Posts Tagged ‘customer relationships

08
Sep
08

Engagement – What does it take to engage customers and employees?

Allegiance and Peppers & Rogers write:

..the traditional axes of competition – product,price,place, promotion will no longer propel growth but will simply allow parity with competition perpetuated. Winning today requires a new competitive advantage: people – both employees and customers – who are not only satisfied, not only loyal, but also engaged.

.. the new view of engagement involves five levels. At the most basic level, an engaged customer or employee must be satisfied…. If this is achieved, then there exists and opportunity to build loyalty…Loyal individuals have the option of recommending the company to friends…. The last tier in the continuum involves an emotional connection…reflected in an employee employee proud to work for the company or customer being excited about the direction of the company.

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10
Aug
08

Building a customer-centric marketing organization(CCMO) – Marketing needs to lead this change

At Cequity, in many of the client engagements with CMOs across organizations, we always highlight the changing marketing environment, where the world of “monologue marketing” has shifted to “conversational marketing”. This necessitates in marketing departments an understanding of data, closed-loop marketing competency – leads to conversion to relationship integrated messaging and marketing measurement. Here’s an interesting article on this topic:

Many of today’s marketing organizations were built and optimized for a scenario in which they had nearly complete control over the consumption of messaging. Changes in technology and society however have dramatically altered this picture. Due to shrinking reachability, and greater addressability the control has shifted to the customer. To remain relevant, therefore, marketing organizations need to re-optimize around the reality of this changed environment.

To truly optimize, marketing organizations need to reinvent themselves from the ground-up.

Strategic Platform

The core foundation of the marketing organization needs to be remodeled around the customer. Organization structure, segment valuations, KPI’s, everything needs to be defined in terms of the customer.

Tactical Planning

Where the strategy piece was about establishing where you wanted to go, the tactics is about steering things on course. The hard part, of course, is figuring out what and where you need to measure to generate useful information critical for making the right adjustments. While analytics is clearly the center piece, user experience and insights also plays an important role in this stage. Together, these groups need to work together as a team to map out a course for continuous interaction improvements.

Execution

From an operational structure perspective the execution piece remains the most unchanged. It’s not so much the how, but rather the what that has changed. Messages will still be delivered multi-channel, but the content and plan behind the message will be radically altered.

A couple of generalized thoughts on this topic; First, content is going to explode. In the age of conversations, each interaction is going to need a much more refined, personalized piece of content. Not only is more content going to be created, but will need to be managed.

19
Jul
08

Financial Services 2010- Knowing the landscape

How will financial services firms look in 2010? What will be the key market drivers and operating challenges? A Deloitte Report provides some interesting perspectives:

Key Market Drivers

  • New Asset Class will emerge – Capital markets across the world are seeing a centre of gravity shift towards new types of investments like PE and Hedge Funds. Mass Market offerings like MFs will be forced to rethink their products and services.
  • Aging Population – The world’s wealthiest generation is quitting and preparing for an indulgent retirement. Very few financial services firms are prepared for this change. Financial institutions of today are largely designed to serve people who accumulate assets and holding assets for the long term. Retirement assets are supposed to reach $ 25 trillion in 2010.
  • Payments: P&L Pain or Pride – Banks earn currently 40% of their total revenue from handling payments. Internet-based services continue to eat into this market, cutting banks out of handling and conversion fees.
  • Emerging Markets – Opportunities, no guarantees – Emerging markets provide opportunities for growth but they need to adapt the business model to operate profitably.

Key Operating Challenges

  • Offshoring Financial services will offshore their business processes by integrating offshore and onshore operations to create a global delivery model.
  • Internal Control – Building the ability to build and consolidate beyond compliance demands.
  • Struggle for growth through enhanced customer relationships – There will more service/process innovations rather than product innovations.



At Cequity, we believe customer intelligence will be the biggest competitive advantage enterprises will have in the next decade or two. Successful enterprises of tomorrow will be the ones who can organize and leverage this information at speed to optimize their marketing performance, increase accountability, improve profit and deliver growth. Cequity insights will bring to you trends and insights in this area and it’s our way of sharing best practices so as to help you accelerate this culture and thinking in your organization.
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