According to the document, companies are evaluated and judged by customers in remarkably similar ways to how people evaluate and judge other individuals. Our perceptions of companies are driven by spontaneous judgments of their warmth (trustworthiness, kindness) and competence (capability, intelligence), just as with people. These perceptions significantly influence customers' emotions, purchase intent, and loyalty towards companies. In order to succeed, companies must build genuine relationships with customers through displaying warmth, competence, and intentions that customers view as worthy. Social media has increased customers' ability to hold companies accountable and express discontent when they feel wronged.
Tim Sanders argues that love, defined as intelligently sharing knowledge, networks, and compassion without expectation of return, is the most powerful force in business. He details his experience helping Victoria's Secret successfully broadcast a fashion show online in 1999 by sharing ideas from a book on virtual communities and facilitating cooperation between competitors to ensure a positive user experience, establishing long-term trust and goodwill as a result of his generous approach. Sanders believes choice and connectivity in today's world mean that unethical businesses cannot survive while those operated with love and care for others will prosper.
The document discusses guidelines from the Federal Trade Commission (FTC) regarding endorsements and testimonials, particularly as they relate to social media. Some of the key points covered include:
- The FTC's Endorsement Guides aim to ensure endorsements are honest and not misleading by requiring disclosure of material connections between endorsers and brands.
- Disclosure is required if an endorser receives free products, payment, or other incentives from a brand that could impact how consumers view the endorsement.
- These guidelines apply to both traditional and new media like blogs and social networking sites. While some relationships between influencers and brands may be apparent to industry insiders, many consumers are unaware and disclosure helps them
The article discusses trends that marketing and business development leaders can expect to see in 2016 based on input from the publication's Board of Editors. Key trends highlighted include:
1) Increased focus on accountability and using metrics to ensure good returns on marketing efforts.
2) Growing use of technology and client data to predict future legal needs and learn more about clients.
3) Alternative fee arrangements and legal project management being critical to profitability, while succession planning is important as partners retire.
4) Laterals being less effective and firms needing to acquire entire practice groups or smaller firms for positive financial impact.
Disclosure Required Recent Federal Trade Commission Action Against Social Med...BenjaminShalevSalovi
The document summarizes a recent FTC action against social media influencers Trevor Martin and Thomas Cassell for deceptively endorsing an online gambling site they owned without disclosing their ownership. The FTC alleged that Martin, Cassell, and other influencers they paid failed to properly disclose their relationship to the site in YouTube, social media, and blog posts promoting the site. As a result of the FTC action, influencers and brands must now clearly disclose any "material connections" between influencers and products/services they endorse, according to FTC guidelines. The regulation of social media endorsements is an emerging issue as influencer marketing grows into a multi-billion dollar industry.
Networked markets can significantly impact companies and have the power to destroy establishments quickly. Companies should learn to engage with communities and value customers' opinions to build trust. Additionally, companies must recognize that open communication and addressing customers' concerns are essential to survive in today's connected marketplace.
Published 1/09 this is a first-person account of my ride on the economic rollercoaster in bank-dominant Charlotte, NC. I rode the initial crest of the stock market at then-First Union, survived the dot-com boom/bust at LendingTree, then had to liquidate my company when customers moved overseas. I offer a Zen-like perspective.
Closing rates for new vehicle sales in Canada average 32%, ranging from 20-42% by brand. However, focusing only on closing rates risks overlooking customer satisfaction, as research shows satisfaction declines as closing rates rise. Specifically, dealers who rush the vehicle delivery process in order to make more sales achieve lower customer loyalty and return rates for service. Prioritizing customer experience during the entire dealership relationship, including delivery, leads to higher customer retention and long-term value for dealerships.
Tim Sanders argues that love, defined as intelligently sharing knowledge, networks, and compassion without expectation of return, is the most powerful force in business. He details his experience helping Victoria's Secret successfully broadcast a fashion show online in 1999 by sharing ideas from a book on virtual communities and facilitating cooperation between competitors to ensure a positive user experience, establishing long-term trust and goodwill as a result of his generous approach. Sanders believes choice and connectivity in today's world mean that unethical businesses cannot survive while those operated with love and care for others will prosper.
The document discusses guidelines from the Federal Trade Commission (FTC) regarding endorsements and testimonials, particularly as they relate to social media. Some of the key points covered include:
- The FTC's Endorsement Guides aim to ensure endorsements are honest and not misleading by requiring disclosure of material connections between endorsers and brands.
- Disclosure is required if an endorser receives free products, payment, or other incentives from a brand that could impact how consumers view the endorsement.
- These guidelines apply to both traditional and new media like blogs and social networking sites. While some relationships between influencers and brands may be apparent to industry insiders, many consumers are unaware and disclosure helps them
The article discusses trends that marketing and business development leaders can expect to see in 2016 based on input from the publication's Board of Editors. Key trends highlighted include:
1) Increased focus on accountability and using metrics to ensure good returns on marketing efforts.
2) Growing use of technology and client data to predict future legal needs and learn more about clients.
3) Alternative fee arrangements and legal project management being critical to profitability, while succession planning is important as partners retire.
4) Laterals being less effective and firms needing to acquire entire practice groups or smaller firms for positive financial impact.
Disclosure Required Recent Federal Trade Commission Action Against Social Med...BenjaminShalevSalovi
The document summarizes a recent FTC action against social media influencers Trevor Martin and Thomas Cassell for deceptively endorsing an online gambling site they owned without disclosing their ownership. The FTC alleged that Martin, Cassell, and other influencers they paid failed to properly disclose their relationship to the site in YouTube, social media, and blog posts promoting the site. As a result of the FTC action, influencers and brands must now clearly disclose any "material connections" between influencers and products/services they endorse, according to FTC guidelines. The regulation of social media endorsements is an emerging issue as influencer marketing grows into a multi-billion dollar industry.
Networked markets can significantly impact companies and have the power to destroy establishments quickly. Companies should learn to engage with communities and value customers' opinions to build trust. Additionally, companies must recognize that open communication and addressing customers' concerns are essential to survive in today's connected marketplace.
Published 1/09 this is a first-person account of my ride on the economic rollercoaster in bank-dominant Charlotte, NC. I rode the initial crest of the stock market at then-First Union, survived the dot-com boom/bust at LendingTree, then had to liquidate my company when customers moved overseas. I offer a Zen-like perspective.
Closing rates for new vehicle sales in Canada average 32%, ranging from 20-42% by brand. However, focusing only on closing rates risks overlooking customer satisfaction, as research shows satisfaction declines as closing rates rise. Specifically, dealers who rush the vehicle delivery process in order to make more sales achieve lower customer loyalty and return rates for service. Prioritizing customer experience during the entire dealership relationship, including delivery, leads to higher customer retention and long-term value for dealerships.
This document from J.D. Power and Associates discusses vehicle sales data and statistics from July 2013 to July 2014. It provides information on the percentage of new and used vehicle purchases, average monthly payments for new leases and loans, the percentage of new vehicle loans with terms of 72 months or greater, new vehicle prices compared to customer facing prices, the percentage of negative equity and trade-in vehicles, and the average new vehicle price versus transaction price. All information and data is copyrighted by J.D. Power and Associates.
- Canadians spent less time on desktop internet and more on mobile platforms in 2013 compared to 2012. Engagement shifted from PC to mobile as half of internet users are now under 35.
- Smartphones reached 3 out of 4 mobile users in Canada, with ownership skewing younger and higher income. Android grew its share of the smartphone market while 4G connectivity increased dramatically.
- Canadians watched more online video across categories, spending more time and reaching more of the population than Americans. Mobile video, including live TV, increased significantly year-over-year.
Certified pre-owned vehicle sales have grown significantly in recent years due to increasing consumer awareness and availability of late model used vehicles. Sales reached a record high of 2.1 million units in 2013, up 15% from the previous year, and are on pace to set another record in 2014. This growth has been fueled by recovering auto demand, economic concerns driving buyers to certified pre-owned vehicles for their warranty coverage and affordability, and rising supply of off-lease late model vehicles from new car sales. Manufacturers have also seen benefits from promoting certified pre-owned programs in supporting residual values and increasing customer loyalty.
DealerTrack's AAX inventory solution provides tools to help dealers optimize return on investment (ROI) for used vehicle inventory. ROI is calculated by taking the annualized profit from a vehicle and dividing it by its cost of sale. Using AAX reports, dealers can calculate ROI at the unit, monthly, and yearly levels to evaluate performance and identify opportunities to improve profits through adjustments to inventory levels, purchase prices, or time to sale. The 2012 Canadian industry benchmark for used vehicle ROI was 78% for vehicles retailed within an average of 65 days.
This document provides instructions for accessing the administration functionality within AAX to manage users. It directs the user to log in, click Administration, then Users, select their dealer name, where they can see a list of all users and modify statuses or passwords. It emphasizes clicking save after making any changes to ensure they are captured.
CDK is a company that provides technology solutions to automotive dealerships to help them operate more efficiently and profitably. The document highlights several key areas where CDK's solutions can help dealerships, including customer experience, inventory management, digital marketing, collaboration tools, finance and insurance processes, and fixed operations. It summarizes data that shows the financial and operational benefits dealerships can see by optimizing these areas with CDK's tools. The document encourages dealerships to contact their CDK representative to learn more about how CDK's insights and solutions can help them "move faster forward."
The document discusses different strategies dealers use for vehicle delivery and which is most effective based on a consumer study. The study found that customer satisfaction was highest when delivery was conducted by a specialist, scoring 881 out of 1000, rather than the salesperson or a second delivery. While specialist deliveries are more satisfying, they remain less common than salesperson deliveries. The delivery process also impacts broader issues like customer service visits and perceived quality problems.
The document provides step-by-step instructions for setting up pricing rules using Pricing Genie, including how to show results, edit results, ignore certain vehicles, and provides an example of rules.
This document from J.D. Power and Associates provides information and data on vehicle sales trends from October 2013 to October 2014. It includes charts showing trends in new vs used vehicle sales, average monthly payments, percentage of loans over 72 months, difference between new vehicle price and customer price, and percentage of vehicles traded in with negative equity. The document notes that J.D. Power does not guarantee the accuracy of the information and requires attribution for any materials quoted from the publication.
The document discusses how automakers must transform their retail models to engage today's digitally connected consumers. It recommends automakers focus on four key dimensions:
1) Disruptive Differentiation - Develop new differentiated offerings like eco-friendly vehicles, embedded connectivity services, and mobility services to appeal to changing consumer demands.
2) Connected Experience - Capitalize on opportunities to ensure loyalty by integrating electronic customization and control of vehicle features through remote apps.
3) Social Reach - Engage customers through social media innovation and collecting frequent customer interaction data to develop stronger relationships.
4) Transparent Channels - Enable new sales channels for products, services and revenue through partnerships that implement open vehicle enhancements beyond
Price Driver is a tool in DealerTrack's AAX system that provides dealers with market data and pricing insights for appraising and managing inventory by matching vehicle VINs to exact and similar market listings; it allows dealers to see how their pricing compares to current retail market conditions and make adjustments if needed; the presenter reviewed how Price Driver works and its advantages for appraising vehicles and pricing inventory.
This document provides benchmarks for evaluating used vehicle appraisals and sales over a one-month time interval, including that appraisals should be twice the amount of retail sales, the ratio of trades won to total trades should be between 45-50%, and any trades missed should also be tracked.
This document summarizes a report from NADA on used vehicle prices by age level. It finds that from 2007-2012, prices grew 18% for vehicles 1-3 years old but even more, 21.5% on average, for vehicles 4-10 years old. Recently, prices have softened 1.2% for vehicles under 4 years as new vehicle demand and incentives increase, drawing customers from used vehicles. However, older vehicle prices have remained steady as quality improvements make them more desirable and supply declines. NADA predicts prices will continue to diverge, with newer used vehicles softening 1.5% in 2013 while older models see 1.5% growth or remain flat.
Vehicle quality differences between brands in the non-luxury market have narrowed significantly in recent years, with the gap between the highest and lowest-performing brands decreasing. While continuous improvements are still important, quality alone can no longer be a major competitive differentiator for brands. Service quality remains an area where dealers can distinguish themselves, as average service satisfaction scores still leave room for improvement. A top-rated service experience can significantly increase customer retention more than vehicle quality.
This document provides instructions for accessing and using a sales analysis report in the AAX system to review past sales performance by price band and model. It explains that users can access the "Sales Analysis by Price Band" report in the REPORT section of AAX, where they can view sales data categorized by price points and vehicle makes/models. The report allows users to analyze previous months' or years' sales to help improve inventory alignment and inform future strategic decisions around price points and vehicle selection.
This document contains information from J.D. Power and Associates regarding vehicle sales trends and statistics from May 2013 to May 2014. J.D. Power and Associates does not guarantee the accuracy of the information and requires proper attribution. The document includes charts showing trends in new and used vehicle sales, average monthly payments, percentage of loans over 72 months, difference between new vehicle price and customer price, percentage of negative equity trade-ins, and average transaction price.
This document contains information from J.D. Power and Associates regarding vehicle sales data and analytics. J.D. Power and Associates does not guarantee the accuracy of the information and is not responsible for errors. Permission is required to reproduce or use the information. The document includes charts showing new and used vehicle sales trends, average loan terms and payments, incentive spending, and negative equity rates over time.
The document discusses a J.D. Power survey that found vehicle buyers view the shopping experience as a four step process: browsing inventory without a salesperson, test driving, negotiating price, and final paperwork. The survey found that overall satisfaction drops significantly if any of these steps takes longer than 15 minutes. Dealers should aim to complete browsing, negotiating, and paperwork within 15 minutes to keep customers satisfied. Vehicle delivery is an exception, as satisfaction improves up to 45 minutes due to customers learning about their new vehicle's features.
This document discusses how social media can empower automotive dealers. It outlines that social media gives dealers the ability to connect with consumers in real time from anywhere. This allows dealers to build relationships and regain power from consumers who now have more information available online. The document then explains that social media is important for building brand awareness, maintaining customer loyalty, interacting with customers, and improving organic search engine rankings. Dealers who effectively use social media can see benefits in increased exposure and sales.
The document discusses the shift from the "Institutional Era" to the "Human Era" in business. In the Human Era, trust in institutions has declined and consumers expect more transparent, personalized relationships with companies. To succeed in this new environment, companies need to take a human-centered approach by focusing on building authentic connections, listening to customers, being transparent, and prioritizing relationships over short-term gains. The document outlines the key characteristics of a "Human Era" company, including demonstrating empathy, communicating openly and honestly, empowering individuals, and making the customer experience a cultural priority.
The document discusses how the foundations of the ultimate customer experience were created in medieval marketplaces over 1,000 years ago, with highly personal interactions, immediate feedback loops, and success depending on word-of-mouth reputation. It argues that while mass media disrupted this for a century, digital technologies are reconnecting businesses to these core marketplace values of personal connections and word of mouth. For companies to succeed with digital customer experience requires adopting a "Medieval Mindset" and overcoming cultural impediments within organizations.
This document from J.D. Power and Associates discusses vehicle sales data and statistics from July 2013 to July 2014. It provides information on the percentage of new and used vehicle purchases, average monthly payments for new leases and loans, the percentage of new vehicle loans with terms of 72 months or greater, new vehicle prices compared to customer facing prices, the percentage of negative equity and trade-in vehicles, and the average new vehicle price versus transaction price. All information and data is copyrighted by J.D. Power and Associates.
- Canadians spent less time on desktop internet and more on mobile platforms in 2013 compared to 2012. Engagement shifted from PC to mobile as half of internet users are now under 35.
- Smartphones reached 3 out of 4 mobile users in Canada, with ownership skewing younger and higher income. Android grew its share of the smartphone market while 4G connectivity increased dramatically.
- Canadians watched more online video across categories, spending more time and reaching more of the population than Americans. Mobile video, including live TV, increased significantly year-over-year.
Certified pre-owned vehicle sales have grown significantly in recent years due to increasing consumer awareness and availability of late model used vehicles. Sales reached a record high of 2.1 million units in 2013, up 15% from the previous year, and are on pace to set another record in 2014. This growth has been fueled by recovering auto demand, economic concerns driving buyers to certified pre-owned vehicles for their warranty coverage and affordability, and rising supply of off-lease late model vehicles from new car sales. Manufacturers have also seen benefits from promoting certified pre-owned programs in supporting residual values and increasing customer loyalty.
DealerTrack's AAX inventory solution provides tools to help dealers optimize return on investment (ROI) for used vehicle inventory. ROI is calculated by taking the annualized profit from a vehicle and dividing it by its cost of sale. Using AAX reports, dealers can calculate ROI at the unit, monthly, and yearly levels to evaluate performance and identify opportunities to improve profits through adjustments to inventory levels, purchase prices, or time to sale. The 2012 Canadian industry benchmark for used vehicle ROI was 78% for vehicles retailed within an average of 65 days.
This document provides instructions for accessing the administration functionality within AAX to manage users. It directs the user to log in, click Administration, then Users, select their dealer name, where they can see a list of all users and modify statuses or passwords. It emphasizes clicking save after making any changes to ensure they are captured.
CDK is a company that provides technology solutions to automotive dealerships to help them operate more efficiently and profitably. The document highlights several key areas where CDK's solutions can help dealerships, including customer experience, inventory management, digital marketing, collaboration tools, finance and insurance processes, and fixed operations. It summarizes data that shows the financial and operational benefits dealerships can see by optimizing these areas with CDK's tools. The document encourages dealerships to contact their CDK representative to learn more about how CDK's insights and solutions can help them "move faster forward."
The document discusses different strategies dealers use for vehicle delivery and which is most effective based on a consumer study. The study found that customer satisfaction was highest when delivery was conducted by a specialist, scoring 881 out of 1000, rather than the salesperson or a second delivery. While specialist deliveries are more satisfying, they remain less common than salesperson deliveries. The delivery process also impacts broader issues like customer service visits and perceived quality problems.
The document provides step-by-step instructions for setting up pricing rules using Pricing Genie, including how to show results, edit results, ignore certain vehicles, and provides an example of rules.
This document from J.D. Power and Associates provides information and data on vehicle sales trends from October 2013 to October 2014. It includes charts showing trends in new vs used vehicle sales, average monthly payments, percentage of loans over 72 months, difference between new vehicle price and customer price, and percentage of vehicles traded in with negative equity. The document notes that J.D. Power does not guarantee the accuracy of the information and requires attribution for any materials quoted from the publication.
The document discusses how automakers must transform their retail models to engage today's digitally connected consumers. It recommends automakers focus on four key dimensions:
1) Disruptive Differentiation - Develop new differentiated offerings like eco-friendly vehicles, embedded connectivity services, and mobility services to appeal to changing consumer demands.
2) Connected Experience - Capitalize on opportunities to ensure loyalty by integrating electronic customization and control of vehicle features through remote apps.
3) Social Reach - Engage customers through social media innovation and collecting frequent customer interaction data to develop stronger relationships.
4) Transparent Channels - Enable new sales channels for products, services and revenue through partnerships that implement open vehicle enhancements beyond
Price Driver is a tool in DealerTrack's AAX system that provides dealers with market data and pricing insights for appraising and managing inventory by matching vehicle VINs to exact and similar market listings; it allows dealers to see how their pricing compares to current retail market conditions and make adjustments if needed; the presenter reviewed how Price Driver works and its advantages for appraising vehicles and pricing inventory.
This document provides benchmarks for evaluating used vehicle appraisals and sales over a one-month time interval, including that appraisals should be twice the amount of retail sales, the ratio of trades won to total trades should be between 45-50%, and any trades missed should also be tracked.
This document summarizes a report from NADA on used vehicle prices by age level. It finds that from 2007-2012, prices grew 18% for vehicles 1-3 years old but even more, 21.5% on average, for vehicles 4-10 years old. Recently, prices have softened 1.2% for vehicles under 4 years as new vehicle demand and incentives increase, drawing customers from used vehicles. However, older vehicle prices have remained steady as quality improvements make them more desirable and supply declines. NADA predicts prices will continue to diverge, with newer used vehicles softening 1.5% in 2013 while older models see 1.5% growth or remain flat.
Vehicle quality differences between brands in the non-luxury market have narrowed significantly in recent years, with the gap between the highest and lowest-performing brands decreasing. While continuous improvements are still important, quality alone can no longer be a major competitive differentiator for brands. Service quality remains an area where dealers can distinguish themselves, as average service satisfaction scores still leave room for improvement. A top-rated service experience can significantly increase customer retention more than vehicle quality.
This document provides instructions for accessing and using a sales analysis report in the AAX system to review past sales performance by price band and model. It explains that users can access the "Sales Analysis by Price Band" report in the REPORT section of AAX, where they can view sales data categorized by price points and vehicle makes/models. The report allows users to analyze previous months' or years' sales to help improve inventory alignment and inform future strategic decisions around price points and vehicle selection.
This document contains information from J.D. Power and Associates regarding vehicle sales trends and statistics from May 2013 to May 2014. J.D. Power and Associates does not guarantee the accuracy of the information and requires proper attribution. The document includes charts showing trends in new and used vehicle sales, average monthly payments, percentage of loans over 72 months, difference between new vehicle price and customer price, percentage of negative equity trade-ins, and average transaction price.
This document contains information from J.D. Power and Associates regarding vehicle sales data and analytics. J.D. Power and Associates does not guarantee the accuracy of the information and is not responsible for errors. Permission is required to reproduce or use the information. The document includes charts showing new and used vehicle sales trends, average loan terms and payments, incentive spending, and negative equity rates over time.
The document discusses a J.D. Power survey that found vehicle buyers view the shopping experience as a four step process: browsing inventory without a salesperson, test driving, negotiating price, and final paperwork. The survey found that overall satisfaction drops significantly if any of these steps takes longer than 15 minutes. Dealers should aim to complete browsing, negotiating, and paperwork within 15 minutes to keep customers satisfied. Vehicle delivery is an exception, as satisfaction improves up to 45 minutes due to customers learning about their new vehicle's features.
This document discusses how social media can empower automotive dealers. It outlines that social media gives dealers the ability to connect with consumers in real time from anywhere. This allows dealers to build relationships and regain power from consumers who now have more information available online. The document then explains that social media is important for building brand awareness, maintaining customer loyalty, interacting with customers, and improving organic search engine rankings. Dealers who effectively use social media can see benefits in increased exposure and sales.
The document discusses the shift from the "Institutional Era" to the "Human Era" in business. In the Human Era, trust in institutions has declined and consumers expect more transparent, personalized relationships with companies. To succeed in this new environment, companies need to take a human-centered approach by focusing on building authentic connections, listening to customers, being transparent, and prioritizing relationships over short-term gains. The document outlines the key characteristics of a "Human Era" company, including demonstrating empathy, communicating openly and honestly, empowering individuals, and making the customer experience a cultural priority.
The document discusses how the foundations of the ultimate customer experience were created in medieval marketplaces over 1,000 years ago, with highly personal interactions, immediate feedback loops, and success depending on word-of-mouth reputation. It argues that while mass media disrupted this for a century, digital technologies are reconnecting businesses to these core marketplace values of personal connections and word of mouth. For companies to succeed with digital customer experience requires adopting a "Medieval Mindset" and overcoming cultural impediments within organizations.
The rise of the Human Era has precipitated a fundamental shift in the value equation, which has profound implications for brands and organizations. Value creation has become not only more intimate and personalized, but more cooperative and inclusive.
By John F. Marshall
Senior Partner, Global Director of Strategy, Lippincott
And Graham Ritchie
EVP, Chief Strategy Officer, Hill Holliday
Money talks, leapfrog, repairing the damageThe Leith
The document summarizes findings from market research on consumer attitudes towards financial institutions since the 2008 crisis. It discusses how consumers have become angrier at banks, blaming them for rising personal debt levels and feeling banks acted without apology. Consumers feel bankers live in a "parallel universe" and are unfairly rewarded with high pay despite failure. The research also finds consumers now feel they must take personal financial planning more seriously due to uncertainty in pensions and savings.
This document provides sample policies and procedures for handling accidents, illnesses, emergencies, and behavior issues for a childcare service called The Early Human Childminders. The accident policy states that parents will be asked to sign an accident book and outlines steps to be taken in the event of minor or serious accidents. The emergencies policy details what will be done if a child needs medical treatment, including staying with the child and informing other parents. The behavior policy adopts a positive approach based on understanding the root causes of misbehavior in young children and promoting learning through consistency and rewards rather than punishment.
Networked markets allow consumers to quickly change suppliers and employers based on the information available online. Consumers now have more knowledge and expectations about products, and will find suppliers that meet their needs. Companies must communicate with customers in a transparent, human way to understand their concerns and build trust within their community.
Brand love was first studied scientifically 20 years ago but is still not fully understood. The first researcher to empirically study brand love, like love for people, was Aaron Ahuvia in the early 1990s. His work found brand love is based on trust, and trust is triggered by brands that demonstrate accountability, reliability, transparency, relevancy, and innovation. Beloved brands earn customer trust through these five attributes, driving loyalty, positive word-of-mouth, and willingness to pay more.
The document discusses the non-alcoholic beverage segment, noting that it is a competitive $170 billion industry projected to grow to $190 billion by 2020. It is a broad sector that includes carbonated soft drinks, bottled water, juices, energy drinks, sports drinks, and more. While carbonated soft drinks currently make up the largest sub-category, the document indicates the non-alcoholic beverage segment is dynamic and experiencing shifts across categories.
013 How To Start Biography Essay Example Of SomeoSusan Tullis
This document provides instructions on how to request and complete an assignment writing request on the HelpWriting.net website. It outlines a 5-step process: 1) Create an account with a password and email. 2) Complete an order form with instructions, sources, and deadline. 3) Review bids from writers and choose one. 4) Receive the paper and authorize payment if pleased. 5) Request revisions until satisfied. The document stresses that original, high-quality content is guaranteed, with refunds for plagiarism.
While Uncle Sam props up the markets and maintains record low interest rates, brands’ greater engagement with consumers, along with a readiness to respond to emergencies, forms a central role. In a new era of cash-flow constraints, brand rationalization and no-risk methods to regain trust, what are the best methods for protecting it?
The document discusses different examples of deception used by characters in Shakespeare's play Hamlet. Deception is a major theme throughout the play, as characters use false appearances and lies to distract others and achieve their own desires. Hamlet specifically employs various deceptive tactics as part of his plan to get revenge for his father's death, as he vows to his dead father's spirit. Deception is presented as a powerful tool that can be used for both good and evil ends in the story.
Argumentative Essay Gre Pool. Online assignment writing service.Nancy Ross
The document provides steps for requesting writing assistance from HelpWriting.net:
1. Create an account with a password and email.
2. Complete a 10-minute order form providing instructions, sources, deadline, and attaching a sample work.
3. Review bids from writers and choose one based on qualifications, history, and feedback, then pay a deposit to start the assignment.
4. Review the completed paper and authorize full payment or request revisions until satisfied. The site guarantees original, high-quality work or a full refund.
A nine-year-old boy named Mike is experiencing behavioral issues that could be treated using two psychoanalytical perspectives: Freudian and Winnicottian. Freudian therapy may examine how Mike's parents' marital issues and cultural transitions are impacting his development. Winnicottian therapy focuses more on Mike's environment and his relationship with caregivers, and how disruptions in his early development could be manifesting in his current behavior. Both approaches aim to help Mike by addressing factors influencing his psychological maturation.
Future of loyalty An initial perspective by Christopher Evans of the Collins...Future Agenda
An initial perspective on the future of loyalty by Christopher Evans of the Collinson Group. This is the starting point for the global future agenda discussions taking place through 2015 as part of the the futureagenda2.0 programme. www.futureagenda.org
This thought piece, authored by strategists from the Proximity network and presented by Digital Lab, examines the empirical need for social media investment by brands and explores the frameworks for measuring the...
8 Tips That Will Make You Guru In Essay Writing - SCSKaren Benoit
The essay compares and contrasts the Texas Constitution with the U.S. Constitution. Both documents include a Bill of Rights to protect citizens' rights, and divide government into lower and higher powers with checks and balances. However, the Texas constitution is more verbose in protecting citizens from government overreach, as the founding fathers were wary of too much centralized power. Additionally, the Texas Constitution outlines strict laws around state spending. In general, the U.S. Constitution gives more implied powers to the federal government, while the Texas version focuses more on reserving powers for citizens and states.
Lessons from the coffee shop to boost sales and seal dealsGUY FLEMMING
Steve spent 40 years in successful sales and now shares his expertise at a local coffee shop. His secret to sales success is to "ask for the order" but also "let me tell you a story" - storytelling creates an emotional connection that makes "the ask" more personal and relevant. The author advocates using stories, examples, and anecdotes to engage listeners and explain how products and services help people in a way that resonates emotionally rather than just listing attributes. Some strategies discussed include asking "so what" to explain significance, putting information in context with analogies, speaking with confidence, tailoring the message to the audience, and being fully present when communicating.
Score Your GRE Essay. Online assignment writing service.Valerie Mejia
The document discusses the character development of Connor from Neal Shusterman's novel Unwind. It describes how Connor transforms from a volatile character into a strong leader. Through working with Risa and Lev to evade being unwound, Connor learns to control his emotions and strategize effectively. He is able to take charge during chaotic situations and unite the other unwinds, demonstrating leadership qualities that help guide the group.
The document provides instructions for using an online essay writing service. It outlines a 5-step process: 1) Create an account with personal details. 2) Complete an order form with instructions, sources, and deadline. 3) Review bids from writers and select one. 4) Review the completed paper and authorize payment. 5) Request revisions to ensure satisfaction, with a refund option for plagiarized work. The service aims to provide original, high-quality content to meet customer needs.
R E P R I N T N U M B E R 5 4 4 0 9S U M M E R 2 0 1 3.docxmakdul
R E P R I N T N U M B E R 5 4 4 0 9
S U M M E R 2 0 1 3 V O L . 5 4 N O . 4
How to Drive Customer
Satisfaction
By Rolph E. Anderson, Srinivasan Swaminathan and Rajiv Mehta
INTELLIGENCE
SUMMER 2013 MIT SLOAN MANAGEMENT REVIEW 13COURTESY OF WE FASHION
Savvy company executives
know that some of their greatest
and potentially most enduring
assets are their long-run cus-
tomer relationships. Trying to
sustain a competitive advantage
with new products is a frustrat-
ing game, where short-term
leads often erode quickly. But by
satisfying customers, compa-
nies can nurture long-term
relationships and customer
loyalty. What’s more, a small in-
crease in customer loyalty can
make a big difference in com-
pany profits. McDonald’s, for
example, calculated back in the
1990s that just one additional
visit per week by “heavy users”
would boost annual sales by
more than $10 billion dollars.
Blending Bricks
and Clicks
In retailing, customer loyalty
cannot be achieved for long by
keeping customer interactions
online distinct and separate from
those offline. Many consumers
have largely merged their shop-
ping to the extent that they go
back and forth between online
and offline retailers. They may
start out by looking at desired
products in a store, go online to
check out the products further,
then decide to buy them from an
online seller such as Amazon. Or
they may start searching online,
then go look at the items offline
at a Wal-Mart or Target store,
and perhaps buy them there
because they’re immediately
available. Since consumers are
fusing their offline and online
shopping habits, retailers must
adapt their systems as necessary
to create seamless “brick-and-
click” stores. Shoppers will
reward companies that do this
well. Many Amazon customers
use brick-and-mortar Best Buy,
Target or Wal-Mart stores to in-
spect products before making
their final purchases online from
Amazon. Consumers treating
offline stores as “showrooms”
prior to purchasing elsewhere
on the Internet present a seri-
ous threat to companies that
have yet to blend their offline
and online stores.
Traditional retailers are fight-
ing back, in part by asking
suppliers to provide designs and
products that are “exclusive” to
their stores. Toys “R” Us, for in-
stance, has many products that
can’t be purchased from other
stores or websites. Target does
likewise with fashion brands
[MARKETING]
How to Drive Customer Satisfaction
Companies looking to build a satisfied and loyal customer base need to realize that
there are multiple drivers of customer satisfaction.
BY ROLPH E. ANDERSON, SRINIVASAN SWAMINATHAN AND RAJIV MEHTA
(Continued on page 14)
Shoppers at WE Fashion stores can use a “Tweet Mirror” to take pictures
of outfits they are trying on and post the photos on Twitter.
14 MIT SLOAN MANAGEMENT REVIEW SUMMER 2013 SLOANREVIEW.MIT.EDU
I ...
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1. kno wle dge .whart o n.upe nn.e du
http://kno wledge.wharto n.upenn.edu/article/human-brand-relatio nships-co mpanies/
‘The Human Brand’: Our Relationships with Companies
Oct 24, 2013 Bo o ks No rth America
Market ing
Customers describe how they feel about companies and brands in profoundly personal ways. We hate our banks;
we love our yoga pants. We can’t stand the cable company, but we consider our smartphone one of our very best
friends.
How are we making these judgments? According to a new book titled, T he Human Brand: How We Relate to
People, Products, and Companies, by Chris Malone, an expert in customer loyalty, and Susan T. Fiske, a
professor of psychology at Princeton University, our perceptions are the result of spontaneous judgments on
warmth and competence – precisely the same elements that drive our impressions of other people. As a result,
customers evaluate, judge and form relationships with companies in ways that are remarkably similar to how they
evaluate and behave toward people.
Malone recently talked to Knowledge@Wharton about his book. To achieve success in the future, companies must
build more genuine relationships with customers that display warmth, competence and worthy intentions, says
Malone, who got his MBA at Wharton and has held senior marketing positions at companies such as Coca-Cola,
ARAMARK and Choice Hotels.
An edited transcript of the conversation follows.
Knowledge@ Wharton: Your book’s hypothesis is that we relate with companies in much the same way that
we do with people. Explain.
2. Chris Malone: In their struggle f or survival, primitive humans were f orced to develop a genius f or making two
specif ic kinds of judgments quickly and accurately. One: What are the intentions of other people toward me?
And two: How capable are they of carrying out those intentions? In the academic world, these dimensions of
perception are called warmth and competence. Warmth involves whether we view others to be honest,
trustworthy, kind or f riendly, while competence relates to whether they seem capable, intelligent or skilled.
T hese spontaneous perceptions drive most of our emotions and behavior toward other people.
Whether we realize it or not, the way we judge companies and brands happens in much the same way. Our
research showed that more than 50% of all purchase intent and customer loyalty can be explained by these
two basic human perceptions, bef ore any f eatures or benef its are considered. As a customer, we are
acknowledging, “I get who you are and what you’re about.”
Knowledge@ Wharton: So Mitt Romney was right? Corporations are people, too.
“As a customer, we are acknowledging, “I get who you are and what you’re about.”
Malone: He was sort of right, but not in the way he intended. We do perceive and judge corporations as if they
are people, even if we never have any direct contact with the people in them. Psychologists classif y
relationships as either “exchange” or “communal.” Exchange relationships are very transactional. We get what
we pay f or – nothing more, nothing less. Communal relationships, however, are based on genuine concern f or
others, without an immediate expectation of reciprocal benef it. We tend to think that our relationships with
companies and brands are strictly transactional. But to a much greater degree than we realize, we are more
wired f or, and desiring of , communal relationships.
Knowledge@ Wharton: A “communal relationship” with a company? Really?
Malone: It’s really surprising and counter to conventional business wisdom, but our research on more than 45
major companies over the past three years has conf irmed that warmth perceptions and communal relationships
are the dominant drivers of customer loyalty. Here’s a personal example to illustrate. I never went looking f or a
communal relationship with my drycleaner, but ended up in one nonetheless. I’m not a chatty guy. I keep to
myself on airplanes and elevators. But my drycleaner – a woman named Grace Kim, who emigrated f rom South
Korea in the 1970s and now runs Jean’s Custom Cleaners – gradually won me over without me even realizing it.
Her drycleaner is not the most modern, sophisticated or impressive I’ve ever seen, and her English remains
heavily accented. But Grace greets most customers by name as soon as they walk in. She knows their kids’
names, what activities they are involved in and where they go on vacation. She really cares about the people
she does business with and they have come to care about her in return. T here are f aster and more convenient
drycleaners in my town, but at this point, I couldn’t imagine switching.
Knowledge@ Wharton: What about the companies we don’t have good relationships with? What causes this
deep sense of disgust on our part?
3. Malone: One thing that causes us to dislike big banks, cable providers and telecoms is the imbalance of power
we have with them and how that is of ten used against us. T hey take actions in their own interest to generate
revenue and prof its – things like closing branches, cutting service and raising prices. Frequently, our ability to
respond to these changes is limited by contracts or switching costs. In the business world, this kind of
behavior is perf ectly reasonable and rational. In f act, it’s what business schools taught us and f inancial
markets expect f rom us. However, most people don’t live in the business world; they live in a civil society that
relies on trust and communal relationships to f unction and grow. Prior to the industrial revolution, if a merchant
did wrong by you, everyone in town knew about it by the weekend and the merchant would be under pressure
to make it right or risk damaging his relationships with other customers. Today, social networks and digital
communication are bringing back that same social accountability, and companies of all kinds will need to change
the way they do business, or their customers will spend time actively plotting their escape and revenge.
Knowledge@ Wharton: And what might that revenge be?
Malone: It could be as simple as never doing business with that company again, but more likely these days, it’s
launching a social media campaign to let the world know how they have been wronged and what the true
intentions of that company or brand are in their opinion. We have seen lots of examples of this in the past f ew
years, f rom Bank of America’s attempt to introduce debit card f ees or Verizon’s f ailed “convenience” f ee f or
credit or debit card payments. Social networks have rebalanced the power in relationships between large
companies and their customers.
“Today, social networks and digital communication are bringing back … social accountability, and
companies of all kinds will need to change the way they do business.”
Knowledge@ Wharton: What happens when a company disappoints us?
Malone: Netf lix is a great example of how a betrayal of trust can be especially damaging. It was once a Wall
Street darling and customer f avorite. In 2011, the company shocked customers with a major price hike and
customers were outraged. T he reason was that Netf lix seemed to be one of the good guys that enabled
people to get around the unreasonable f ees charged by cable companies and video rental chains. T here was
this f eeling of : “I can’t believe I trusted you and then you turned on me.” T he company [consequently] lost
800,000 subscribers and its stock price dropped dramatically. More recently, Netf lix has been regaining
customer trust and momentum, but has had to climb out of a deep, self -made hole that could have been
avoided if it had handled its pricing changes in a warmer and more competent way.
Knowledge@ Wharton: Do we f orgive companies that make mistakes?
Malone: It depends on how they handle the mistake. If Netf lix had come out right away and said: “We messed
up – we are going to rethink this, and we are going to make this right,” it would have unf olded dif f erently. But
Netf lix waited over two months to of f er a half -hearted apology that did not include a rollback of the price hike.
Netf lix customers were not impressed and expressed even more outrage. In contrast, the Tylenol brand has
been remarkably resilient in weathering an embarrassing spate of production problems and product recalls.
Despite having their primary production f acility shut down by the FDA, resulting in product shortages that have
lasted f or over two years, our research f ound that Tylenol purchase intent and brand loyalty remained slightly
higher than that of Advil. In f act, 87% of consumers told us that they are likely to remain more loyal to a
company that handles a product recall honorably and responsibly, even though it clearly made a mistake. It
turns out that short-term lapses of competence are highly f orgivable and can make companies seem more
“human” and approachable, while intentional acts of ill will toward customers are of ten really poisonous.
4. Knowledge@ Wharton: What kinds of things can companies do to make them appear warmer and more
competent?
Malone: In our book, we prof ile Chris Z ane, a bike shop owner in Connecticut, who back in the early 1990s was
struggling to compete with the Walmarts of the world. One simple way he has built a f anatically loyal customer
base is by giving away the tiny little parts that cost him nearly nothing, like nuts, bolts and ball bearings. He
realized that the need f or these parts typically comes during painf ul times f or customers. A parent who enters
his shop with a crying child and broken chain has enough problems without being nickel-and-dimed f or a master
link, so Z ane started giving away these parts f or f ree. It’s a little thing that doesn’t cost him a lot, but leaves
his customers surprised and impressed by his loyalty to them.
Overall, the simplest and most reliable way to convey warmth and competence is what we call T he Principle of
Worthy Intentions. Sometimes in business, we make things much more complicated than they need to be. When
companies simply think and act in the best interests of their customers – especially in the short term – the
warmth and competence perceptions usually take care of themselves. Of course, good intentions alone will not
be enough. T he product or service needs to be decent as well, but our research shows that most companies
are perceived to be lacking warmth more so than competence.
“There are some who believe that Big Data will be a kind of panacea for driving business growth in
the future, but I am not among them.”
Knowledge@ Wharton: What ef f ect does Big Data have on our perceptions of a company’s warmth and
competence?
Malone: T here are some who believe that Big Data will be a kind of panacea f or driving business growth in the
f uture, but I am not among them. In my view, it really depends on how it is used. To the extent that it’s used to
enable more one-to-one dialogue between companies and their customers, and demonstrate that they know
and care who their customers are — like Grace the drycleaner — then I think it can have a very positive impact
on those relationships. However, if it’s used primarily to track browser cookies and purchase habits as a
means to serve up dynamic banner ads and targeted product pitches, then I think it will be a big disappointment.
If companies want to develop stronger and more prof itable relationships with their customers, they need to
actually talk to them and pay attention to their interests, not just rummage through their digital trash.
Knowledge@ Wharton: Is there a danger that companies will overstep?
Malone: Yes, absolutely. Last year The New York Times ran a story about Target using its data mining
capabilities to f igure out how to predict its customers’ pregnancies. T he company had identif ied 25 items that
could be analyzed along with individual customer data to produce a pregnancy prediction score with surprising
accuracy. T hen the company would send out motherhood-related coupons. T he problem is that by trying to
engage with customers on something that is deeply personal without getting to know them f irst just comes of f
as creepy. Target was chastened f or overreaching. Companies need to use the data to get to know their
customers by name and have interactions with them that are not just automated, machine-driven campaigns.
Otherwise, it seems invasive and voyeuristic.
Knowledge@ Wharton: What are the most important lessons f or companies?
5. Malone: We have identif ied three imperatives that companies and brands should strongly consider if they seek
sustained growth and prof itability. First, they need to become more self -aware of how their actions are
perceived by customers f rom a warmth and competence standpoint. Many longstanding business practices are
f ar more of f -putting now than they were just a decade ago. T here’s a much higher standard of goodwill and
transparency expected now.
Second, companies need to embrace signif icant change in the way they do business with customers, better
aligning their policies, practices and processes to ref lect warmth and competence.
And f inally, companies need to rebalance their priorities to better serve the interests of multiple stakeholders.
T he stagnant, transactional nature of many businesses today can be traced to an excessive f ocus on shortterm shareholder returns, of ten at the expense of customers, employees and other stakeholders. Until this
root cause is addressed, the customer churn epidemic will continue, sapping growth and increasing the costs
of doing business.
The Human Brand: How We Relate to People, Products, and Companies