Today's marketers must compete against smart devices, geo-targeted advertising and a plethora of brand messages, in effect making consumer attention a limited and invaluable resource. Because of this, successful contemporary business leaders use technology and innovative practices to engage the right consumers at the right time. As the information universe expands, the value of consumer attention rises. Today's marketers capture the attention of consumers using every available touch point, especially consumer mobile devices. The following sections highlight five tactics that marketers can deploy to influence consumers in the highly competitive business marketplace.
A lot has happened in the sales tech space. The major change of this landscape iteration is the restructuring of the Sales Intelligence layer. The new layer features list providers regardless of their data collection method. Differentiate between vendors offering data augmentation services. Eventually, add call and web intelligence solutions, growingly used in sales organizations. Besides understanding how the category shapes up, follow steps for your vendor selection. Keep in mind this explosion of players brought a lot of variability in data quality.
While it’s true that data tends to decay over time, you always need to be sure that you are analyzing the right data. As marketers, while we become more and more inclined to a data-driven approach to enable customer experience, the key question to know is “Are we even looking at the right data?” (Or) “Do we have access to the right data?” Put yourself in the shoes of the customer and you’ll realize that most times, great CX need not always be about wowing the customer at every opportunity.
We continue our exploration of the key trends shaping up the customer interaction management market. In the first part of this article, we looked at the accelerating transition to the cloud and the impact of digital transformation initiatives. In this second part, I would like to explore four other driving forces. The coming of age of Artificial Intelligence (AI) and the viral adoption of messaging apps are enabling conversational experiences. Self-service has become an investment priority for enterprises and the number of virtual customer assistant providers has surged to a whopping 80.
Enterprises are looking at how they interact with customers in a more holistic way. It includes the resolution of the issues that triggered customers reaching out in the first place as well as providing proactive service. The transition to the cloud of contact centers has created a “gold rush” in a market where incumbent vendors had traditionally a leg up.
Like any automation process, the most basic expectation from salesforce automation (SFA) tools is to improve efficiency and effectiveness of sales operations. Yet when you look closely, salesforce automation is usually a feature within your CRM or ERP tools to track and manage selling activities and reports, which is just not enough because not all selling are equal. While the sales numbers are not completely owned by marketing, the insights from marketing operations are a key component of sales force automation.
General Data Protection Regulation (GDPR) is an attempt to regulate the source of information and legalize the flow of information based on the prospect or customer’s permission. GDPR is a regulation that defines how organizations need to protect the personal data of EU citizens. If your idea of prospect reach-out was mass emailers, cold calls or anything that intrudes a prospect’s experience – then GDPR is going to affect you badly. However, there is immense opportunity for marketers and sales people to build quality relationships and engagement, and more importantly an opportunity to improve the quality of data you work on.
Getting the most out of your upcoming trade show will require a lot of work before, during and after the show takes place. There are leads to follow, people to mingle with and a brand to build. Doing a trade show is like networking among the experts. While a trade show can be a fun experience, you're there to get the best deals possible. Unfortunately, the leads you generate from trade shows may not turn into customers if you leave them alone. Leads take work, and you must follow the leads to work.
“Multiple Persona Disorder” occurs when you force all user personas through a single user experience even if they have different requirements. There’s a good chance it’s always been done that way for your product. Enterprise software users are typically provisioned based on role, meaning that each role logs in, accesses and interacts with the application in the same way. Role-based access defines the data each sees but the experience is the same. Whatever you call it, MPD is a major issue in enterprise applications. Forcing too many different user personas through a single user experience inevitably adds complexity and hinders adoption.
A part of our customer understanding comes from what we think is valuable to our customers, average deal size, repeat purchases, etc. But usually, these insights are narrow and not in real time. While it is one thing to capture data, ingest and get insights – the accuracy of data becomes more important. To create a long-term customer isn’t only about catering to their needs but also being able to pick up their buying signals, understand their behavioral patterns and more importantly, being able to use the insights to personalize their customer experience (CX).
Product management has a major identify crisis. Product management is both art and science. You can teach it. You can learn it. But you also need to experience it. Product management seems to be an amorphous, fuzzy thing. Buzzword, acronyms and new memes seem to appear daily. Agile, lean, design thinking are popular terms. But how do they relate to product management? They all attempt to improve delivery quality and reduce delivery time. In the end, product management ensures the delivery and launch based on the requirements. If they add great value, why is their role so misunderstood?
As a product manager, you need to capture, understand, interpret and analyze a range of qualitative and quantitative inputs to arrive at the ideal product decisions. There is no one single source of "truth" exists when making product decisions. Some inputs are definitely more quantitative than others, but many also need a dialogue with customers as well as judgment calls, best guesses, and interpretations. There is no standard approach or single tool that meets everyone's needs. So what's the answer? Is product management more art than science?
In the ‘outcome economy,’ people don’t buy things. They buy outcomes. They buy the end results they are looking for. When a manufacturer sells a product-as-a-service, it is a sizeable step towards an outcome-based business model. So, what about enterprise software. Why do most enterprises still keep paying for the ‘thing’ (i.e. the software) rather than the outcome that they desire? Or to flip the question around, are there any enterprise solution providers offering outcome-based payment models? Do any enterprise software companies actually sell results rather than software?
Many startups invest too heavily in sales before really understanding their customers. Whether it is based on the belief that good salespeople can sell anything, spending too much money on sales personnel too early is a good way to fail fast in a bad way. Bringing on your sales talent before you are ready, can costs start-ups millions of dollars. Hiring your sales talent should instead be a natural outcome of understanding your customers, developing your segment playbooks and your learnings (wins and losses) from customer interactions.
When digital disruptors squeezed their way into financial services industry, one could think banks were doomed. Fintechs are luring customers away with better online service, lower fees, and cheaper transfers. Consider a huge cost of digital transformation for banking corporations and you see legacy players can have a hard time catching up with the newcomers. Apparently, the banks were not going to simply give up. Over the last five years, they spent tens of billions of dollars setting up innovation hubs, buying competitors, and changing operations.
Are you taking your social media strategy as seriously as you should? Your customers are driven to your social media pages—but once they get there, they don’t find 24×7 empathy-building communication or proud, positive brand representation, and a fast, solution-focused approach. Instead they are faced with thread after thread of negative customer feedback and lacklustre product support. Simply put, you’re doing it wrong. Think smart about your social media strategy, and start with understanding the three ways today’s fashionable feedback tool can make (or break) your CX
From a business perspective, knowing your ideal customer is important to the success of your business. This is because it is important to understand who you are trying to market your products to. Understanding your customer’s needs, wants and desires is the best thing you can do for your business. Knowing your customers is important as it helps market your products or services accurately when you are aware of their likes and dislikes. The customers who are satisfied with your business, product, and services are your true and loyal customers. Here’s how to know your potential customers.
ALL businesses are in need of digitization, with the vast majority eagerly trying to to find a digitization strategy and trusted partners to help them get there quickly. The time for digitization is now, and not making this a core part of your business's strategy in 2018 is not just dangerous, it is fatal. The good news is, there are a lot of great partners out there to help you along, picking the right one is just another part of your Digital Transformation Story. HOW you tell that story, while understanding exceedingly changing industry environments, the data realities of the current condition today, and the human/machine capital needed to drive initiatives, is immensely valuable.
The introduction of PFE is the beginning of a revolution in relations between the bank and its clients. The insights that flow from it will primarily build new value for users, intrinsically bonding them with the bank. Along with the development of artificial intelligence algorithms, more and more sophisticated ways will emerge that will pre-empt their clients' behaviour and support them in everyday life. There will be ideas for dynamic adjustment of the bank's communication to key moments in the life of the user, providing summaries after international trips, gift expenses, car running costs since the last refueling or a summary of taxi expenses.
Data ingestion and big data storage were the most foreign to marketing leaders. Understanding where each team sat in the organizations' data story, was incredibly powerful and seemed to inspire the accountability and permission for business leaders to engage in a more informed and strategic technology conversation with IT. CIOs and CMOs must share each other's mindset in how data plays a part in the organizations business strategy, and if this isn't the case, both will end up overspending and over allocating budget and talent in the quest to "be an analytical organization". Here are some items for marketing leaders to explore if all of this sounds familiar:
You may wonder why all the focus on personal data. What do companies want it for anyway? Basically, the answer is, to make more money. You are probably unaware of all the ways your personal data is being collected. Your cell phone company is collecting your data, a plethora of “free” apps are collecting your data, that’s how they are able to offer it at no charge but it is costing you something, you’re paying with your personal information. The bottom line is, you should be deciding if this is something you are willing to share or not.
Big data, Internet of Things (IoT) applications and self-service portals will make it easier than ever for businesses to anticipate their customer's needs, alleviating a load of customer support agents while providing consumers an impressively instantaneous response to their queries. Customers have changed, so technology is molding customer service into a more self-servicing, instantaneous and data-driven platform where consumers are more satisfied, while also reducing the load on a customer support team. Increasing sophistication in technology and big data makes it easier than ever for businesses to address customer support issues before they even occur.
Today’s technologies are making this easier for the savvy marketing practitioner, as there are plenty of powerful lead generation tools and marketing analytics tools that you can use to help automate labor-intensive aspects of this process and get both disciplines working in harmony.
The economy is going global. Managing a remote workforce might not be as difficult as it may sound. Communication and using the right tools remains the key to having a successful team irrespective of the geographies.