tag:econsultancy.com,2008:/topics/customer-experience Latest Customer Experience content from Econsultancy 2018-04-25T09:34:01+01:00 tag:econsultancy.com,2008:Report/4783 2018-04-25T09:34:01+01:00 2018-04-25T09:34:01+01:00 The Modern Marketing Guide to Organisational Structures <p>Many marketing leaders have been forced to rethink the structure of their marketing teams in order to take advantage of the new capabilities and tools that are available to the modern marketer. Many have also done so as a result of changes in the wider business landscape. In response to these changes, Econsultancy has published a new unifying framework for modern marketing called the Modern Marketing Model (M3). M3 is designed to reconcile classical and digital marketing and provides a clear reference to help clarify an organisation’s expectations of what the marketing function does.</p> <p>Econsultancy's 'The Modern Marketing Guide to Organisational Structures' report provides insight into the changing structure of the marketing organisation.</p> <p>The report has several objectives:</p> <ul> <li>To understand how companies are are structuring their marketing organisations to compete in this accelerated new world. This includes examining the remit of marketing in terms of its influence on leading organisational change.</li> <li>To examine common organisational structures and how these structures might be understood by marketing leaders through the lens of the Modern Marketing Model (M3).</li> <li>To suggest a number of ‘enlightened’ organisational structures that marketing leaders can use as frameworks for leading change within their own organisations.</li> </ul> <p>Econsultancy would like to thank the following people for their contributions to this report: </p> <ul> <li> <strong>Colin Lewis</strong>, CMO, OpenJaw Technologies</li> <li> <strong>Andy Evans</strong>, CMO, Sovrn</li> <li> <strong>Nancy Furber</strong>, Senior Marketing Services Manager, Cancer Research</li> <li> <strong>Neil McKinnon</strong>, Head of Marketing, Infectious Media</li> <li> <strong>Attila Jakab</strong>, CEO, Infectious Media</li> <li> <strong>Tom Daniell</strong>, Retail &amp; Marketing Director, Aviva</li> <li> <strong>Paul Jocelyn</strong>, FLPI, Jocelyn Consulting</li> <li> <strong>Simon Swan</strong>, Head of Digital Strategy &amp; Transformation, The Met Office UK</li> <li> <strong>Chris Dobson</strong>, Chief Executive, The Exchange Lab</li> <li> <strong>Mark Evans</strong>, Marketing Director, Direct Line</li> <li> <strong>Tony Preedy</strong>, Director of Marketing &amp; International Development, Lakeland</li> <li> <strong>Lawrence Mitchell</strong>, Chief Customer &amp; Marketing Officer, SumoSalad</li> <li> <strong>Russell Gould</strong>, CEO, Vesta Property (Based on DAB presentation in December)</li> <li> <strong>Alison Lancaster</strong>, Interim Marketing Director, House of Fraser (Based on DAB presentation in December)</li> <li> <strong>John Smith</strong>, Former COO, Burberry &amp; CEO, BBC Worldwide (Based on Oystercatchers Club event in January)</li> <li> <strong>John Rudaizky</strong>, Partner, Global Brand and Marketing Leader, EY (Based on Oystercatchers Club event in January)</li> <li> <strong>Frank Arthofer</strong>, Global Head of Digital and New Business, Formula 1 (Based on Oystercatchers Club event in January)</li> <li> <strong>Lindsay Pattison</strong>, Worldwide CEO, Maxus Global &amp; Worldwide Chief Transformation Officer, Group M (Based on Oystercatchers Club event in January)</li> <li> <strong>Neil Perkin</strong>, Founder, Only Dead Fish and Co-Author of Building the Agile Business</li> </ul> tag:econsultancy.com,2008:Report/3008 2018-04-23T13:39:00+01:00 2018-04-23T13:39:00+01:00 Internet Statistics Compendium Econsultancy <p>Econsultancy’s <strong>Internet Statistics Compendium</strong> is a collection of the most recent statistics and market data publicly available on online marketing, ecommerce, the internet and related digital media. </p> <p><strong>The compendium is available as 11 main reports across the following topics:</strong></p> <ul> <li><strong><a href="http://econsultancy.com/reports/advertising-media-statistics">Advertising</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/content-statistics">Content</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/customer-experience-statistics">Customer Experience</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/web-analytics-statistics">Data and Analytics</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/demographics-technology-adoption">Demographics and Technology Adoption</a></strong></li> <li><strong><a href="http://econsultancy.com/uk/reports/ecommerce-statistics">Ecommerce</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/email-ecrm-statistics">Email and eCRM</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/mobile-statistics">Mobile</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/search-marketing-statistics">Search</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/social-media-statistics">Social</a></strong></li> <li><strong><a href="http://econsultancy.com/reports/strategy-and-operations-statistics">Strategy and Operations</a></strong></li> </ul> <p>Updated monthly, each document is a comprehensive compilation of internet statistics and digital market research with data, facts, charts and figures. The reports have been collated from information available to the public, which we have aggregated together in one place to help you quickly find the internet statistics you need - a huge time-saver for presentations and reports.</p> <p>There are all sorts of internet statistics which you can slot into your next presentation, report or client pitch.</p> <p><strong>Sector-specific data and reports are also available:</strong></p> <ul> <li><strong><a title="B2B Internet Statistics Compendium" href="http://econsultancy.com/reports/b2b-internet-statistics-compendium">B2B</a><br></strong></li> <li><strong><strong><a title="Financial Services and Insurance Internet Statistics Compendium" href="https://econsultancy.com/reports/financial-services-and-insurance-internet-statistics-compendium/">Financial Services and Insurance</a></strong></strong></li> <li> <strong><a title="Healthcare and Pharmaceuticals Internet Statistics Compendium" href="https://econsultancy.com/reports/healthcare-and-pharmaceuticals-internet-statistics-compendium/">Healthcare and Pharmaceuticals</a></strong><strong> </strong> </li> <li><strong><a title="Retail Statistics Compendium" href="https://econsultancy.com/reports/retail-statistics-compendium/" target="_self">Retail</a></strong></li> <li><strong><a title="Travel Statistics Compendium" href="https://econsultancy.com/reports/travel-statistics-compendium/" target="_self">Travel</a></strong></li> </ul> <p><strong>Regions covered in each document (where data is available) are:</strong></p> <ul> <li><strong>Global</strong></li> <li><strong>UK</strong></li> <li><strong>North America</strong></li> <li><strong>Asia</strong></li> <li><strong>Australia and New Zealand</strong></li> <li><strong>Europe</strong></li> <li><strong>Latin America</strong></li> <li><strong>MENA</strong></li> </ul> <p>A sample of the Internet Statistics Compendium is available for free, with various statistics included and a full table of contents, to show you what you're missing.</p> tag:econsultancy.com,2008:BlogPost/69960 2018-04-20T09:09:08+01:00 2018-04-20T09:09:08+01:00 How Zara is using in-store tech to improve its frustrating shopper experience Nikki Gilliland <p>From this it aims to offer customers a slicker, more streamlined, and ultimately enjoyable experience – as well as to combat the growing competition of ecommerce front-runners.</p> <p>So, here’s a run-down of how Zara is using technology to gain an in-store edge, as well as what value it provides consumers.</p> <h3>Streamlining checkout with self-service</h3> <p>There’s no denying that Zara is one of the most in-demand retailers of the past few years. As of May 2017, it was ranked as the <a href="https://www.forbes.com/companies/zara/" target="_blank">51st most valuable brand</a> in the world by Forbes, with sales increasing 13% to reach a record £602.7 million.</p> <p>This is pretty evident in Zara stores, hence my frustrating experience last year. Shops are typically packed, often resulting in long queues for the fitting rooms and even longer ones to actually buy something (or god forbid, make a return).</p> <p>In a bid to combat this, Zara has now launched self-service checkouts, allowing customers to skip the queue and buy for their items via do-it-yourself kiosks (à la Tesco). </p> <p>However, the technology looks and feels much slicker than your average supermarket. Since being made a permanent feature of stores last September, I’ve given it a go a few times myself, and have actually left feeling quite impressed. </p> <p>Instead of receiving the classic ‘unexpected item in bagging area’ alert, I enjoyed an intuitive and relatively easy-to-use experience. One of its best features is that it adds any item to your basket that you hold up in front of it (meaning no searching for or scanning pesky barcodes).</p> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">Zara has self checkout now!!!! I get to avoid unnecessary human interaction as much as possible <a href="https://t.co/zTcfhwwnBY">pic.twitter.com/zTcfhwwnBY</a></p> — A Boogie (@_KillaSeasonn) <a href="https://twitter.com/_KillaSeasonn/status/897154223829389315?ref_src=twsrc%5Etfw">August 14, 2017</a> </blockquote> <p>Has it abolished long queues entirely? Not quite, though (and this might just coincide with refurbished stores or more staff) the issue does seem to be lessening. Plus, the more customers try using the checkouts, the more it’s likely to ease even further.</p> <h3>Click-and-collect &amp; fitting room tech</h3> <p>Recently, Zara introduced its first ever click-and-collect store in London’s Westfield Stratford. It’s only a pop-up (set to run until May) while its main store is being refurbished, but it could indicate that the retailer will be fully rolling out the feature in future. </p> <p>Click-and-collect is not the only new technology on display at the pop-up, with other features also indicating what we might expect from the new flagship store. </p> <p>Alongside online order collection, there’s also the option for customers to order and pay via their mobile phones in-store. What’s more, the fitting rooms include radio frequency identification technology (RFID), which offers up recommended or co-ordinating items when a customer scans something. </p> <p>There’s certainly value in both these features, most notably click-and-collect - which Zara has surprisingly failed to invest in until now. The decision is certainly set to please online shoppers, as well as potentially increase orders made on the website. </p> <p>The fitting room feature is also innovative and not something commonly seen on the high street – Mango is the only other example currently experimenting with it – meaning that it could be a key differentiator amid stiff competition for Zara.</p> <p><img src="https://assets.econsultancy.com/images/0009/3718/Zara_pop_up.JPG" alt="" width="650" height="456"></p> <h3>Clothing comes to life with AR</h3> <p>Moving on to Zara’s latest initiative - augmented reality. This is particularly interesting, as while we’ve seen many mainstream <a href="https://www.econsultancy.com/blog/69016-why-beauty-brands-are-betting-on-augmented-reality" target="_blank">beauty brands launching AR apps</a> - capitalising on the consumer’s desire to test products before purchasing – the fashion industry has been less quick on the uptake.</p> <p>So far, there have been just a few examples to appear (mainly from the luxury sector, such as Burberry) – also serving as a bit of fun rather than for product-based research.</p> <p>Zara was recently one of the first mainstream retailers to launch an AR app, which is designed to bring clothes to life in-stores. By pointing cameras at sensors installed in windows, users of the app can see virtual fashion models strutting their stuff. Other AR imagery includes mannequins moving around and showcasing the brand’s new Studio Collection.</p> <p>Once users have viewed the experience, there is also the option to buy the clothes featured directly through the app or in the store itself.</p> <p><img src="https://assets.econsultancy.com/images/0009/3716/Zara_AR.JPG" alt="" width="760" height="396"></p> <p>But will customers really use this kind of technology in-the-moment? </p> <p>With Zara reportedly only running the initiative for a few weeks, it does seem more like a promotional campaign rather than something of real or long-term value for consumers. Again, this is also because the AR imagery is more geared around novelty and entertainment rather than having any real impact on the path to purchase.</p> <p>The fact that the app asks users to share their photos and videos of the AR experience indicates that the retailer is hoping for a big splash on social.</p> <p>Having said that, there’s certainly a demand for a share-worthy shopping experience. Other brands like Missguided have found success with an <a href="https://www.econsultancy.com/blog/68567-five-things-to-appreciate-about-missguided-s-first-ever-physical-store" target="_blank">Instagram-able in-store CX</a>. Meanwhile, Zara is clearly hoping the technology will lure millennials away from online-only retailers like ASOS and into its now hi-tech stores.</p> <h3>In conclusion…</h3> <p>Thanks to its increased focus on technology, Zara has certainly made steps to improve and enhance the customer experience in stores, with initiatives helping to counteract some of its previous problems. </p> <p>Self-checkouts help to ease congestion and make buying items less frustrating, while fitting room technology makes the experience of trying on clothes much more fun and enjoyable. Similarly, the AR app is a fun and unique concept, which is sure to pique the interest of younger shoppers - or those wanting to try out something new. </p> <p>So, while Zara’s future was never really in doubt, it’s recent investments are likely to boost success, as well as cement the loyalty of long-term fans.</p> <p><strong>Related articles:</strong></p> <ul> <li><a href="https://econsultancy.com/blog/69754-how-lush-is-raising-the-bar-for-in-store-experience">How Lush is raising the bar for in-store experience</a></li> <li><a href="https://www.econsultancy.com/blog/69727-how-retailers-are-using-geofencing-to-improve-in-store-cx">How retailers are using geofencing to improve in-store CX</a></li> <li><a href="https://econsultancy.com/blog/69223-five-ways-retailers-are-helping-in-store-shoppers-using-digital-channels">Five ways retailers are helping in-store shoppers using digital channels</a></li> </ul> tag:econsultancy.com,2008:BlogPost/69931 2018-04-19T12:00:52+01:00 2018-04-19T12:00:52+01:00 Six examples of brands using a decoupled CMS Richard Jones <p>Here we look at how organisations are using a decoupled content management system (CMS) to free-up their content to do just that.</p> <h3>Why brands and publishers are decoupling their systems</h3> <p>Organisations need to get content to audiences where they’re looking for it, but legacy systems can make it tricky to seamlessly deliver content in real-time, in the right context, to the exploding number of channels and touchpoints. </p> <p>Brands and publishers need to free their content from siloed systems and we are seeing a move towards open, decoupled, API-driven CMSes that allow them more flexibility and to share content quickly at scale.</p> <p>Decoupled CMSes allow content teams to write once, publish anywhere by storing content as structured data components that can be consumed by any device and presented in the right format for their destination using common APIs and repositories.</p> <p>So what are the applications of this? Let’s take a look at six brands that are transforming customer experiences by decoupling their content systems.</p> <h3>KitchenAid</h3> <p><img src="https://assets.econsultancy.com/images/resized/0009/3417/kitchenaid-blog-flyer.png" alt="" width="470" height="239"></p> <p>Leading kitchen appliance manufacturer KitchenAid can deliver recipes to your food processor to match the ingredients you have to hand. It does this by using a decoupled CMS to manage and deliver recipe content to its app, which integrates with the KitchenAid Cook Processor.</p> <p>This is a great example of how API-led, decoupled systems allow organisations to repurpose content for delivery to Internet of Things (IoT) devices.</p> <h3>Arsenal F.C.</h3> <p>Arsenal Football Club (disclaimer: a client of mine at Inviqa) is demonstrating that it understands the fundamental need to play where your audience is. It recently remodelled its content, launching a new, decoupled content hub to expose the club’s rich library of content over multiple channels in the fastest and most efficient way.</p> <p>This new content hub integrates with external APIs and third-party systems to help the Premier League club seamlessly reach more channels, better connect with fans, and enhance the fan experience.</p> <p>As Arsenal's core platform product manager noted, the club needed a content management system (CMS) ‘that would, in time, be delivering content to devices, platforms, and channels that don’t currently exist'. With support for both new and traditional modes of content delivery, the CMS behind its new content hub is based on Drupal 8.</p> <p><img src="https://assets.econsultancy.com/images/0009/3713/arsenal-cms.png" alt="arsenal website" width="470" height="419"></p> <h3>The Economist</h3> <p>The Economist is one of my favourite examples of a media brand that’s really <a href="https://econsultancy.com/blog/69174-four-brands-pushing-the-boundaries-of-content-strategy/">pushing the boundaries of content delivery</a>.  </p> <p>The Economist has reengineered its core systems to support microservices and APIs. As a result, it’s able to serve real-time content to a wide array of channels using the same core content. </p> <p>It’s an approach that gives the media organisation the agility and freedom to move quickly and test where its content resonates best.</p> <p><img src="https://assets.econsultancy.com/images/resized/0009/3418/economist-blog-flyer.jpg" alt="" width="470" height="264"></p> <h3>Princess Cruises</h3> <p>Princess Cruises wanted to transform the way its guests access content while onboard its vessels. That’s why the company decided to evolve its popular Princess@Sea mobile application into a fully cross-platform, on-board digital experience platform.</p> <p>Providing each passenger with engaging, multilingual, real-time experiences on the device of their choosing meant that Princess Cruises needed to fully utilise every passenger-facing screen onboard its 17 ships. Getting there would require a means of centrally managing content across all these channels and touchpoints.</p> <p>Powered by a decoupled CMS, the new Princess@Sea platform allows passengers to use whichever device suits them best to send instant messages, and to browse events schedules, itineraries, deck plans, and personalised planners. </p> <p>Content is managed from a central website and is then migrated to unique websites onboard the ships at sea. The organisation has seen a 71% penetration, with 32% of passengers registering for Princess@Sea accounts.  </p> <p><img src="https://assets.econsultancy.com/images/resized/0009/3416/princess_cruises-blog-flyer.png" alt="" width="470" height="352"></p> <h3>Vodafone</h3> <p>Vodafone is one of the world’s largest telecom providers and its sheer size poses challenges when it comes to delivering seamless digital experiences. But with a focus on enabling the multichannel experience of the future, it’s making huge strides here. </p> <p>Vodafone’s CMS provides the backbone for delivering the latest content and product information to its in-store point-of-sale (POS) systems as part of a wider omni-channel strategy. Its in-store screens are no longer a silo for content delivery, but are part of a continuous customer journey that also spans web and mobile, digital campaigns, and in-store signage. Content is managed from a single, decoupled system and can be translated and localised for local markets.</p> <p><a href="https://www.figarodigital.co.uk/video/vodafone-connected-customer-journey-one-channel-one-organisation/%20">Check-out this video</a> to learn more about how they’re redefining the connected customer journey.</p> <h3>NPR</h3> <p>US company NPR (national public radio) is decoupling its systems to take advantage of growing consumer appetite for voice search via voice-activated speakers such as Google Home. </p> <p>Through its <a href="https://one.npr.org/">NPR One audio app</a>, it’s connecting audiences to a stream of news, podcasts, and other content based on what an individual likes. So, by enabling the app on Google Home, users can enjoy personalised content, hands-free.</p> <h3>Decoupling your systems is getting easier </h3> <p>Thanks to the rise in industry standards like REST, JSON API and Graph QL, it’s easier than ever to integrate systems and make use of shared repositories and APIs to get content where it needs to be, in the right format. </p> <p>Remember though that technology is just the mechanism of delivery; your content provides the value. </p> <p>That’s why content modelling needs to be at the centre of everything as you map and understand how you content fits together, and how that content can be broken down into reusable components that serve a breadth of use cases.</p> tag:econsultancy.com,2008:ConferenceEvent/948 2018-04-19T06:49:07+01:00 2018-04-19T06:49:07+01:00 Building customer connections through data-driven insights, advanced technology and flawless execution (Shanghai) <p>In collaboration with Epsilon, this roundtable session will discuss the latest in developments, trends, and best practices in Customer Experience.</p> <p>Attendance is <strong>limited to 30 attendees</strong> to ensure maximum interaction and sharing of insights.</p> <h4>The Roundtable Format</h4> <p>The roundtable allows you to discuss a number of related subjects (<strong>select 2</strong>) that are most relevant to you and allows you to find out from your peers how they are addressing similar challenges and opportunities.</p> <p><strong>1. Creating customer connections - building the business case &amp; best practices</strong></p> <p><strong>2. Harnessing Technology</strong></p> <p><strong>3. The Future of Customer Experience</strong></p> <p>Each roundtable is moderated by Econsultancy and focused on a particular topic with delegates proposing specific questions or challenges they wish to discuss on that topic in the time available.</p> <p>Led by Econsultancy and Epsilon's cross industry Subject Matter Experts (SMEs), this roundtable session is a "hands-on" participatory event driven by your priority areas and pain points, enabling you to learn through discussion and debate, gather marketing insights driving effective business decisions, and network with like-minded peers.</p> tag:econsultancy.com,2008:ConferenceEvent/947 2018-04-19T06:42:26+01:00 2018-04-19T06:42:26+01:00 Building customer connections through data-driven insights, advanced technology and flawless execution (Hong Kong) <p>In collaboration with Epsilon, this roundtable session will discuss the latest in developments, trends, and best practices in Customer Experience.</p> <p>Attendance is <strong>limited to 30 attendees</strong> to ensure maximum interaction and sharing of insights.</p> <h4>The Roundtable Format</h4> <p>The roundtable allows you to discuss a number of related subjects (<strong>select 2</strong>) that are most relevant to you and allows you to find out from your peers how they are addressing similar challenges and opportunities.</p> <p><strong>1. Creating customer connections - building the business case &amp; best practices</strong></p> <p><strong>2. Harnessing Technology</strong></p> <p><strong>3. The Future of Customer Experience</strong></p> <p>Each roundtable is moderated by Econsultancy and focused on a particular topic with delegates proposing specific questions or challenges they wish to discuss on that topic in the time available.</p> <p>Led by Econsultancy and Epsilon's cross industry Subject Matter Experts (SMEs), this roundtable session is a "hands-on" participatory event driven by your priority areas and pain points, enabling you to learn through discussion and debate, gather marketing insights driving effective business decisions, and network with like-minded peers.</p> tag:econsultancy.com,2008:BlogPost/69956 2018-04-17T13:26:22+01:00 2018-04-17T13:26:22+01:00 Goldman Sachs buys personal finance & budgeting app to bolster its growing retail banking business Patricio Robles <p>Case in point: Goldman Sachs, which <a href="https://www.wsj.com/articles/goldman-sachs-comes-to-the-app-store-1523829570">just acquired</a> Clarity Money for a sum reported to be in the high eight figures.</p> <p>Clarity Money is the creator of a personal finance and budgeting app that helps its approximately one million users “take control of” their finances. To do that, it aggregates data from the accounts users give it access to and then analyzes that data “harness[ing] the power of artificial intelligence (AI), machine learning and data science.”</p> <p>The app allows users to set savings goals, highlights spending habits and overspending, identifies subscriptions that could be canceled, and suggests credit cards that might be a good fit.</p> <p><img src="https://assets.econsultancy.com/images/0009/3625/clarity.png" alt="" width="433" height="623"></p> <p>According to the Wall Street Journal, Clarity Money's app “is expected to serve as the smartphone storefront for Goldman's growing suite of retail products, which the Journal has reported could include wealth-management tools, home mortgages, point-of-sale loans and insurance policies.”</p> <p>Those retail products, which include high-yield savings accounts and personal loans, are being offered under the Marcus brand, which has acquired some 350,000 customers and originated $2.5bn in loans.</p> <h3>Customer acquisition <em>and</em> tech</h3> <p>Goldman believes that Marcus has the potential to become a far more substantial part of its business. How big? The firm reportedly believes that its personal loan offering has the potential to generate over $1bn in profit over the next three years – an amount equivalent to profits from its trading operations – and <a href="https://econsultancy.com/blog/69789-goldman-sachs-is-taking-a-fintech-approach-to-grow-its-consumer-lending-business">is taking a fintech-like approach to gaining traction in the market for point-of-sale consumer financing</a>, a $200bn a year business.</p> <p>But despite its lofty ambitions and process to date, Marcus' current numbers, however respectable, are a drop in the bucket for Goldman, which has been using direct mail to woo new customers, and that's where the Clarity Money acquisition comes in.</p> <p>Clarity Money's million users are all potential customers for Marcus, and if the financial giant is able to convert a good percentage of them, the acquisition could pay for itself quite quickly. </p> <p>But the acquisition isn't just about customer acquisition. As the Wall Street Journal notes, Marcus somewhat remarkably doesn't yet have any mobile apps. So if Goldman does indeed use Clarity Money as the “smartphone storefront” for Marcus, the acquisition will be a critical component of the Marcus business going forward, and one on which the Goldman's consumer venture's success or failure might rest.</p> <h3>A digital transformation study to watch</h3> <p>For that reason alone, Goldman's acquisition of Clarity Money could be one of the most important of 2018 to watch. Indeed, as the Wall Street Journal points out, other financial firms have purchased personal finance apps only to later shutter them. For example, <a href="https://econsultancy.com/blog/69874-capital-one-s-new-browser-extension-is-a-great-example-of-common-sense-fintech-innovation">Capital One</a> purchased Level Money in 2015 only to kill it off 18 months later, and Prosper ditched Billguard, which it purchased for $30m, after two years.</p> <p>If Clarity Money is to avoid that same fate, Goldman will have to navigate potential conflicts between its interest in growing Marcus and maintaining the neutral experience that Clarity Money's users signed up for. Specifically, Goldman could find it tricky to offer a Marcus-branded credit card, which it is reportedly considering, while maintaining the feature in Clarity Money that recommends credit cards based on users' finances and spending habits.</p> <p>How Goldman addresses this might provide a blueprint for other large banks as their relationships with fintechs are expected to <a href="https://econsultancy.com/blog/69680-fintechs-and-banks-to-partner-in-2018-thanks-to-open-banking">become a lot more cozy</a>.</p> tag:econsultancy.com,2008:BlogPost/69948 2018-04-16T10:42:59+01:00 2018-04-16T10:42:59+01:00 'Marginal gains' is dead. Long live strategic marketing. Frederic Kalinke <p>However, Wiggins’s scepticism is more than an egotist’s attempt to claim his rightful share of the credit back from his support staff. “Marginal gains” <em>is</em> a buzz-word; one which chief sports writer for the Independent Jonathan Liew <a href="https://www.independent.co.uk/sport/cycling/team-sky-rise-and-fall-sad-parable-human-nature-bradley-wiggins-dave-brailsford-a8247016.html">calls</a> “not simply a natty little tale to spin the papers, but a cultish business credo that its advocates have ruthlessly commodified for personal enrichment.”</p> <p>It both was and is more important to get the fundamentals right.</p> <p>For British Cycling and Team Sky getting the fundamentals right has chiefly meant a funding advantage over their rivals. In marketing though, marginal gains have often been sought through conversion rate optimization (CRO).</p> <p>In its broadest sense, CRO means getting more of the people who visit your website to buy what you are selling. In practice it often means iterating through lots of small to medium-sized changes in order to optimize the entire site.</p> <h3>End of an era</h3> <p>Neatly enough, interest in CRO has grown in tandem with the success of marginal gains at British cycling, beginning in 2008 (the year of the Beijing Olympics). </p> <p><img src="https://assets.econsultancy.com/images/0009/3591/cro_interest_over_time.png" alt="interest in cro over time" width="350"></p> <p>In another coincidence of zeitgeist, 2008 was the year of <a href="https://blog.optimizely.com/2010/11/29/how-obama-raised-60-million-by-running-a-simple-experiment/">the founding myth</a> of one of the biggest and most influential CRO-focussed companies out there, Optimizely. The company was founded in 2010 by two former colleagues at Google. One, Dan Siroker, had been the Director of Analytics on Barack Obama’s victorious campaign for the Presidency of the United States.</p> <p>It would be fatuous to suggest that the end of the era of marginal gains is a death knell for Optimizely. However, in a tacit acceptance of the inefficacy of incrementalism and the “marginal gains” breed of optimization, Optimizely has <a href="https://venturebeat.com/2016/09/15/optimizely-x-launches-so-marketers-can-experiment-everywhere-including-tv/">moved away from the pure-CRO service</a> it once provided (now called Classic) and funnelled resources into a new, broader marketing technology, Optimizely X.</p> <h3>Dare to think</h3> <p>Regardless of whether you think there is something to this zeitgeist or not, marketers would be wise to embrace its spirit. Improving a website’s conversion rate is one of the most important tasks in marketing, but it cannot be achieved by fiddling around the edges. We need to be bolder, daring, and <a href="https://www.marketingweek.com/2018/01/09/mark-ritson-strategic-thinking/">most importantly, thoughtful</a>.</p> <p>Occasionally a case study may trumpet great successes from the manipulation of button colours, but these are invariably <a href="http://kadavy.net/blog/posts/aa-testing/">based on poor quality statistics</a>. In practice, the optimizations that deliver meaningful results are the big ones, such as entirely new customer journeys. (Indeed, advice like this was echoed recently in <a href="https://www.marketingweek.com/2017/08/08/sign-webinar-building-world-class-optimisation-programme/">a Marketing Week webinar</a> conducted by Optimizely, supported by data across experiments on their platform.)</p> <p>Hertz increased enrolment in their gold member loyalty programme by 60% when they experimented with all the pages of the online booking journey rather than making marginal tweaks to landing pages.</p> <p>Trying out a bold new idea might have been described as risky were it not for rigorous A/B testing of the new journey against the old. This also allowed Hertz’s marketers to roll back any changes immediately if they far underperformed the control.</p> <p>60% improvements might be unheard of in top-level sport but in marketing they are there for the taking for those with the confidence to think strategically. </p> <h3>Be strategic</h3> <p>To think in the necessary strategic ways, marketers will need to, as the Met Office’s Head of Digital Marketing, Simon Swan <a href="https://amigotechnology.com/leaders-in-marketing-simon-swan/?ast=BPPPlb">put it</a>, “stop jumping straight into the shiny tactics and start with understanding your audience and what your objective is.” </p> <p>This is about bringing simplicity to something that can be very complex. It is difficult, which might be why marketers (perhaps working too many hours or with too many responsibilities pulling them in different directions) have tended to recoil from it in recent years. </p> <p>Making great leaps forward requires hard thinking, and disciplined testing of your best ideas. It may be tempting to throw 100 variations into a <a href="https://blog.hubspot.com/blog/tabid/6307/bid/30556/the-critical-difference-between-a-b-and-multivariate-tests.aspx">multivariate test</a> and believe that the data can make your mind up for you. It cannot. You will still only be throwing in 100 ideas out of the infinite number of changes you could make to your site, and (<a href="https://www.theguardian.com/technology/2014/feb/05/why-google-engineers-designers">unless you’re Google</a>) you won’t have enough traffic to test them all.</p> <p>One good big idea will always be preferable to 100s of bad or negligible ones.</p> <p>In 2018, marketers ought to do what comes naturally to them, follow the zeitgeist. Stop looking for small wins and incremental improvements. Start thinking, all the way from first principles, about how you can effect a revolution in your customer journey.</p> <p><a href="https://econsultancy.com/reports/a-guide-to-customer-experience-management/"><img src="https://assets.econsultancy.com/images/0009/3592/Customer_Experience_Management_Best_Practice_Widget__1_.png" alt="customer experience management best practice guide (subscriber only)" width="615" height="242"></a></p> tag:econsultancy.com,2008:TrainingDate/3532 2018-04-13T12:14:22+01:00 2018-04-13T12:14:22+01:00 GDPR Essentials for Marketers - Online <p>This online course will help you learn everything you need to know about the General Data Protection Regulation (GDPR) before it comes into force in May 2018, and crucially: what to do about it.</p> <h4>In association with:</h4> <p><img src="http://image.mail.centaurmedia.com/lib/fe9612747465007c7d/m/2/logo_RGB_web.png" alt="" width="250" height="150">       </p> <p> <img src="https://cdn.frontify.com/api/screen/thumbnail/EAzkFg3Qo4YvWC4ph_8yDMC_6Ml5rGzx333b8HZkq4KJx64s6xyk9RzcSAvrX2PW9ftJln_n7gjA8HJCDP8ZQg/800" alt="" width="300" height="100"> </p> tag:econsultancy.com,2008:BlogPost/69936 2018-04-11T11:15:00+01:00 2018-04-11T11:15:00+01:00 How to start turning data into customer experience insight Nikki Gilliland <p>Marketers already have a vast amount of data at their fingertips, most commonly sourced from online analytics, customer surveys, email and CRM. But while this might tell us about customer behaviour and even help to highlight customer needs – it’s not always so easy to turn data into actionable insight.</p> <p>So, how can marketers ensure they get the most from their data?</p> <p><a href="https://econsultancy.com/reports/a-guide-to-customer-experience-management/"><img src="https://assets.econsultancy.com/images/0009/3592/Customer_Experience_Management_Best_Practice_Widget__1_.png" alt="customer experience management best practice guide (subscriber only)" width="615" height="242"></a></p> <h3>Take a multi-faceted approach</h3> <p>Before anything else, it is of course vital for marketers to decide how and where data will be gathered. For the majority, quantitative data (sourced through analytics) is the basis of customer-focused strategy – helpful for uncovering how customers are behaving. </p> <p>However, when it comes to figuring out <em>why</em> they are behaving in this way, qualitative research can arguably offer far more insight.</p> <p>This usually involves customer surveys and interviews, and even ethnographic studies, whereby companies spend extensive periods of time with the customer to uncover routines and social norms. In turn, this allows the brand to identify opportunities that can inform CX strategy.</p> <p>That’s not to say quantitative data should be side-lined, but it can certainly be brought to life with deeper and more contextual research.</p> <h3>Avoid silos</h3> <p>Econsultancy’s survey found that less than half of respondents have a well organised system for collecting and analysing customer data, with a similar amount saying that they lack the skills and tools to make sense of it.</p> <p><img src="https://assets.econsultancy.com/images/0009/3482/Econsultancy.JPG" alt="chart showing organisational understanding of customer experience management" width="615"></p> <p>The first step then is to ensure that data is as organised as possible (i.e. that it is connected and centralised). This is because marketers often take data from different teams or channels within an organisation, resulting in a partial or fragmented picture of the customer experience.</p> <p>Some argue that a partial view is better than no view at all, however, companies should always at least strive for a complete picture (or have this as an end goal). By ensuring that data is connected, marketers can feel confident that it is reliable and of use. </p> <h3>Humanise data</h3> <p>Marketers are often unable to make use of data when viewing or analysing it in an abstract or isolated manner. This is usually due to two reasons. First, because the real-life context of the customer is not being considered (regardless of whether the data is qualitative or quantitative). Secondly, because marketers are often guilty of looking at the customer experience separately to their company’s capabilities.</p> <p>In order to avoid this, it is important to humanise data where possible. Creating <a href="https://www.econsultancy.com/blog/69322-what-are-customer-personas-and-why-are-they-so-important" target="_blank">customer personas</a> is one way to do this – i.e. drawing up a detailed picture of the target audience, including their traits, values, and what they want from a brand. This helps to make sense of data, and to come up with a solution to improve CX, rather than simply identifying a problem or pain point within it.</p> <p>It’s also important that marketers recognise limitations in data systems or skill-sets, and to set realistic goals on this basis rather than ones that are too general or impractical.</p> <p><img src="https://assets.econsultancy.com/images/0009/3481/Personas.JPG" alt="" width="633" height="356"></p> <h3>Understand core metrics</h3> <p>An important part of any customer experience strategy is setting KPIs to measure success. However, with such a vast amount of data available, it can be difficult to determine the most important metrics to focus on.</p> <p>A common mistake is to concentrate on those that are easiest to measure rather than what might have the largest impact overall. For example, while conversion rate certainly provides valuable insight, it fails to give a more overall picture of the customer, including lifetime customer value or customer loyalty. </p> <p>Meanwhile, it can also be helpful to separate metrics into two different areas – e.g. quality and efficiency. Quality refers to KPIs like Net Promoter Score or Customer Satisfaction Index, which determine the customer’s emotional response to a company. Efficiency may relate to conversion and retention rates, which can help companies to gain a better single customer view. </p> <p>By understanding exactly what metrics are most important, companies are in a better position to execute an effective CX, reducing both time and confusion and yielding the most useful insights. </p> <p><strong><em>Don't forget to download Econsultancy's Guide to Customer Experience Management <a href="https://econsultancy.com/reports/a-guide-to-customer-experience-management/" target="_blank">report in full</a>.</em></strong></p> <p><strong><em>Now read:</em></strong></p> <ul> <li><em><a href="https://www.econsultancy.com/blog/69889-what-is-customer-experience-how-can-it-be-measured-and-who-should-own-it" target="_blank">What is customer experience? How can it be measured? And who should own it?</a></em></li> <li><em><a href="https://econsultancy.com/blog/69576-river-island-s-head-of-customer-experience-on-the-brand-s-cx-strategy" target="_blank">River Island's head of customer experience on the brand's CX strategy</a></em></li> </ul>