16 Marketing, suggests a list of 38 tips for website design, content creation and online marketing strategies for better user experience. Here are some selections from the list - (1) Top of the page is critical for user attention. (2) Make sure content is visible and readable for everyone including colorblind users. (3) Provide symmetry in object placement. (4) Place objects in logical order for better user flow. (5) Keep site navigation panel consistent. (6) Design for ease of use and easy comprehension. (7) For better loading use content before images. (8) Keep pages as short as possible for ease of content utilization by user. (9) For long pages use sticky menu that moves with the scrolling. (10) Make sure your pages load quickly, preferably in couple of seconds. (11) Make it easy for users to undo an action or back out of a navigation option. (12) For mobile content, do not require a double-click to activate an element. (13) Pay attention to contrast when designing your mobile content. (14) Link anchor text should tell the user exactly where the link will take them. (15) Use fonts that are easy to read. (16) Most website visitors scan your content first before reading it. Use elements like bold text, headlines etc to attract attention to the content that is most meaningful to users. (17) Avoid pop-ups, banners and slideshows as much as possible. (18) Always be truthful regarding what you can offer. Avoid false advertising and misleading information. (19) Use icons that are simply designed and easy to understand. (20) Establish a brand image and include it everywhere you've established a presence online. Read on...

Huffington Post: 38 Design Tips for Creating an Amazing User Experience
Author: Don Dodds

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Mohammad Anas Wahaj | 27 apr 2016

Financial services industry has vast amount of consumer data and firms can utilize analytics to gather purposeful insights for better customer relationships and business success. Consumers are now more digitally connected than before. But according to Boston Consulting Group, despite the huge availability of data and better analytics tools, banks are far from realizing big data's full potential. Some of the reasons are - Competing priorities like regulatory changes that happened during financial crisis; IT complexity due to multilayered systems and siloed data; Lack of coordinated vision. Jim Marous, Co-Publisher of The Financial Brand and Publisher of the Digital Banking Report, suggests steps that traditional banking and financial institutions can take to take advantage of consumer data and analytics - (1) The Partnership Between Banking and Fintech: A win-win is created by combining data and technology skills of many of the entrepreneurial financial technology firms with the data from the larger legacy firms. (2) Removing Friction from the Customer Journey: Focus on providing better digital experience at each step of customer interaction by leveraging advance customer insights that go far beyond simple demographics to include channel preferences, lifestage insights and even geolocational information. (3) Making Data Actionable: Beth Merle, VP of Enterprise Solutions at Epsilon, says, 'Banks need to stop talking about gathering big data and starting using big data to make a difference for the consumer. We need to see the integration and synchronization of data sources, enabling real-time determination of relevant data points for analysis, communication, and decision making, the 'trifecta' of big data. (4) Introduction of Optichannel Delivery: Financial organizations have to go beyond multichannel and omnichannel strategy and provide 'optichannel' experience by delivering solutions using the best (optimum) channel based on the customer's need and preferred channel. In the future, the integration of processes from the consumer's perspective is foundational to the optichannel theme. According to Nicole Sturgill, Principal Executive Advisor for CEB TowerGroup, 'Rather than looking at channels independently, banking needs to develop and provide financial tools that are integrated in daily life.' (5) Exploring Advanced Technology: Jim Eckenrode, Executive Director of the Deloitte Center for Financial Services, says, 'By enabling the collection and exchange of information from objects, the IoT (Internet of Things) has the potential to be as broadly transformational to the financial services industry as the Internet itself.' In the process of leveraging customer data legacy firms face multiple challenges that they need to overcome to reap financial benefits and establish data and analytics expertise that would be hard to replicate by competitors. Some of these challenges include - Lack of talent; Lack of resources; Lack of urgency. Despite advanced data analysis being one of the top challenges mentioned in the recently released State of Financial Services Marketing, only the largest regional and national banks (over US$ 10 billion) ranked improving data and analytics capabilities in their top three priorities (47%), compared to community banks and credit unions (only 8%). Read on...

The Financial Brand: Data Analytics Critical to Success in Banking
Author: Jim Marous

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Mohammad Anas Wahaj | 20 mar 2016

According to the latest study 'The State of Consumer Healthcare: A Study of Patient Experience from Prophet and GE Healthcare Camden Group', that incorporates responses from 3000 consumers and 300 senior leaders (Vice President or higher) at healthcare provider systems that employ at least 20 physicians, patient experience is one of the main concern as 81% of consumers surveyed indicate that they are unsatisfied with their healthcare experience. Moreover, the study also points towards a large gap between consumer expectations and what providers believe regarding their service offerings. Jeff Gourdji of Prophet says, 'There is a misperception among providers about how well they are truly meeting consumer expectations.' CEO's surveyed in the study also said that patient satisfaction is not currently among their top five priorities. According to Helen Stewart of GE Healthcare, 'The common misperception is that focusing on the patient experience means spending less time on other cost and revenue initiatives...Investments to improve the patient experience can drive both growth and cost reduction.' Paul Schrimpf of Prophet says, 'Providers are struggling to adapt to the rising culture of 'consumerism', which has heightened people's expectations. The power has shifted to the consumer in nearly every industry, and now it's healthcare's turn.' Laura Jacobs, President of GE Healthcare Camden Group, explains, 'Creating better and more holistic experiences doesn't just mean happier patients. It translates to increased capacity, lower operating costs, improved financial performance, and higher employee satisfaction and retention. For healthcare providers, the key to profitability and longevity lies in their ability to deliver a superior consumer experience.' Read on...

BusinessWire: 81% of Consumers are Unsatisfied with their Healthcare Experience, According to a New Study by Prophet and GE Healthcare Camden Group
Author: Saige Smith, Katie Lamkin

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Mohammad Anas Wahaj | 10 mar 2016

According to the recent forecast available at IDC.com, the big data technology and services market will grow at 26.4% compound annual growth rate (CAGR) to US$41.5 billion through 2018, or about six times the growth rate of the overall information technology market. While on the other hand, McKinsey estimates 1.5 million more data managers will be required by 2018 in the US alone. The demand for talent with big data and analytics skills may far exceed the supply. A new field of study has emerged in educational institutions to fulfil anticipated talent shortage. Business schools are partnering with companies that are at the cutting edge of big data technologies to structure big data and analytics focused programs. Some are providing MOOCs to impart knowledge and train business professionals for the data-driven world. While others are leveraging the strengths of their computer science departments to bring technology know-how to the business classrooms. Massimo Beduschi, CEO of WPP in Italy, says, 'The big data wave is surging through every sector - and profound digital transformations are making it mandatory to leverage analytics.' MIT Sloan School of Management has launched master's in business analytics and the senior lecturer and associate dean at the school, Jake Cohen, says, 'Recruiters have said they are looking for training in advanced business analytics...people who can take insight to action.' Prof. Soumitra Dutta, dean of Cornell University's Johnson School of Management (US), says, 'Many schools have courses linked to digital technology, one way or another.' Cornell is partnering with Twitter and Linkedln for analytics in their MBA program. Prof. Dutta is concerned at slow pace of transformation towards blended technology and business management education. Radhika Chadwick, a partner at Ernst & Young, comments, 'I applaud that we have universities tackling this, but we need to do it at a higher speed.' Stanford Graduate School of Business have electives like digital competition, business intelligence from big data, and data-driven decision-making. Maeve Richard, director of Career Management Center at Stanford GSB (US), says, 'Most of the curriculum is about looking for opportunities to be transformative.' University of Pennsylvania's Wharton School (US) offers a program track and MOOCs on business analytics. According to Prof. Peter Fader, co-director of Wharton's Customer Analytics Initiative, 'Now we have all this data, how do we actually build strategies? How do we use the data and the models to run businesses better?' Prof. Juergen Branke of UK's Warwick Business School, that was one of the pioneers and had a program since 2008 developed in partnership with IBM and SAS, advocates for new education and skills to managing effectively in the digital economy. Prof. Jeffrey Camm, chair of business analytics at Wake Forest University (US), says, 'Managers need to understand analytics, how it converts data to valuable insights, and also understand issues such as data privacy, and the ethical use of data and analytical models.' Commenting on slow development and adoption of new curriculum, Prof. Jim Hamill, director of futurdigitalleaders.com and teaches digital leadership module at University of Edinburgh Business School (UK), says, 'Most senior deans and professors are not 'digital natives'. They are baby boomers.' According to Prof. G. Anandalingam, dean of Imperial College Business School (UK) that launched a Data Observatory in partnership with KPMG and offers a degree in business analytics, 'Big data is changing the way everyone operates...need to be able to make sense of all the valuable information.' Prof. Juan José Casado Quintero, director of masters in business analytics at IE School of Business (Spain), developed with IBM, says, 'Companies are struggling to fill their data science positions.' Prof. Gregory LaBlanc, faculty director at Haas School of Business at University of California at Berkeley (US), that works with Accenture, says, 'There is huge unmet demand for data science.' Industry-institution collaborations are a win-win for both, as they provide companies access to talent and to universities the expertise and knowledge of latest business practices and market technologies. Read on...

BusinessBecause: Future Of Big Data - These Business Analytics Degrees Are Bridging The Gaping Skills Gap
Author: Seb Murray

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Mohammad Anas Wahaj | 12 feb 2016

Corporations can find themselves in situations where their profit seeking goals can develop conflict with their ethical and sustainability related direction. According to Wikipedia, 'Corporate sustainability is a business approach that creates long-term consumer and employee value by creating a "green" strategy aimed toward the natural environment and taking into consideration every dimension of how a business operates in the social, cultural, and economic environment. It also formulates strategies to build a company that fosters longevity through transparency and proper employee development.' Most reputed organizations now have sustainability department that manages sustainability issues and integrates them with overall business objectives. Sustainability and marketing departments are trying to develop a converged approach to influencing customer behavior and persuading more responsible habits. But it can be a challenging task to align strategy and resources of both these departments. 73% of 1000 listeners of a webinar 'Influence customer behaviour through integrated marketing and sustainability' on website ethicalcorp.com believe that their organisation has not successfully integrated marketing and sustainability to influence customer behaviour. To do so they can utilize the following tips - (1) Start at the top: Senior managers should be made aware of all sustainable efforts in the organization to drive their support and channel effective internal and external communication through them. (2) Ensure internal integration: Continuous and consistent sharing of ideas between different departments help in integration. According to Rupert Maitland-Titterton of Kellogg Company, 'Our marketing and sustainability departments report to one and other and see each other every day. This ensures that ideas are shared and a feeling of inclusion rather than "us and them" is created.' (3) Understand your customer: Customers demand more sustainable and responsible behavior from companies. Both departments should focus on customer-centricity and develop collaborative approach to fulfil consumer expectations. (4) Keeping messaging consistent: Have long-term sustainable goals, communicate regularly and involve customers in achieving them. Dr. Kirstie McIntyre of HP says, 'Companies need to make it part of the value proposition.' David Brunt of AkzoNobel suggests seeking a 'win-win' situation. (5) Make sustainability the norm: Sustainability should be integrated seemlessly into every process and product so that the overall organization is marketed as a sustainable one. Read on...

Ethical Corporation: How marketing and sustainability can drive customer behaviour change - 5 top tips
Author: Liam Dowd

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Mohammad Anas Wahaj | 06 feb 2016

Reviews and recommendations related to products and companies are an important part of consumer buying decisions. Nowadays, technology has transformed word of mouth into word of clicks and taps, bringing consumers closer to other consumers and brands. Online communities around interests, products, and brands have mushroomed. Social media has further brought quality, quantity and speed into the recommendation and review process. According to a study by McKinsey, social media recommendations induced an average of 26% of purchases in 2014, that's up from 10% in 2013. Kishore Kumar, serial entrepreneur and CEO of AllThingsMine, explains how social media networks are assisting cosumers in their buying and purchasing decisions and what companies need to do to effectively utilize these channels for their product marketing and competitive strategies. According to him three aspects of social media influence consumers, and companies have to incorporate them to expand their product sales - (1) Social Referrals: Brands have to encourage and invest in social media referrals. Adweek infographic suggests that 71% of consumers are more likely to make a purchase based on social media referrals. Recommendations from friends and trusted sources are more valuable than product advertisements. (2) Access to Reviews: Consumers research before buying products and reviews are an important source. Companies should provide product reviews and give incentives to those consumers that leave a review. (3) Social Media Accessibility: Social media is freely available to anyone with an internet connection. Consumers can now purchase products directly from their social media feeds when people in their network recommend them. Companies need to effectively tap this potential and reach out to larger public through influencers. Read on...

Young Upstarts: How Social Networks Impact Buying Decisions And The Modern Consumer Society
Author: Kishore Kumar

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Mohammad Anas Wahaj | 27 jan 2016

Product returns are an important part of customer-retailer relationship dynamics. In 2014, customers returned US$ 280 million worth of products across all US retailers. The latest research by doctoral student Ryan Freling (University of Texas at Dallas), Prof. Narayan Janakiraman (University of Texas at Arlington) and doctoral candidate Holly Syrdal (University of Texas at Arlington), conducted the meta-analysis of existing studies on return policies to quantify the policies' effect on consumers' purchase and return behavior. The study challenges the underlying assumption that all return policies affect purchases and returns in a similar manner. The study suggests that this is not the case, as retailers tend to impose restrictions to dissuade returns or offer leniency to encourage purchases by manipulating five return policy elements: time, money, effort, scope and exchange. The study found that overall lenient return policies positively affect purchase and return decisions. According to Mr. Freling, 'In general, firms use return policies to increase purchases but don't want to increase returns, which are costly. But all return policies are not the same...Return policy leniency should depend on the retailer's objectives. If a retailer wants to stimulate purchases, offering more lenient monetary policies and low-effort policies may be effective.' Read on...

UT Dallas News Center: Researchers Examine Effect of Return Policies on Consumer Behavior
Author: Brittany Magelssen

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Mohammad Anas Wahaj | 30 dec 2015

The technology-enabled interactions of consumers and businesses have provided opportunities to capture data and utilize analytics to improve business processes and enhance products and services for customers in variety of industries. The analytics industry ecosystem is mushrooming with numerous vendors, from niche providers to one-stop solutions that include capture, storage, access and study of data for valuable insights. Suhale Kapoor, Co-founder of Absolutdata Analytics, captures various aspects of the analytics industry and its evolution in 2015 and explains what are the expected trends in the year ahead. Trends in 2015 - Growth of new startups and digital marketing tools; Increased use of analytics and Business Intelligence (BI); Rise in use of social media and social advertising on mobile; Rapid expansion of Internet of Things (IoT); Video content; Content marketing and predictive analytics; End-user experience and integration of online and offline content to improve service standards. Trends for 2016 - Shift towards cloud; Streaming architectures will hasten data computations; Visuals will come to rule; Data integration tools will assume more importance; Centre of Excellence (COE) will equip a business in understanding the peculiar needs and challenges for a data scientist; The Internet of Things (IoT) is all poised to bring about a data revolution; Non-analysts will start to dabble in data. Read on...

DATAQUEST: The Analytics Sector - Emerging trends and forecast for 2016
Author: Suhale Kapoor

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