For Marketer’s any change in customer behaviour is a “gold mine”. Marketing to customer’s whose behaviour is changing is far more rewarding than marketing to “static” customers! But sometimes there is "too much change" and in today's market that is exactly what is happening. Marketer's need ,what we at Cequity, call a Modelling factory approach-How to build models at speed!
Gallup chief economist Dennis Jacobe concurs that "a fundamental change is taking place" in the behavior of… Continue
Added by Chandan Pathak on October 16, 2009 at 7:18am —
The interesting thing in Retail is that eventually ,competitive advantage in location,merchandize assortments & price can be replicated by competition ,but Customer experience can be a unique diffrentiator. The difficult thing about this is that Retail brands have so many touch points with customers and how do you make each of these interactions “memorable”.
Many organizations,especially in growth markets & industries are already dangerously “out of synch” from their… Continue
Added by Chandan Pathak on October 16, 2009 at 7:11am —
Customers are using your services through multiple channels. Customer’s access their bank through either the branch or Internet banking or other channels such as ATMs and mobile banking. Multi channel behavior however needs to be intelligently decoded. Mc Kinsey research shows that Multichannel customers spend on average 20 to 30% more than single channel users. More than 80 percent of a broad cross-section of U.S. retailers now report that they sell merchandise through multiple channels.… Continue
Added by Chandan Pathak on October 16, 2009 at 7:02am —
"For those organizations that have formally adopted a process-centric approach to business, the process is often formally defined, measured, monitored, and continually optimized. This level of discipline is critical to deliver a process that is high performing, predictable, efficient, effective, and error-free. In order to become more customer-centric, businesses should add the customer experience end-to-end process to their portfolio of strategically important processes. The customer… Continue
Added by Chandan Pathak on October 16, 2009 at 6:45am —
The good news, for marketers, is that data mining really can make a difference to most bottom lines. The bad news is that, despite what data mining can do, it is so often used so poorly that it is virtually useless.
In many cases, the data is a big part of the problem. Even in the most reputable companies, data is often “dirty,”—out of date or otherwise irrelevant. Most commercially available data mining packages lack the flexibility and functionality that real world marketers need.… Continue
Added by Chandan Pathak on October 16, 2009 at 5:34am —
I recently read a blog post which said that ATMs would now be irrelevant! I could not disagree with it more!
For many of us, the ATM has become the true face of our bank. We hardly walk into our branch but we often use the ATM. Colin Henderson has this very interesting post which centers on the reality that with each transaction, a consumer is making a decision about their banking service.
“What has really happened is that the product experience has transferred from the… Continue
Added by Chandan Pathak on October 16, 2009 at 5:00am —
Companies collect so much data today and yet when you go looking for it you will often find barriers! So what’s wrong…If we were honest with ourselves, as professionals, we would admit what Rosabeth Moss Kanter suggested in 1979 in a famous Harvard Business Review article: that “Power is Americas last dirty word. It is easier to talk about money -- and much easier to talk about sex -- than it is to talk about power. People who have it deny it; people who want to it do not want to appear to… Continue
Added by Chandan Pathak on September 22, 2009 at 2:01pm —
Many businesses do not have direct interactions with their customers. Service industries like Retailers, Banks & Telecom companies have millions of customer interactions which give them the customer’s pulse! How do packaged consumer goods companies achieve the same customer intimacy?
Coke has done a fantastic job of creating a strong connection with its consumers.
Coke’s marketing team first asked themselves three questions:
1) How can we connect with consumers?
2) How… Continue
Added by Chandan Pathak on September 22, 2009 at 1:55pm —
Netflix has a computerized recommendation system which seeks to find the common threads in millions of people’s recommendations and throw up “what’s best for you”? A lot of Online commerce sites have this kind of recommendation engine at work and Amazon is another well known example.
Netflix had a unique challenge: they wanted to improve Cinematic, their “recommendation engine.” Cinematic is the bit of software embedded in the Netflix Web site that analyzes each customer’s… Continue
Added by Chandan Pathak on September 22, 2009 at 1:51pm —
Marketers believe that creating “personalized communication” is important to drive a relevant communication strategy. But often they do not have control over the personalization process. Often very shoddy and “very personal” communication gets sent out by local sales folk which does nothing to enhance the brand perception and even less to the effectiveness of the communication. In a bank, the billing process is possibly as “personal as it can get” but rarely would you find anything but mass… Continue
Added by Chandan Pathak on September 22, 2009 at 1:49pm —
Companies around the world are literally drowning in data. A typical airline or retailer, for example, is collecting data from many operational systems and storing terabytes, if not petabytes, of data. But how closely do CMO’s and CIO’s actually work or are they often at cross purposes! In India and I am sure in other furiously growing markets as well, IT is so busy building the basic infrastructure to manage the business that they often ignore the strategic priorities that Marketing is trying… Continue
Added by Chandan Pathak on September 22, 2009 at 1:46pm —
India has a huge mobile revolution and for so many years the game has been only about “acquisition”. We now have quite a few new entrants. Do Co Mo has just launched with its 1 sec pulse strategy which will probably further drive down industry revenues by 10-15 % if others also adopt it. And to top it all one may even see “Number portability” in the near future in the Indian Telecom business.
So the need to “protect revenue” is probably more real than ever before in this… Continue
Added by Chandan Pathak on September 17, 2009 at 6:54am —
Frank Capek has this very interesting take on something that we end up doing everyday - WAITING! In fact today “waiting” has become multi-channel-you wait in physical queues and you also wait on the IVR for the call centre agent.
Here is what Frank says: It’s hard to overestimate the impact of waiting on your customers’ experience. Across the research we’ve conducted, some of the most dramatic customer defections occur because of bad waiting experiences.
You can help… Continue
Added by Chandan Pathak on September 17, 2009 at 6:52am —
Participatory marketing-fascinating idea!
It does sound completely new for “growth markets” such as Asia where the marketing focus is still predominately on acquisition and “push based marketing”. When you are getting hounded by spam mails, sms & getting called by pesky telemarketers at odd times, it does seem like a breath of fresh air to seek participation from the consumer! I could choose to not get hounded by any of the push marketing stuff!
Ron Shevlin’s wrote a… Continue
Added by Chandan Pathak on September 17, 2009 at 6:49am —
“Banks will let you overspend on your debit card in a way that is much, much more expensive than almost any credit card,” said Eric Halperin, director of the Washington office of the Center for Responsible Lending. Debit has essentially changed into a stealth form of credit, according to critics like him.
The problem is that banks charge you an overdraft fee when you spend more than what is in your account, instead of denying the purchase. Three-quarters of the largest American banks… Continue
Added by Chandan Pathak on September 17, 2009 at 6:40am —
CEOs often talk about the need to use data while taking key decisions. But Marketers still seem to operate more from the gut. Why is that?
Thomas Wailgum in News captures the reasons why the gut still reigns supreme. Here is what he says: “So why is the gut still so in vogue? Of those respondents who said their companies still make decisions based on judgment rather than business analytics, 61 percent said it was because good data was not available, and just over half (55 percent)… Continue
Added by Chandan Pathak on September 17, 2009 at 6:30am —