Paul Greenberg - Welcome to the Era of Customer EngagementBrent Leary
1) The era of the social customer is ending and the era of customer engagement is beginning, driven by the rise of social media which has created a new "nervous system" for the planet.
2) The social customer is savvy in social channels, trusts peer recommendations more than companies, expects immediate responses from companies, and uses social networks to effect change.
3) Customer intimacy is the top priority for CEOs who want to strengthen bonds with customers and continuously learn more about them. Customer engagement is an ongoing, active relationship where the level of engagement can vary depending on the customer's self-selection of channels and involvement.
The right technology helps SMBs maximize resources while minimizing costs.
This must-read publication features independent research from Gartner, providing a wealth of information around best in breed Unified Communication systems. 12 Unified Communications vendor ratings, along with their strengths and cautions, are provided.
Includes:
SMBs need easy-to-implement, full-featured solutions
Evaluating total cost of ownership (TCO)
From the Gartner Files- MarketScope for Unified Communications for the SMB Market, North America
The customer experience & UC case studies
This document discusses Boston Scientific's adoption of Model N's pricing, contracting, and sales analytics applications to improve its pricing and sales execution capabilities. It notes that Boston Scientific recognized in 2002 that customers were aggregating pricing data across geographies and becoming more sophisticated. This caused Boston Scientific to question if it was optimally managing pricing and revenue. The implementation of Model N's solution provided improved deal analytics, reduced IT costs, better forecasting, and enhanced pricing visibility and control.
This document discusses customer relationship management and consulting. It introduces a consulting firm called Solution INBOX that specializes in customer marketing analysis, relationship management, and developing customer relationship tools. The document outlines Solution INBOX's services, including data management, customer behavior analysis, relationship marketing, and consulting. It emphasizes developing an in-depth understanding of customers to better influence their relationships with companies.
Adrian Gonzalez, ARC Advisory Group & Kate Vitasek, Tennessee’s Center for Ex...eyefortransport
This document discusses maximizing the value of relationships between third-party logistics providers (3PLs) and their customers. It notes that most 3PL-customer relationships are not structured strategically, but focuses on relationships where more progress is possible. Critical factors for strategic relationships include the CEOs championing change, trust between parties, shared visions with a customer focus, contracts encouraging flexibility, and a focus on insights over oversight. The document recommends these relationships move "up the value curve" through continuous improvement efforts.
Capgemini Social Media Management PresentationAttensity
1) The document discusses social media engagement strategies for customer service and marketing. It outlines the importance of transparency and trust in building social media engagement.
2) Various social media engagement tactics are presented, including responding to customer issues, developing advocates, and measuring key metrics like sentiment.
3) The challenges of managing large amounts of social media data and identifying priority customer issues are discussed. A process for filtering noise and classifying conversations is proposed.
Some Considerations on Contracts ERP Buyer-Seller perspectiveCONFENIS 2012
This document summarizes a research study on ERP contracts between buyer and seller companies. The researchers developed a principal-agent model to diagnose contract decisions and incentivize cooperation. They conducted a survey of 28 IT managers in Brazil to identify key relational factors in contracts, including trust, commitment, communication, and payoff division. The principal-agent model frames the relationship between the ERP buyer company as the principal and the ERP provider company as the agent. The model aims to help companies design ERP contracts that promote cooperation through effective incentives and regulation of these relational factors.
pManifold Introduction to Consulting PracticepManifold
pManifold is an information and advisory services company that catalyzes emerging business models through research, consulting, and stakeholder engagement. It helps clients meet their strategic needs within time and budget constraints by providing deliverables such as strategic plans, due diligence reports, and organizational redesigns. pManifold takes a systematic approach to discover clients' strengths and market needs, define strategic opportunities, and drive change implementation.
Paul Greenberg - Welcome to the Era of Customer EngagementBrent Leary
1) The era of the social customer is ending and the era of customer engagement is beginning, driven by the rise of social media which has created a new "nervous system" for the planet.
2) The social customer is savvy in social channels, trusts peer recommendations more than companies, expects immediate responses from companies, and uses social networks to effect change.
3) Customer intimacy is the top priority for CEOs who want to strengthen bonds with customers and continuously learn more about them. Customer engagement is an ongoing, active relationship where the level of engagement can vary depending on the customer's self-selection of channels and involvement.
The right technology helps SMBs maximize resources while minimizing costs.
This must-read publication features independent research from Gartner, providing a wealth of information around best in breed Unified Communication systems. 12 Unified Communications vendor ratings, along with their strengths and cautions, are provided.
Includes:
SMBs need easy-to-implement, full-featured solutions
Evaluating total cost of ownership (TCO)
From the Gartner Files- MarketScope for Unified Communications for the SMB Market, North America
The customer experience & UC case studies
This document discusses Boston Scientific's adoption of Model N's pricing, contracting, and sales analytics applications to improve its pricing and sales execution capabilities. It notes that Boston Scientific recognized in 2002 that customers were aggregating pricing data across geographies and becoming more sophisticated. This caused Boston Scientific to question if it was optimally managing pricing and revenue. The implementation of Model N's solution provided improved deal analytics, reduced IT costs, better forecasting, and enhanced pricing visibility and control.
This document discusses customer relationship management and consulting. It introduces a consulting firm called Solution INBOX that specializes in customer marketing analysis, relationship management, and developing customer relationship tools. The document outlines Solution INBOX's services, including data management, customer behavior analysis, relationship marketing, and consulting. It emphasizes developing an in-depth understanding of customers to better influence their relationships with companies.
Adrian Gonzalez, ARC Advisory Group & Kate Vitasek, Tennessee’s Center for Ex...eyefortransport
This document discusses maximizing the value of relationships between third-party logistics providers (3PLs) and their customers. It notes that most 3PL-customer relationships are not structured strategically, but focuses on relationships where more progress is possible. Critical factors for strategic relationships include the CEOs championing change, trust between parties, shared visions with a customer focus, contracts encouraging flexibility, and a focus on insights over oversight. The document recommends these relationships move "up the value curve" through continuous improvement efforts.
Capgemini Social Media Management PresentationAttensity
1) The document discusses social media engagement strategies for customer service and marketing. It outlines the importance of transparency and trust in building social media engagement.
2) Various social media engagement tactics are presented, including responding to customer issues, developing advocates, and measuring key metrics like sentiment.
3) The challenges of managing large amounts of social media data and identifying priority customer issues are discussed. A process for filtering noise and classifying conversations is proposed.
Some Considerations on Contracts ERP Buyer-Seller perspectiveCONFENIS 2012
This document summarizes a research study on ERP contracts between buyer and seller companies. The researchers developed a principal-agent model to diagnose contract decisions and incentivize cooperation. They conducted a survey of 28 IT managers in Brazil to identify key relational factors in contracts, including trust, commitment, communication, and payoff division. The principal-agent model frames the relationship between the ERP buyer company as the principal and the ERP provider company as the agent. The model aims to help companies design ERP contracts that promote cooperation through effective incentives and regulation of these relational factors.
pManifold Introduction to Consulting PracticepManifold
pManifold is an information and advisory services company that catalyzes emerging business models through research, consulting, and stakeholder engagement. It helps clients meet their strategic needs within time and budget constraints by providing deliverables such as strategic plans, due diligence reports, and organizational redesigns. pManifold takes a systematic approach to discover clients' strengths and market needs, define strategic opportunities, and drive change implementation.
pManifold Introduction to Research PracticepManifold
This document introduces pManifold, an information and advisory services company that catalyzes emerging business models through research, consulting, and stakeholder engagement. It provides an overview of pManifold's team and advisory board, research offerings and methodology, engagement models, examples of consumer research projects, custom research teams, syndicated reports, and client list. The document emphasizes pManifold's commitment to partnering with clients, taking a systems-level perspective, being methodical and fact-based, maintaining ethical transparency, and balanced delivery while leveraging technology.
Defense contractors who are able to adjust their marketing and sales to what matters most to their prospects can shorten their sales cycle, increase sales and repeat purchases, and attain greater profitability by becoming a preferred vendor.
This document discusses determining the value of social business ROI and debunking myths about calculating ROI for social business initiatives. It provides 3 key points:
1. When calculating social business ROI, both financial gains like increased revenue and cost savings must be considered along with non-financial metrics. ROI looks at the relationship between monetary gains and costs over time.
2. Common myths about social business ROI include thinking a single metric is ROI and that net present value should not be included in calculations. ROI analysis requires understanding cash flows and discounts for the time value of money.
3. Potential gains from social business can include increased sales, improved customer insights, brand protection, lower lead costs, and contact center efficiencies
Red Door Interactive worked with Cricket Wireless and Mediaplex to develop advanced attribution modeling to analyze marketing campaign effectiveness. They created custom reports to identify which networks were most influential in driving conversions. This showed that networks considered less effective based on last-click attribution were actually important influencers. It helped optimize spending to include higher-profile networks not usually associated with direct conversions. The attribution analysis demonstrated a video campaign's influence was 18 times better than average and increased devices sold by 200%, changing Cricket's view of less direct channels.
Quantifying Initiative Value & Prioritizing New Concepts SeminarRobert Brown
Our Advanced Decision Framework reveals why decision-making in business is so difficult and what you can do about it. It focuses on the aspects of human behavior and typical business analysis approaches that render decision-making prone to errors in judgment, unnecessary rework, cost, and lost opportunity. The Advanced Decision Framework provides a guided process by which leaders work collaboratively to overcome those barriers to success.
The document summarizes a presentation about developing world-class customer experiences. It discusses the importance of customer experience for business results and provides an overview of how organizations can achieve excellence through building customer-centricity, aligning the organization, enabling agility, developing key proficiencies, prioritizing targets, and focusing on consistent execution and performance management.
The document discusses challenges in social media marketing analytics and metrics. It presents a four step process for social performance management: 1) Align social goals to business objectives, 2) Establish key performance metrics and targets, 3) Track and measure performance, and 4) Analyze data to optimize strategies. The workshop sections provide examples of connecting business objectives to social goals and metrics. Overall the document advocates for standardizing measurement across channels to efficiently track performance and optimize social investments.
This document summarizes key points from a presentation on applied analytics. It discusses how analytics can provide business insights, predictive analysis, and more accurate decision-making. It then presents several case studies, including using analytics to score prospects, manage agents, improve pricing with loss-based models, develop retention strategies, and detect fraud. It concludes with guidelines for implementing analytics, emphasizing having an executive roadmap, using comprehensive data, and engaging talented staff.
This document discusses using social media in marketing strategies. It recommends a 5-step THoM approach: 1) Awakening - clarify objectives through internal interviews; 2) Planning - integrate social media into marketing plans to inform and engage customers; 3) Committing - define processes, roles, and resources; 4) Implementing - create action plans and set up social media accounts; 5) Improving - measure success and make recommendations. Relevance, consistency, and impact are key to creating customer value through social media.
How are technology leaders helping their organizations adapt to the
accelerating change and complexity that mark today’s competitive
and economic landscape? To find out, we spoke in person with 622
Midmarket CIOs, spanning growth and mature markets. These in-person
conversations, along with our statistical analyses of responses, underscore
the evermore vital role of the CIO.
Defining effective governance structures and nurturing collaborationParag Deodhar
The document discusses effective governance structures for outsourcing relationships. It emphasizes that oversight should be replaced with insight through collaboration between partners. Key aspects of governance include:
1) Choosing the right partner and establishing clear roles, responsibilities and processes upfront.
2) Implementing collaborative governance through consensus-based decision making and building trust between stakeholders.
3) Managing the relationship day-to-day through open communication to address challenges as they arise and ensure both parties' needs are met.
The document summarizes findings from a study of over 3,000 CIOs across 71 countries and 18 industries. It identifies four distinct "CIO Mandates" that CIOs operate under based on their organization's business needs and goals. The mandates are Expand, Leverage, Transform, and Pioneer. The summary describes the typical responsibilities and focus areas for CIOs working under each mandate. It also provides examples of initiatives and priorities for CIOs depending on their assigned mandate.
9 revenue related reasons to try content marketingCameron Kahler
Content marketing generates more leads and sales than paid search at a lower cost. It allows organizations to reach customers before they are ready to buy by speaking to them through helpful, relevant content across the buying process. Customers prefer learning about companies through articles and videos rather than ads, and are more likely to purchase from companies that provide useful content that helps solve problems and establish needs. Content marketing also improves other marketing efforts like SEO, builds brand authority, and increases conversions.
This document introduces social customer engagement and provides examples. It discusses how social media allows companies to listen to customers, engage with them, and collaborate. The presentation provides background on how customer intimacy is now a top priority for companies and how social customer relationship management combines social networks with traditional CRM. Examples are given of social CRM tools that help identify joint connections and merge social identities. Opportunities in social media are outlined around listening, engaging, building community, marketing, and learning.
Clorox decided to pursue open innovation in 2000 to lead in innovation as competitors grew larger. This required changing its culture from internally-focused to open to external ideas. Key changes included overhauling innovation processes and systems to source ideas externally and form strategic supplier partnerships. As a case study, Clorox's disinfecting wipes were developed through open innovation by partnering with a supplier to obtain nonwoven technology enabling a package that encouraged consumer reuse. Open innovation impacted Clorox's product development across technical, consumer and business considerations and required new collaboration skills and ways of working.
This document lists the lunch menu options for three consecutive school days, October 26th through 28th, with hot dogs, ham and cheese sandwiches, pizza, cheese sticks, BBQ chicken sandwiches, and peanut butter and jelly sandwiches among the recurring daily options.
The document lists the daily lunch menus from October 28, 2009 to November 25, 2009 for an elementary school. It shows the meals served each day and the next day's planned menu, which typically included 3 lunch options with PBJ sandwich often listed as one of the choices. The menus covered a variety of hot meal and sandwich options along with occasional pizza or chicken nuggets.
This slideshow introduces the creator and their best friends ranked 1 through 10. It expresses a love for themselves and lists their number one enemy as Kristen Stewart for "stealing" Rob. The slideshow concludes by saying goodbye.
E Learning Catalog - Servers, VS 2005, etcprasad_lk
This document outlines various technology courses for IT professionals, organized by technology category and course type. It provides details on 14 different course collections related to Microsoft Office systems and technologies from 2007 and Exchange Server 2003. The courses cover topics such as implementing enterprise search, deploying Office clients, introducing communications server, deploying Windows Vista images, and implementing Exchange Server messaging environments.
Stanley Ann Dunham Soetoro, Barack Obama's mother, was an unconventional and free-spirited woman who had a profound influence on him. She moved frequently as a child, married two men from other countries, earned a PhD and worked advocating for women's rights. She raised Obama with high expectations, exposing him to black culture and pushing him academically. Friends describe her as a big thinker who was not ambitious for herself but cared deeply about social justice and challenging norms. Though they spent much time apart, Obama has said he would not have achieved what he has without her influence of confidence, independence and bridging boundaries. She died of cancer in 1995 while Obama was starting his political career.
pManifold Introduction to Research PracticepManifold
This document introduces pManifold, an information and advisory services company that catalyzes emerging business models through research, consulting, and stakeholder engagement. It provides an overview of pManifold's team and advisory board, research offerings and methodology, engagement models, examples of consumer research projects, custom research teams, syndicated reports, and client list. The document emphasizes pManifold's commitment to partnering with clients, taking a systems-level perspective, being methodical and fact-based, maintaining ethical transparency, and balanced delivery while leveraging technology.
Defense contractors who are able to adjust their marketing and sales to what matters most to their prospects can shorten their sales cycle, increase sales and repeat purchases, and attain greater profitability by becoming a preferred vendor.
This document discusses determining the value of social business ROI and debunking myths about calculating ROI for social business initiatives. It provides 3 key points:
1. When calculating social business ROI, both financial gains like increased revenue and cost savings must be considered along with non-financial metrics. ROI looks at the relationship between monetary gains and costs over time.
2. Common myths about social business ROI include thinking a single metric is ROI and that net present value should not be included in calculations. ROI analysis requires understanding cash flows and discounts for the time value of money.
3. Potential gains from social business can include increased sales, improved customer insights, brand protection, lower lead costs, and contact center efficiencies
Red Door Interactive worked with Cricket Wireless and Mediaplex to develop advanced attribution modeling to analyze marketing campaign effectiveness. They created custom reports to identify which networks were most influential in driving conversions. This showed that networks considered less effective based on last-click attribution were actually important influencers. It helped optimize spending to include higher-profile networks not usually associated with direct conversions. The attribution analysis demonstrated a video campaign's influence was 18 times better than average and increased devices sold by 200%, changing Cricket's view of less direct channels.
Quantifying Initiative Value & Prioritizing New Concepts SeminarRobert Brown
Our Advanced Decision Framework reveals why decision-making in business is so difficult and what you can do about it. It focuses on the aspects of human behavior and typical business analysis approaches that render decision-making prone to errors in judgment, unnecessary rework, cost, and lost opportunity. The Advanced Decision Framework provides a guided process by which leaders work collaboratively to overcome those barriers to success.
The document summarizes a presentation about developing world-class customer experiences. It discusses the importance of customer experience for business results and provides an overview of how organizations can achieve excellence through building customer-centricity, aligning the organization, enabling agility, developing key proficiencies, prioritizing targets, and focusing on consistent execution and performance management.
The document discusses challenges in social media marketing analytics and metrics. It presents a four step process for social performance management: 1) Align social goals to business objectives, 2) Establish key performance metrics and targets, 3) Track and measure performance, and 4) Analyze data to optimize strategies. The workshop sections provide examples of connecting business objectives to social goals and metrics. Overall the document advocates for standardizing measurement across channels to efficiently track performance and optimize social investments.
This document summarizes key points from a presentation on applied analytics. It discusses how analytics can provide business insights, predictive analysis, and more accurate decision-making. It then presents several case studies, including using analytics to score prospects, manage agents, improve pricing with loss-based models, develop retention strategies, and detect fraud. It concludes with guidelines for implementing analytics, emphasizing having an executive roadmap, using comprehensive data, and engaging talented staff.
This document discusses using social media in marketing strategies. It recommends a 5-step THoM approach: 1) Awakening - clarify objectives through internal interviews; 2) Planning - integrate social media into marketing plans to inform and engage customers; 3) Committing - define processes, roles, and resources; 4) Implementing - create action plans and set up social media accounts; 5) Improving - measure success and make recommendations. Relevance, consistency, and impact are key to creating customer value through social media.
How are technology leaders helping their organizations adapt to the
accelerating change and complexity that mark today’s competitive
and economic landscape? To find out, we spoke in person with 622
Midmarket CIOs, spanning growth and mature markets. These in-person
conversations, along with our statistical analyses of responses, underscore
the evermore vital role of the CIO.
Defining effective governance structures and nurturing collaborationParag Deodhar
The document discusses effective governance structures for outsourcing relationships. It emphasizes that oversight should be replaced with insight through collaboration between partners. Key aspects of governance include:
1) Choosing the right partner and establishing clear roles, responsibilities and processes upfront.
2) Implementing collaborative governance through consensus-based decision making and building trust between stakeholders.
3) Managing the relationship day-to-day through open communication to address challenges as they arise and ensure both parties' needs are met.
The document summarizes findings from a study of over 3,000 CIOs across 71 countries and 18 industries. It identifies four distinct "CIO Mandates" that CIOs operate under based on their organization's business needs and goals. The mandates are Expand, Leverage, Transform, and Pioneer. The summary describes the typical responsibilities and focus areas for CIOs working under each mandate. It also provides examples of initiatives and priorities for CIOs depending on their assigned mandate.
9 revenue related reasons to try content marketingCameron Kahler
Content marketing generates more leads and sales than paid search at a lower cost. It allows organizations to reach customers before they are ready to buy by speaking to them through helpful, relevant content across the buying process. Customers prefer learning about companies through articles and videos rather than ads, and are more likely to purchase from companies that provide useful content that helps solve problems and establish needs. Content marketing also improves other marketing efforts like SEO, builds brand authority, and increases conversions.
This document introduces social customer engagement and provides examples. It discusses how social media allows companies to listen to customers, engage with them, and collaborate. The presentation provides background on how customer intimacy is now a top priority for companies and how social customer relationship management combines social networks with traditional CRM. Examples are given of social CRM tools that help identify joint connections and merge social identities. Opportunities in social media are outlined around listening, engaging, building community, marketing, and learning.
Clorox decided to pursue open innovation in 2000 to lead in innovation as competitors grew larger. This required changing its culture from internally-focused to open to external ideas. Key changes included overhauling innovation processes and systems to source ideas externally and form strategic supplier partnerships. As a case study, Clorox's disinfecting wipes were developed through open innovation by partnering with a supplier to obtain nonwoven technology enabling a package that encouraged consumer reuse. Open innovation impacted Clorox's product development across technical, consumer and business considerations and required new collaboration skills and ways of working.
This document lists the lunch menu options for three consecutive school days, October 26th through 28th, with hot dogs, ham and cheese sandwiches, pizza, cheese sticks, BBQ chicken sandwiches, and peanut butter and jelly sandwiches among the recurring daily options.
The document lists the daily lunch menus from October 28, 2009 to November 25, 2009 for an elementary school. It shows the meals served each day and the next day's planned menu, which typically included 3 lunch options with PBJ sandwich often listed as one of the choices. The menus covered a variety of hot meal and sandwich options along with occasional pizza or chicken nuggets.
This slideshow introduces the creator and their best friends ranked 1 through 10. It expresses a love for themselves and lists their number one enemy as Kristen Stewart for "stealing" Rob. The slideshow concludes by saying goodbye.
E Learning Catalog - Servers, VS 2005, etcprasad_lk
This document outlines various technology courses for IT professionals, organized by technology category and course type. It provides details on 14 different course collections related to Microsoft Office systems and technologies from 2007 and Exchange Server 2003. The courses cover topics such as implementing enterprise search, deploying Office clients, introducing communications server, deploying Windows Vista images, and implementing Exchange Server messaging environments.
Stanley Ann Dunham Soetoro, Barack Obama's mother, was an unconventional and free-spirited woman who had a profound influence on him. She moved frequently as a child, married two men from other countries, earned a PhD and worked advocating for women's rights. She raised Obama with high expectations, exposing him to black culture and pushing him academically. Friends describe her as a big thinker who was not ambitious for herself but cared deeply about social justice and challenging norms. Though they spent much time apart, Obama has said he would not have achieved what he has without her influence of confidence, independence and bridging boundaries. She died of cancer in 1995 while Obama was starting his political career.
Join the Dots is a consumer insight agency established in 1998 with around 50 staff members across offices in North and South [England]. They help clients understand customers, navigate change, and capitalize on opportunities through primary consumer research, market knowledge, and providing the "bigger picture." Join the Dots aims to contextualize client questions and bring together primary and secondary sources to deliver broader consumer perspectives. They design research projects clients can trust and provide compelling, impactful communication of findings to influence business decisions.
Case study gamification approach to analytics deploymentAditya Madiraju
The document describes a case study of introducing and promoting analytics services at a global marketing operations hub through gamification. It faced challenges of being seen as just an operations team and lack of funding. A diagnosis found high client focus led to individualism over process. An action plan used gamification to improve processes, train staff, and promote analytics. Gamification helped socialize changes by altering behaviors and understanding reactions through games and platforms like social media. It identified behavioral factors and created a unified customer experience program around commitment and involvement principles.
The document discusses common issues that organizations face with business intelligence (BI) solutions and performance management systems. It notes that less than half of organizations believe their BI systems provide useful insights. Common problems include poor data quality, inconsistent access to data, and failure to align BI with strategic objectives. The document provides examples of organizations that overcame these challenges by focusing on key priorities, simplifying processes and data models, and improving governance, collaboration and trust in their BI solutions. It advocates for flexible, anticipative and collaborative BI that supports decision-making across the organization.
1) Business intelligence solutions are often perceived as failing to deliver useful insights or consistent, high-quality data by executives. Many organizations have made little progress towards effective use of BI.
2) The document discusses how modern BI solutions should prove their value through increased flexibility, trust, collaboration and alignment with business needs rather than just supporting standard reporting.
3) Common issues organizations face with BI include siloed data and requirements, inflexible architectures, unclear priorities and delivery, outputs that don't meet quality needs, and lack of user and data understanding which leads to workarounds and loss of credibility.
How to become an Analytics-driven organization - and why bother? - IBM Smarte...IBM Sverige
Presentation från IBM Smarter Business 2011. Spår: IBM Cognos Performance.
Information is the oil of the future. It will be the resource running our economy in ways not possible in the past. In this era of extreme information organizations need to understand how to find the information that really matters and how to draw intelligence from it. They need to become Analytics-driven.
Talare: Juha Teljo, Business Analytics Executive.
Mer information på www.smarterbusiness.se
An asset management firm is able to increase its marketing offer acceptance rate by 300%, an insurance company is able to identify fraudulent claims 30 days faster than before, a manufacturer is able to anticipate equipment maintenance issues, a bank is able to identify 50% of fraud cases within the first hour, and a communications company is able to increase customer satisfaction as measured by net promoter score by 53%.
The document discusses the business value of predictive analytics based on research from IBM and IDC. Some key points:
1) Predictive analytics can significantly increase business metrics like marketing offer acceptance rates by 300% and identify fraudulent claims 30 days faster.
2) The ROI of predictive analytics projects is around 250%, significantly higher than non-predictive projects. Predictive analytics provide sustained benefits over time.
3) Case studies show how predictive analytics helped an asset manager increase revenues, an insurer reduce costs and fraud, and a communications company improve customer satisfaction.
How structural collaboration leads to value propositions in the financial sectorTom De Ruyck
Structural collaboration involves integrating customer input and feedback into every phase of a company's decision-making process on an ongoing basis. This allows customers to provide insights, help develop new ideas and concepts, and ensure proper implementation by verifying company interpretations are correct. Only 3% of companies currently develop new products and services through this level of customer involvement. The key benefits are creating better products and service, increased agility to adapt quickly, adding "consumer feeling" to strategic decisions, and improving marketing and public relations. Successful structural collaboration requires establishing the right objectives, processes, and cultural mindset.
Accenture: Commercial analytics insights CPG Companies 27-7-12 Brian Crotty
A fully integrated analytics operating model can help consumer packaged goods (CPG) companies focus commercial analytics resources on high-value processes to grow market share and sustain profit margins.
Market and economic uncertainty is making it difficult for CPG companies to achieve sustainable growth. Value-driven consumers are more demanding than ever before, and retailers are increasingly pushing private labels and looking for ways to control the consumer relationship. Additionally, “big data” has left many marketing and sales organizations with an information overload, yielding little insight into how to win consumer loyalty. This uncertain environment requires CPG companies to make faster, better-informed commercial decisions and take concrete action to improve market performance.
In this point of view, Accenture outlines an approach that can help CPG companies improve their commercial analytics capability to generate significant value.
June 27, 2012
Outsourcing Research and analytics processes can help gain actionable insight...WNS Global Services
Winning companies know that the right research and analytics enable them to gather, synthesize and extract data-based insights about their customers and their rivals, with the resulting insights provide them with monumental, actionable competitive advantage. In the article, the author, breaks the myth that analytics is only for the marketing function. The fact is that every corporate function in just about every industry benefits from the insights research and analytics yields. The author lucidly explains, through examples, how almost every corporate function can benefit from applying research and analytics – from HR to R&A to Sales and even Finance & Risk Management.
Read more such articles at http://www.wns.com/Insights/Articles/tabid/81/Default.aspx
How structural collaboration leads to value propositions in the financial sectorInSites Consulting
In the (post-)crisis era, challenging the status quo through innovation will be critical to restore profitability in the financial sector. The commoditisation of products within the industry is making it very difficult to compete on price. Moreover, a whole array of non-banking entities is entering the market to close the gap between the offerings of banks and the needs of customers. Suddenly, banks face competition from telcos, supermarkets, tech firms and innovative start-ups, all experienced in building online relationships and developing and marketing transparent products.
In this paper we explain how financial institutions can install structural collaboration trajectories with key stakeholders (consumers, employees, management) in order to develop true value propositions consumers are willing to pay for.
In Brian's new book, he outlines therising threat of Digital Darwinism, thephenomenon that affects organizationswhen technology and society evolvefaster than the ability to adapt. It's morethan social media. It's the confluenceof disruptive technology and theevolution of consumer behavior. Briandepicts how leadership can surviveDigital Darwinism by understandingcustomer and employee behavior,their expectations, and how it differsfrom traditional consumers of the past.He reviews disruptive technology,innovative business models, and newopportunities. He also demonstratesbest practices and methodologies toalign the organization with a commonand meaningful vision and strategy, andshared objectives.
This document discusses achieving real-time relevance in digital marketing. It explains that relevance means understanding customer behavior across channels to take action in real-time. There are four key steps: 1) measure behavior across all channels, 2) analyze the data to understand customer behavior, 3) segment customers based on shared behaviors, and 4) test and target content to different segments. Real-time relevance requires continuously optimizing marketing based on data insights to improve engagement and conversions.
This document discusses achieving real-time relevance in digital marketing. It explains that relevance means understanding customer behavior across channels to take action in real-time. There are four key steps: 1) measure behavior across all channels, 2) analyze the data to understand customer behavior, 3) segment customers based on shared behaviors, and 4) test and target content to segments. Real-time relevance requires continuous optimization based on data to improve the customer experience.
This document discusses achieving real-time relevance in digital marketing. It explains that relevance means understanding customer behavior across channels to take action in real-time. There are four key steps: 1) measure behavior across all channels, 2) analyze the data to understand customer behavior, 3) segment customers based on shared behaviors, and 4) test and target content to different segments. Real-time relevance requires continuously optimizing marketing based on data insights to improve engagement and conversions.
This document discusses achieving real-time relevance in digital marketing. It explains that relevance means understanding customer behavior across channels to take action in real-time. There are four key steps: 1) measure behavior across all channels, 2) analyze the data to understand customer behavior, 3) segment customers based on shared behaviors, and 4) test and target content to different segments. Real-time relevance requires continuously optimizing marketing based on data insights to improve engagement and conversions.
This document discusses achieving real-time relevance in digital marketing. It explains that relevance means understanding customer behavior across channels to take action in real-time. There are four key steps: 1) measure behavior across all channels, 2) analyze the data to understand customer behavior, 3) segment customers based on shared behaviors, and 4) test and target content to different segments. Real-time relevance requires continuously optimizing marketing based on data insights to improve engagement and conversions.
This document discusses achieving real-time relevance in digital marketing. It outlines 4 steps: 1) Measure behavior across all digital channels. 2) Analyze collected data to understand customer behavior. 3) Segment customers based on shared behaviors. 4) Drive relevance through testing and targeting different content and offers to customer segments. Real-time relevance requires continuously measuring customer interactions, analyzing the data to understand behavior, segmenting customers, and optimizing marketing efforts through testing and targeting.
The document discusses emerging trends in marketing and service industries. It identifies 10 principles of new marketing, including recognizing consumer power and focusing on customer point of view. New trends in market research like using internet and new techniques are also covered. The document discusses the current environment and socio-economic trends, as well as emerging consumption trends like consumer empowerment.
Unlocking WhatsApp Marketing with HubSpot: Integrating Messaging into Your Ma...Niswey
50 million companies worldwide leverage WhatsApp as a key marketing channel. You may have considered adding it to your marketing mix, or probably already driving impressive conversions with WhatsApp.
But wait. What happens when you fully integrate your WhatsApp campaigns with HubSpot?
That's exactly what we explored in this session.
We take a look at everything that you need to know in order to deploy effective WhatsApp marketing strategies, and integrate it with your buyer journey in HubSpot. From technical requirements to innovative campaign strategies, to advanced campaign reporting - we discuss all that and more, to leverage WhatsApp for maximum impact. Check out more details about the event here https://events.hubspot.com/events/details/hubspot-new-delhi-presents-unlocking-whatsapp-marketing-with-hubspot-integrating-messaging-into-your-marketing-strategy/
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Predictably Irrational Customers
1. insight Predictably Irrational Customers
Optimizing Choices for How People Really Buy,
Not How We Think They Buy
Bill Abbott, Alex Mannella, Kyle McNamara, and Amaresh Tripathy
The Internet has a huge influence on consumer behavior worldwide.
Millions of customers use the Web, as well as cell phones and in-store
kiosks, to compare, contrast, and purchase products. Once a nascent
“marketspace,” the Internet is now an established shopping environment
in which even the smallest features can cause shifts in buyer behavior.
In spite of the new opportunity arising from online channels, most
companies do not test their e-commerce interfaces for revenue
maximization. Those that do, often fail to leverage the science of
behavioral economics, which documents how people really think, as
opposed to how they are supposed to think (as suggested by rational
economic theory). Companies that deploy behavioral economics to
improve their e-commerce interfaces can garner short-term profits and
long-term competitive advantage, because they are in a position to learn
faster than their competition about what really works.
Diamond thanks Dan Ariely, the Alfred P. Sloan Professor of Behavioral Economics, Massachusetts
Institute of Technology, for his contributions to this paper.
Diamond Partners Paul Blase, Anand Rao, and John Sviokla, and Senior Associate Eric Siegmann, also
contributed to this report.
2. Executive Targeting consumers with behavioral shopping cart abandonment rates remain
Summary economics principles clearly has wide- high and conversion rates remain low.
ranging impacts beyond online channels. One reason for this is that few companies
The Internet, however, provides us with carefully address all the subtle levers in
the necessary flexibility for testing purposes the sales cycle—from offer presentation
as well as the ability to mine an abundance through order execution—that can influence
of data. Once analyzed, the results can consumer purchase behavior. As a result,
be scaled to optimize online marketing efforts consumers often face a confusing array
and also be cascaded through brick-and- of product combinations and uncertainty
Measuring Value Through a mortar storefronts and other channels. around the online purchase process,
Structured Testing Approach causing them to turn to higher-cost channels,
Based on our marketing and e-commerce
migrate to a competitor, or delay the
project experience, and our partnership with
purchase entirely.
5. Prof. Dan Ariely, a highly respected behavioral
Tracking and 1. economist from MIT and a Diamond Valuable insights into consumers’ decision-
Analysis Hypotheses
Generation Fellow, we believe firms can begin to drive up making behavior can be gained from
conversion rates by designing and testing new the field of behavioral economics. Behavioral
4. 6. models fast and frequently (Figure 1). economics brings together insights from
Test Solution
Execution 2. psychology and economics, as they relate to
Targeting Simple factors can have profound impact
human judgment and decision-making.
on success rates. In Europe, countries that
3. The central premise is that when confronted
Offer and had an “opt-out” organ donor strategy saw
Creative Design with limited resources (e.g., ability, time,
a seven-fold increase in donor participation;
information), human beings are not “rational”
firms that offered fewer 401(k) investment
and do not make the same economic
Figure 1 options radically improved participation
decisions as if complete and certain information
in retirement plans; a magazine that framed
were available.
purchase choice with three options rather
than two more than doubled the uptake of In collaboration with Prof. Ariely and
the pricier—and more profitable—option. through independent research, our findings
Details matter. It is necessary to employ have led us to propose a set of ideas and
a scientific approach to truly know what an approach to apply behavioral economics
to offer: If you don’t test your strategy, you principles to improve online marketing.
won’t learn what really works. We refer to the use of behavioral economics
to improve online marketing and sales as
While companies continue to spend heavily
“Choice Optimization.”
table of contents on online marketing and sales, online
Executive Summary . . . . . . . . . 2
Current State of Online Marketing . . . . 4
Common Pitfalls Companies Encounter . . 6
Applying Behavioral Economic
Concepts Online . . . . . . . . . . 9
Getting Started . . . . . . . . . . 12
About the Authors . . . . . . . . . 15
For more information contact:
Bill Abbott, Partner
bill.abbott@diamondconsultants.com
2
3. Key Behavioral Economics Principles
The field of behavioral economics addresses how consumers • Risk Transfer. People are willing to pay premiums to insure
use heuristics, or personal rules, to assist their decision- themselves from risk and uncertain outcomes.
making process. It further examines how heuristics combine with • Likelihood. Consumers often have a difficult time assessing risk.
alternatives in information presentation to affect the ultimate They tend to purchase warranties to protect against long-shot
choices of consumers. An online marketing strategy that maximizes failures while underestimating the likelihood of near-certainties.
consumers’ willingness to buy will carefully consider how consumers
• Happiness. Segregating windfalls (e.g., annuities) and pooling
approach the decision-making process. Further, understanding how
setbacks (e.g., credit card balances) minimizes unhappiness and
the framing and placement of products influence that process allows
maximizes happiness.
companies to tailor their strategies to reap the most benefits.
To compensate for this behavior, companies must help lower
The three key behavioral economics principles that should inform
the risk associated with consumers giving up what they have in
any online marketing strategy are purchase paralysis, risk aversion,
exchange for the product being sold.
and framing.
1. Purchase Paralysis 3. Framing
People draw inferences about a decision based on the way they frame
When consumers are offered an exhaustive variety of options, they are
the question or their response to it. They also evaluate options on relative
often paralyzed by their inability to choose. If they ultimately choose one
rather than absolute terms. The implication is that framing comparisons
of the options, they will be left less satisfied with their selection relative
can influence purchase decisions. Thus, configuring product or service
to the others (Schwartz, 2004). Causes of purchase paralysis include:
offerings online can guide a consumer’s current and future perception
• Regret. Too many choices might cause consumers to regret or and decisions. Actual reversals of preference are demonstrated in
anticipate regret for the possibility of having made the wrong choice. choices regarding money, both hypothetical and real, and in questions
• Opportunity Cost. It is difficult for consumers to assess trade-offs pertaining to chance (Tversky, 1981).
between what would be received and foregone.
For example:
• Escalation of Expectations. Comparing options relative to each
• Faulty Discounting. Customers are impatient with decisions that
other increases expectations, which can raise doubt that the
involve benefits received in the future. This leads to inconsistent
choice was correct post-purchase.
and often incorrect discounting of the future benefits. Instead, they
• Blame. Consumers will blame themselves and retailers for errors prefer to be presented with near-term savings, even if long-term
in judgment and selection. benefits are considerably more valuable.
When deciding on the number and variety of products to offer • Loss Aversion. Consumers tend to prefer gains over losses, even
consumers, companies must optimize the number of available if the values of the gain and loss are equal.
choices to encourage browsing and purchasing, and to minimize • Irrelevant Benchmarks. Consumers’ perceptions of a product
consumer regret that could damage the brand. can be influenced by providing comparisons to more expensive
2. Risk Aversion or premium-priced products.
Consumers tend to think differently about benefits and disadvantages • Priming. Consumers remember an item best in the form and
when considering alternatives. Using mental accounting, they keep context in which they first learned about it. This can be shaped
track of and evaluate transactions individually. They also tend to through advertising and product placement.
assess specific risks in isolation, rather than consider the broader
Companies can improve acceptance and purchase rates by
perspective of overall or long-term gains (Rabin, 2001).
carefully designing product value propositions that focus on the
• Mental Budgets. Consumers behave differently with respect to product’s immediate benefits. Adding frames of reference also
money that is allocated to accounts (e.g., savings for a car). Once helps consumers understand the relative value of the product, and
consumers mentally allocate money to such accounts, it is no shapes consumer perceptions of the product.
longer “free” for consumption.
3
4. Current State of Online channels continue to grow in importance. functionality and effectiveness of their Web
Online Marketing Sales through online channels accounted sites. More than half of large companies
for almost 3% of overall sales in 2006, and are increasing their Web site operations
this rate is growing at more than 25 percent budgets by more than 5 percent annually
annually (Figure 2). Forrester Research (Figure 4). Increasing usability, strengthening
estimates that almost $400 billion of store customer satisfaction, and demonstrating
sales—or 16 percent of total retail sales— ROI are among the top five challenges these
are directly influenced by the Web, as companies report.
consumers research products online and
Despite all this investment, a significant
purchase them offline (Forrester Research, Inc.,
gap exists between the share of consumers
The Web’s Impact on In-Store Sales, May 2007).
who want to shop online and those who
These “cross-channel” shoppers migrate from actually follow through with purchases. The
online channels for several reasons, including: percentage of customers who click through
a site all the way to conversion remains steady
• Desire for immediate gratification
at 3 percent, and e-commerce shopping cart
• Need to physically inspect or try on the abandonment rates range between 15 percent
item before buying and 90 percent, with an average of 60 percent
• Concern about online security and (Brinker, 2007; Baxter, 2007).
identity theft
The keys to improving the success rate of
Behavioral economics is These will likely remain significant factors, but these investments are: 1) employ a rigorous
concerned with the ways over the next five years, the value of retail sales approach to designing product presentation
influenced by the Web will increase by 63 percent, and the end-to-end purchase process, and
in which the actual decision- 2) evaluate and refine product offers over time.
and cross-channel sales will experience a
making process influences 17% CAGR to over $1 trillion in 2012 (Figure 3). Unfortunately, today we see a daunting and
loosely connected array of offers from companies
decisions that are made As this market grows, companies continue that are not consistently applying controlled
in practice. to spend significantly on improving the tests to their offers or the purchase process.
E-Commerce Sales as a Percentage of Total Sales
140
120
100
E-Commerce Sales ($B)
80
60
40
20
0
2000 2001 2002 2003 2004 2005 2006 2007
Source: U.S. Census Bureau
Figure 2
4
5. We believe companies can increase the make. Traditional economics suggests that their chances of obtaining this goal. In reality,
effectiveness of their online marketing efforts consumers make rational, consistent however, too much choice can become
and sales channels by applying behavioral choices to obtain products or services that a barrier in the consumer’s decision-making
economics concepts. Behavioral economics best meet their needs at the least possible process, along with other obstacles such as
provides insight into how the decision-making cost. This suggests that presenting consumers increased complexity, uncertainty, and limited
process influences the decisions consumers with a wide range of choices increases information around a selection’s future value.
Forecast: U.S. Cross-Channel Sales, 2006–2012
$3,500
Total U.S. Retail Sales
Total Cross-Channel Sales
$3,000
Total eCommerce Sales
$2,500
$2,000
Sales ($B)
$1,500
$1,000
$500
0
2006 2007 2008 2009 2010 2011 2012
Source: Forrester Research, Inc., The Web’s Impact on In-Store Sales, 2007
Figure 3
Change in Site Operations Budgets from 2006 to 2007
Decrease
(4%)
Increase More
than 20% Stay the Same
(14%) (26%)
Increase by 11%
to 20%
(18%)
Increase by 1%
to 5%
(16%)
Increase by 6%
to 10%
(22%)
Source: JupiterResearch, Web Site Spending, 2007
Figure 4
5
6. Common Pitfalls Companies can drive higher conversion motivation to purchase the product
Companies Encounter rates by applying Choice Optimization. But (Iyengar, 2000). These studies imply that
before tapping into these strategies, companies can determine an ideal
companies need to understand how offers number of choices that will optimize the
might negatively impact consumers. behavior of certain segments, and we
We believe there are three main reasons believe these core concepts can be applied
for suboptimal online sales performance: effectively to online marketing.
1. Too many choices. If an e-commerce To examine the impact of choice on product
site requires that customers choose satisfaction, researchers conducted
between a myriad of product options or a study where participants selected from
configurations, customers might fail either a limited assortment or an extensive
to complete the decision process. Adding array of chocolates. Participants then
options also increases the risk that sampled their selections and were given
consumers will regret their purchases or the option to receive cash compensation
have unreasonably high expectations about or an equivalent value of the chocolate they
the value of their purchases. chose. Participants with the extensive
array found the decision-making process more
Research has found that increasing the
Choice Optimization is the enjoyable than those with the limited
number of mutual funds available to
array, but were later more dissatisfied
application of behavioral employees in their 401(k) plans can result
and regretful of their choice and
in lower participation rates. One
economics principles in online were considerably less likely to choose
employer found that for every 10 mutual
chocolates over money as compensation.
marketing to simplify the funds included in its program, participation
(Iyengar, 2000). Having a greater number
dropped 2 percent, even though opting out
decision-making process and of options to choose from ultimately
of the plan meant passing up the opportunity
forced these consumers to abandon the
increase conversion rates. to receive up to $5,000 in employer
product altogether.
matching funds (Schwartz, 2004). In
another study, researchers set up
tables in an upscale grocery store that
Too much choice leads
featured a line of exotic jams. Consumers
to purchase paralysis
who stopped could taste samples and
they received a $1 coupon if they bought
Conversion Rates from Jam Presentation
a jar. Consumers were presented
100
with either six or 24 jam varieties. When 6 Jams
24 Jams
24 varieties were available, more 80
people stopped at the table than when 60%
six were available, but only 3 percent 60
of people examining the 24 varieties made 40%
a purchase, compared with 30 percent 40 30%
of those exposed to the six varieties
20 12%
(Figure 5). The researchers concluded that
3% 2%
an extensive array of options can be
0
appealing at first glance, but a wide variety Approach Buy Conversion
also can subsequently reduce consumers’ Source: Iyengar, 2000; Diamond analysis
Figure 5
6
7. 2. Process uncertainty. Customers may Companies are starting to incorporate reaffirmed this strategy, citing the free
be dissuaded from completing a transaction tools to make the purchase process more shipping offers “as an effective worldwide
if a Web site does not clearly help them predictable and secure. Google Checkout, marketing tool” that the company intends
place an order, determine when they will for example, integrates with merchant Web to continue offer indefinitely.
receive it, understand when and how sites, allowing customers to use their Google
Each of these three factors represents an
much they will be billed, or feel that their accounts to complete a purchase instead of
area of increased risk for not acquiring
information is secure. creating a separate account at each merchant.
potential online customers. Ignoring these
Other companies are letting consumers use
The average e-commerce shopping cart factors has serious consequences:
PayPal in addition to credit and debit cards.
abandonment rate is around 60 percent.
Offering a third-party payment mechanism • Lost or delayed sales due to consumer
Of this figure, 48 percent of carts are
with built-in security features and consumer indecisiveness or anxiety;
abandoned during the checkout process.
familiarity reduces risk and uncertainty in
Many of the factors contributing to • Migration to higher-cost channels due
the purchase process.
abandonment are related to uncertainty to customer impatience or uncertainty; and
in the process, including hidden charges 3. Faulty discounting. If a Web site over-
at the checkout, lack of clear delivery emphasizes the long-term benefits of • Inconsistent expectations of the product’s
details, and discomfort with the buying a product relative to its short-term appeal, future value which may lead to increased
process (Baxter, 2007). consumers might be dissuaded from downstream support, churn, and damage
purchasing because they tend to incorrectly to the brand.
To reduce uncertainty, companies can
and inconsistently discount future
add cues within the checkout process that
benefits. Consumers value current over future
guide customers through the process. For Companies with Complex
consumption, even when that future
example, Esurance, an insurance company Products at Risk
consumption is considerably more valuable.
with a heavy online presence, developed Companies in several key industries are
a simple, three-step process to purchase In one study, the subjects were told that vulnerable to these risks, due to the
insurance, and adopted it as their slogan they had won $15 in a lottery and that they complexity and breadth of their product
(“Quote. Buy. Print.”). This process could take the money now or wait until and service offerings:
is prominently displayed as the consumer later. Participants were asked how much
• Wireless Carriers. Wireless companies
progresses from obtaining a quote to they would require to make waiting just as
are offering a wider variety of handsets
printing a policy, providing a simple visual cue attractive as getting the money now. The
(e.g., clamshell, candy bar, camera,
as to progress through the transaction. median responses were $20 in one month,
3G, smart phones) along with an array
Additionally, companies such as Dell and $50 in one year, and $100 in 10 years.
of voice and data plans (e.g., local,
Amazon provide estimated shipment These figures imply a compound discount
national, 3G data) and additional services
and delivery dates throughout the process rate of 345% over the one-month period,
(e.g., text and picture messaging).
to properly set consumer expectations. 120% over the one-year period, and 19%
Many of these options also have variants,
over the 10-year period (Thaler, 1981).
The risks of credit card theft and identity theft including handset color; inclusion of a
The large discount rate seen in the short-
also deter some customers from completing camera; and number of allowable minutes,
term periods illustrates consumers’
online purchases. Among consumers who messages, or kilobytes of data per
preferences for short-term gains.
have never shopped online, the top reason month. When choosing a plan, Web sites
they cite for not doing so is the fear of Offers of short-term gains can also influence do not effectively segment customers
providing their financial information online. consumers into buying products. For example, or provide historical usage data that might
Among consumers who have shopped online, Amazon.com offers free shipping on orders be available from a representative in
17 percent have stopped buying online over $25, which may encourage consumers the store or on the customer support line.
altogether because of fears of identity theft to buy more than they intended to order Potential areas of segmentation could
(Forrester Research, Inc., Checkout Tools to meet the threshold for free shipping. In include average minutes per month, roaming
That Boost eBusiness, January 2007). a July 25, 2006, press release, Amazon patterns, and international calls.
7
8. • Cable and Internet Providers. Cable • Financial Services Firms. Credit card • Insurance Companies. Insurance policies
and high-speed Internet providers are cross- companies offer a complex array of are based on a complex set of factors (e.g.,
selling tiers of core products along with services, including cards linked to checking the item being insured, the coverage levels
telephone service, packaging them into accounts, cards with branded rewards, sought, and the discounts for which the
bundles to save customers money. However, and cards with unique payment options. To insured is eligible). Many companies allow
each of these products has a number of prevent the risk of overwhelming customers consumers to obtain rate quotes online,
variants, including a wide range of premium with options, many companies leverage but there are many options from which to
channels and Internet connection speeds. self-segmentation questioning to narrow select. The initial quote is generally based
This diversity of choice places a large the list of choices. on a default set of coverage options and
burden on consumers to research and find discounts, but it is left to consumers to adjust
the ideal plan. coverage based on their preferences.
Testing Online Marketing Efforts for Maximum Impact
Diamond uses the following structured testing approach
to generate insights, provide value, and improve customer
profitability:
5.
1. Hypotheses Generation. Review background data to develop Tracking and 1.
Analysis Hypotheses
hypotheses around the types of offers desired by each segment.
Generation
Leverage segmentation schemes to ensure targeting of the
right customers.
6.
2. Targeting. Identify the targeting criteria based on hypotheses. 4.
Solution
Test
Determine to whom and to which channel the offer will be Execution 2.
presented. Size both target and control groups. Targeting
3. Offer and Creative Design. Develop a compelling offer based
3.
on hypotheses, channels, and segments. Offer and
Creative Design
4. Test Execution. Test multiple options at the same time, using
a multivariate test design, and execute the marketing campaign.
5. Tracking & Analysis. Analyze offer effectiveness by collecting
responder data. Calculate response rates for target and
control cells and evaluate the test economics to decide whether
the test offer should be rolled out or not. Finally, gather
learnings from the test cycle to refine hypotheses.
6. Solution. Roll out successful offers to the broader population.
This new offer becomes the control for future campaigns.
8
9. Applying Behavioral Research in behavioral economics has shown But results also must be filtered to prevent
Economic Concepts that conversion rates can be affected by recommending items that the consumer
seemingly subtle presentation factors. For has already purchased. Netflix employs
Online example, an online publisher tested a collaborative filtering approach that
two offers on its Web site. The first offered leverages user ratings, movie genre
“7 Days Free,” and the second “7 Days frequency, and cross-sell likelihood. As a
Risk-Free.” The words “Free” and “Risk-Free” result, the online movie rental service is
were bolded to highlight the key benefit, and able to quickly filter through thousands of
the second example resulted in a 12 percent movie titles to show consumers one title
higher conversion rate than the first option. they can have collaborative faith in renting.
In a separate experiment, the same publisher
• Explicit filtering (also known as “self-
tested two different page layouts, the
segmentation”) requires consumers to
first containing two columns of text and the
select or rate their preferences in order
second containing only one. Simplifying the
to narrow the number of options presented.
layout by combining two columns of text into
Citibank and U.S. Bank allow customers
one produced an 88 percent improvement in
to self-segment by identifying the credit
conversion rates (McGlaughlin, 2006).
card features most important to them.
The application of Based on our work with Prof. Ariely, as well as U.S. Bank asks its customers to select up
our own research, we believe there are three to seven key features (e.g., traditional
seemingly subtle specific ways companies can use core behavioral cards, student cards, travel or cash rewards),
presentation factors economics principles to improve online sales: in order to present them with cards that
match those preferences. Since this data
can significantly 1. Choice Filter. Offering customers
directly reflects consumer choices, it can
excessive options can overwhelm them
affect conversion rates. be especially useful in understanding their
with a fear of making the wrong choice,
preferences. However, since providing this
or cause them to anticipate regret, which
information requires consumers to expend
can lead to postponing a purchase.
effort, companies often have less data
The ability to properly filter through an
than what they desire. In addition, this
exhaustive list of products or services
process indicates to customers that there
can help consumers complete the purchase
are additional options available to which
process. Companies can provide collaborative,
they are not being exposed. Also, explicit
explicit, or implicit filters—either
filtering still introduces the risk of regret.
individually or in combination—to help
customers narrow their choices. • Implicit filtering involves identifying
consumer preferences based on their
• Collaborative filtering examines the
actions (e.g., items viewed or purchased),
preferences of many users to make
or on the demographic information
predictions about the interests of any
they provide. Data on items viewed
one user. Web sites such as Amazon
and purchased during a session gives
and Netflix use this technique to make
insight into preferences, and information
recommendations to their users. The
such as customer billing zip codes can
relevance of recommendations can vary,
be matched to databases from vendors
but they tend to improve the collection of
such as Claritas and Acxiom to obtain
larger amounts of data. These techniques
socioeconomic characteristics. For the
are good for categories with large numbers
most part, data collection is automatic and
of products (e.g., books, music) because
largely independent from the consumer,
a single person cannot view all of the items.
9
10. Companies across industries can benefit from applying behavioral economics principles
to their online sales channels.
A Sampling of How Behavioral Economics Principles Can Impact Consumers
Industry Too Many Choices Process Uncertainty Faulty Discounting
Wireless 1,900 Combinations1 • A four-step process is presented to choose • A trial period allows customers to cancel
a phone and plan followed by a separate within a few weeks, but they must pay service
four-step process to complete the purchase. charges. A shorter, risk-free trial period
Presenting one process to guide the might attract more customers because it
consumer through the full transaction could reduce current consumption in favor
would reduce uncertainty about next steps. of long-term benefits.
• The activation fee is described in small print • Free 2–4 day shipping is offered for online
at the bottom of the page, where customers purchases, forcing customers to delay
might not see it. Displaying the fee more benefits. Free overnight shipping reduces
clearly as part of “one-time charges” helps the delay before benefits are realized and
avoid surprises. might avoid delayed decisions or migration
to a higher-cost sales channel.
Cable 64 Combinations2 • The site indicates that a limited package • Savings resulting from choosing a package
selection is available online, but full instead of individual services are not
range is available via phone. Customers consistently indicated. Displaying the specific
are likely to call Customer Service, a higher- savings will lead customers to focus on the
cost sales channel, to understand all options. product’s near-term value.
Credit Cards 34 Unique Options3 • Sites do not contain a timeline to help • The annual fee to earn rewards in effect
customers understand their progress promises customers future rewards in
through the application process. Including exchange for current consumption.
timing elements helps customers reduce Customers may incorrectly value the benefits
uncertainty about next steps. received over time.
Insurance 65 Combinations4 • Sites do not contain timing elements to • Many companies add a service charge for
help customers understand their progress the option to pay premiums monthly.
toward obtaining an online quote. Including Framing this fee instead as a discount
details about timing helps reduce customers’ for payment in full helps customers realize
uncertainty about next steps. the near-term value of their choice,
instead of having to value it into the future.
1
Examination of a national wireless carrier’s consumer Web site revealed 41 handset models available for purchase (excluding color variations), eight plan types with six levels
of minutes within each. Total number of phone/plan combinations available is 1,968 (41 x 8 x 6).
2
Examination of services available from a national cable provider’s Web site revealed seven choices for cable service, three for Internet, and one for phone. Consumers have the
option of only choosing one or two of the services (e.g., cable and Internet, cable and phone, Internet and phone), so each category also has an “opt-out” option. Total number of
combinations available is 64 (8 x 4 x 2).
3
Examination of consumer cards available on a major carrier’s Web site revealed 34 unique options.
4
Examination of options required to obtain an auto insurance quote on a national carrier’s Web site revealed that consumers must choose coverage levels within 10 categories,
along with up to nine discounts for which they are eligible. Each of the 10 coverage categories (e.g., property damage, collision deductible) contains between two and nine
coverage levels (e.g.,$25–50, $500–1000), for a total of 56 combinations. The nine discounts offered a “Yes/No” option. Total coverage/discount combinations is 65 (56 + 9).
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11. meaning that much more data is or comparable products at other only two choices were presented
available. Behavioral data, however, does companies to help consumers choose (“Online Only” and “Online and Print,”
not necessarily provide an accurate to buy their products. at $59 and $125, respectively), the
representation of a user’s true opinion number of customers choosing the lower-
• Satisfaction risk often results when
of an item. For example, some purchases priced “Online Only” product increased
consumers are faced with too many
will be given as gifts and do not to 68 percent, while the percentage
choices. For many consumers, examining
necessarily reflect the consumer’s own of subscribers choosing “Online and Print”
a wider array of product options raises
preferences. Companies such as Best dropped to 32 percent. While no one
their expectations because they search
Buy and Target use both types of implicit chose the “Print Only” option, having it
for a product that contains many
filtering through a consumer’s account available made the more expensive
of the most desired attributes. This also
information, viewing history, and “Online and Print” option appear to be
increases the chance that consumers
purchase history. By using algorithms, a bargain, and this drove a higher
will regret their ultimate choice because
these retailers then present the percentage of customers to select it.
another option might have better met
customer with better-defined product Amazon.com effectively cross-sells
their needs. Verizon Wireless reduces
or service options. additional products to consumers by
this risk by offering a 30-day return
highlighting the remaining amount of a
2. Risk. In theory, people are willing to pay policy. When the fear of satisfaction is
balance required for free shipping. The
a premium to avoid risk. Eliminating any a deal-breaker in completing the
relative framing of additional purchases as
perceived risks in the purchase process can purchase of a phone and plan, consumers
savings in shipping costs helps consumers
help increase consumer conversion rates. can feel reassured that they have
overcome the reality of a higher total
30 days to return the phone and cancel
• Process risk is introduced when consumers price after additional items are added.
their contract at limited or no cost.
do not understand the steps in the
• Constructed framing allows companies
purchase process, such as when their 3. Framing. The way in which choices are
to position a preferred product for
items will be shipped, or when their presented can influence a consumer’s
maximum exposure. For example, T-Mobile
credit cards will be charged. Hewlett- decision to purchase a product. Effective
strategically highlights one of its most
Packard helps eliminate process risk frames give consumers points of
popular plans in a list of other options.
by presenting a clear purchase process, reference to understand the relative value
While the highlighted plan is not
providing estimated shipping and of a product compared to alternatives.
the most expensive, its price is above the
delivery dates, telling the consumer when Understanding the impact of framing can
average. Emphasizing this plan begins
their credit card will be charged, help companies cross-sell, up-sell, or steer
to set customer expectations about cost.
and allowing the customer to click on a customers toward more profitable options.
By steering the consumer selection
previous step in the process to review
• Relative framing highlights the positive this way, the carrier is positioned to sell
or revise the information they provided.
value of a decision compared with a more expensive plan than it might
• Price risk arises when consumers an alternative. The Economist magazine have sold without constructed framing.
delay or forgo a purchase because once offered three subscription options
• Priming allows companies to make
they think that a better price might on its Web site:
consumers more receptive to their
be available from another retailer or
1. Online Only for $59 products by creating associations with
channel. Bed Bath and Beyond
items that consumers value. Fidelity’s
has significantly reduced price risk 2. Print Only for $125
Web site allows consumers free access
for its customers through the use 3. Online and Print for $125 to tools for financial planning and
of price matching. Consumers feel they
investment research. As consumers use
are getting the lowest price available Sixteen percent of customers chose the
these tools, they increasingly get the
since the retailer advertises the price “Online Only” option and 84 percent
impression that Fidelity has a wealth of
matching policy. Other companies, selected the “Online and Print” option. No
knowledge and would make the financial
such as Progressive Insurance and customer chose the “Print Only” option,
planning experience easy.
Buy.com, display prices of the same so the company removed it. However, when
11
12. Getting Applying behavioral economics principles of improvements. Useful baseline metrics
Started to improve online marketing and sales requires for defining and measuring the progress
companies to take a careful look at where of improvements to online sales channels
they currently stand. It also requires creative include the following:
thinking about applying the principles, and
• Number of available product
a rigorous process to test and measure their
combinations;
impact (Figure 6).
• Number of clicks to purchase;
1. Define the Focus. Commercial Web sites
• Cart-abandonment rate;
typically have multiple purposes, including
consumer education, prospect development, • Number of steps completed before
lifecycle management (acquisition, abandonment;
stimulation, cross-sell, up-sell, retention, • Conversion rates;
winback), and self-service. Key consumer
• Customer satisfaction scores; and
decision points will vary across companies
and industries, and each company has its • Cost per transaction.
own pain points. Choice Optimization efforts
As choice optimization efforts are being
should focus on areas likely to produce
implemented, monitoring progress
a high return on investment. For example,
against the baseline helps determine
consumers visit a car company’s Web site
whether the efforts are truly improving
primarily to learn about a car before buying
processes. Tools that track Web site
one at a dealer. The focus here should
activity, such as Omniture and Google
be providing a rich, targeted education on
Analytics, can also be useful in identifying
features, options, and pricing, then helping
pain points in the purchase process,
the customer find a dealer. On the other hand,
including the stage at which customers
consumers who visit Amazon.com are more
abandon their carts.
likely to complete an online purchase, so the
focus should be on helping customers 3. Identify and Prioritize Improvement
narrow down their options and quickly Opportunities. One of the most effective
complete the purchase. ways to determine where behavioral
economics principles can deliver superior
2. Establish Baseline and Improvement
results is to examine the process from
Targets. Establishing a baseline is crucial
the consumer perspective. Documenting
for identifying areas where behavioral
the processes used by customers in
economics principles can have the most
searching for product information uncovers
impact, for preparing a convincing business
opportunities for improvement. Such
case, and for measuring the effectiveness
opportunities may include framing options
Diamond’s Choice Optimization Approach
2. Establish 3. Identify 4. Test and
1. Define Baseline and and Prioritize Implement
the Focus Improvement Improvement Improvement
Targets Opportunities Opportunities
Figure 6
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13. more strategically, articulating next steps analyze offers, such as the one outlined 1. Optimize the number of choices available
more clearly, or eliminating underperforming in “Testing Online Marketing Efforts to encourage browsing and purchasing,
choices. Further hypotheses can come for Maximum Impact” on page 8, helps and to minimize customer regret.
from brainstorming workshops, root-cause deliver the right products to the right
2. Help lower the risk consumers associate
analysis of Web data, customer surveys, customers. This works because it teaches
with completing an online transaction.
and industry research. Quantifying and companies to understand the profit drivers
prioritizing the costs and benefits of each for each segment, identify characteristics 3. Focus more heavily on their products’
improvement maintains the focus of the of effective offers within each segment, and immediate benefits (and discount future
Choice Optimization efforts. document lessons learned that can be benefits to compensate for consumers’
applied to the development of future offers. inability to correctly value them).
4. Test and Implement Improvement
Opportunities. Continuous hypothesis- Choice Optimization applies these behavioral
based testing, in which multiple versions Conclusion economics principles to improve product framing
of an offer are tested using statistical Incorporating key elements of the consumer with the goal of positively influencing consumer
techniques, improves profitability by decision-making process into the development decisions for improved online marketing.
allowing companies to choose the offers of an online sales and marketing strategy
with the highest success rates. Using can help maximize the effectiveness of that
an approach to segment customers and strategy. Specifically, companies must:
Additional Diamond insights on behavioral economics and marketing are available at www.diamondconsultants.com:
“Behavioral Economics Comes to the Rescue of Retirement Savings,” 2007
“Rapid Market Segmentation: Collaborate and Conquer,” 2007
“Word-of-Mouth Marketing: How to Harness the Power of Consumer Influence,” 2007
“Curing Customer Churn,” 2006
The following papers provide good insight into key behavioral economics principles and their application:
“Placebo Effects of Marketing Actions: Consumers May Get What they Pay For.” Dan Ariely et al, 2005.
“Amazon.com Recommendations. Item-to-Item Collaborative Filtering.” Greg Linden et al, 2003.
“The Paradox of Choice: Why More is Less.” Barry Schwartz, 2005.
“The Winner’s Curse.” Richard Thaler, 1994.
“Why the Soy Milk King Still Reigns.” G. Pascal Zachary, 2004.
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14. Sources Baxter, Mike. Online Retail 2007. Special Report: Checkout. 2007. London: E-Consultancy.
<http://www.e-consultancy.com/publications/online-retail-checkout-2007/>.
Brinker, Scott. Minding the Gap Between Click and Conversion. 20 February 2007. Encino,
California: E-Commerce Times, 22 May 2007. <http://www.ecommercetimes.com/
rsstory/55826.html/>.
Drèze, Xavier, Stephen Hoch, and Mary Purk. Shelf Management and Space Elasticity.
Diss. Graduate School of Business, The Univ. of Chicago, 1994. 25 May 2007
<http://www.xdreze.org/Publications/Shelf.html>.
Forrester Research, Inc. The Checkout Tools That Boost eBusiness. January 2007.
Forrester Research, Inc. The Web’s Impact on In-Store Sales: US Cross-Channel Sales
Forecast, 2006 To 2012. May 2007.
Iyengar, Sheena S. and Mark R. Lepper. “When Choice is Demotivating: Can One Desire Too
Much of a Good Thing?” Journal of Personality and Social Psychology. 2000, Vol. 79, No. 6,
995-1006.
JupiterResearch, LLC. Web Site Spending, 2007. 17 April 2007.
McGlaughlin, Flint. “The Power of Small Changes Tested.” 21 March 2006. Marketing
Experiments Journal. 23 May 2007. <http://www.marketingexperiments.com/improving-
website-conversion/power-small-change.html>.
Rabin, Matthew, and Richard H. Thaler. “Anomalies: Risk Aversion.” Journal of Economic
Perspectives. 15 (2001): 219-232.
Rayport, Jeffrey F., and John Sviokla. “Managing in the Marketspace.” Harvard Business
Review. November–December, 1994, pp. 141–150.
Schwartz, Barry. The Paradox of Choice. New York: HarperCollins, 2004.
Thaler, Richard H. 1981. Some empirical evidence on dynamic inconsistency. Economic
Letters, 8, pp. 201-07.
Tversky, Amos, and Daniel Kahneman. “The Framing of Decisions and the Psychology
of Choice.” Science. 1981, Vol. 211, No. 4481, 453-458.
United States Census Bureau. Quarterly Retail E-Commerce Sales. 16 May 2007.
Washington, D.C. 18 July 2007 <http://www.census.gov/mrts/www/ecomm.html>.
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15. About the Authors Bill Abbott is a Partner in Diamond’s Telecom & High Tech practice and co-leader of the firm’s
information and analytics services. Bill has significant experience in the communications and
media, consumer packaged goods, and insurance industries, collaborating with clients to
successfully address challenges in the areas of channel optimization and marketing strategy,
organization and process design, including system design and implementation, financial and
operational modeling, and activity-based process and product costing.
Dan Ariely, the Alfred P. Sloan Professor of Behavioral Economics at Massachusetts
Institute of Technology, is a Diamond Fellow whose projects include examinations of online
auction behaviors, personal health monitoring, the effects of different pricing mechanisms,
and the development of systems to overcome day-to-day irrationality. Prof. Ariely holds a
joint appointment between MIT’s Program in Media Arts and Sciences and the Sloan School
of Management.
Alex Mannella, a partner in Diamond’s Telecom & High Tech practice, is an expert on
the issues of customer value management, response modeling, database marketing, and
data mining. He has extensive experience developing response and segmentation algorithms,
and using artificial intelligence for data mining studies. Mannella, who is also skilled in
database development, currently helps lead the Diamond Information and Analytics Center
located in Mumbai, India.
Kyle McNamara is a Manager in Diamond’s Telecom & High Tech practice who has
significant experience in the areas of organization and process design, operations
management, revenue assurance, and Web analytics. He has served a variety of clients in
the telecommunications, electric utility, financial services, and manufacturing industries.
Amaresh Tripathy is a Manager in Diamond’s Telecom & High Tech practice and a thought
leader in the area of information and analytics. He has a wealth of experience in the areas
of customer value management, channel optimization, competitive analysis, and operations
management. Amaresh has supported opportunity strategy and implementation initiatives
for companies in the telecom technology, logistics, education, and entertainment industries.
Diamond Partners Paul Blase, Anand Rao, and John Sviokla, and Senior Associate
Eric Siegmann, also contributed to this report.
Diamond thanks Dan Ariely for the title of this paper, also the title of his upcoming book
on behavioral economics.
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