tag:econsultancy.com,2008:/topics/customer-experience Latest Customer Experience content from Econsultancy 2017-07-25T14:32:00+01:00 tag:econsultancy.com,2008:Report/4552 2017-07-25T14:32:00+01:00 2017-07-25T14:32:00+01:00 Trend Briefing: Artificial Intelligence (AI) <h2>Overview</h2> <p>Trend Briefing: Artificial Intelligence (AI) equips marketers with knowledge of perhaps one of the most prominent and exciting areas of tech innovation in 2017 – Artificial Intelligence.</p> <p>The guide was written by film and technology entrepreneur Steffan Aquarone, who has consulted and trained for big brands and spoken around the world on innovation, entrepreneurship and digital marketing, and features insights from senior marketers and innovators.</p> <p>It explains how and why AI has become such a talked about topic in recent years, suggests how marketers might benefit from its immediate practical applications and predicts what the technology might make possible in the near future.</p> tag:econsultancy.com,2008:BlogPost/69269 2017-07-25T13:00:00+01:00 2017-07-25T13:00:00+01:00 17 stats that show why CX is so important Nikki Gilliland <p>But, what exactly are the benefits of CX? Here are some interesting and inspiring statistics detailing why it is so important.</p> <h3>Customers desire (and demand) better experiences</h3> <p>Due to the rise of seamless, on-demand services delivered by the likes of Deliveroo and Uber - consumers have become used to interacting with brands in a certain way.</p> <p>Research from <a href="https://www.salesforce.com/blog/2017/07/customers-expectations-in-age-of-the-customer.html" target="_blank">Salesforce</a> tells us that 75% of people now expect a consistent experience wherever they engage with brands - be it through social media, mobile, or even in person. Immediacy is also in demand, with 64% of consumers expecting companies to interact with them without delay.</p> <p><img src="https://assets.econsultancy.com/images/0008/7656/SalesForce.JPG" alt="" width="600" height="465"></p> <p>Interestingly, <a href="http://estebankolsky.com/2015/09/want-real-success-destroy-the-company-centric-customer-experience/" target="_blank">ThinkJar research</a> says that 55% of customers are willing to pay more for a guaranteed good experience. The operative word here being <em>guaranteed</em>, as consumers are no longer satisfied with just the idea or promise of one.</p> <p>Business consultancy <a href="https://www.walkerinfo.com/customers2020/" target="_blank">Walker</a> suggests that the rapid rate of digital innovation has had a profound effect on customer expectations. By 2020, customers expect companies to automatically personalise experiences, as well as proactively address their current and future needs – not just predict them. </p> <p>Younger generations are said to have the highest expectations of all. Forrester’s ‘<a href="http://about.americanexpress.com/news/docs/Amex-Forrester-Gen-Z-Research.pdf" target="_blank">Raising the Bar</a>’ report, in association with American Express, suggests that Generation Z expects brands to deliver tech-savvy experiences that are instantaneous, highly personalised, secure and entertaining. And while Generation Y might also share these expectations, Gen Z are more likely to abandon brands when they aren’t satisfied.</p> <p><img src="https://assets.econsultancy.com/images/0008/7655/Gen_Z_expectations.JPG" alt="" width="609" height="463"></p> <p><a href="http://www.mckinsey.com/industries/retail/our-insights/the-three-cs-of-customer-satisfaction-consistency-consistency-consistency" target="_blank">McKinsey suggests</a> that one of the key facets of good CX is consistency, and that measuring satisfaction on customer journeys is 30% more predictive of overall customer satisfaction than measuring happiness for each individual interaction.</p> <h3>The benefits of CX</h3> <p>So, it’s clear that CX is now an expectation for consumers – but what are the benefits for brands?</p> <p>Walker’s study also suggests that by 2020, customer experience will overtake price and product as the key brand differentiator. A good example of this is Amazon, where the delivery and convenience often acts as a driver for the products themselves. </p> <p>This is backed up by <a href="https://www2.deloitte.com/gr/en/pages/consumer-business/articles/consumer_review_deloitte_greece.html" target="_blank">Deloitte</a>, who also says that the consumer’s decision to buy a product or service is impacted by their overall enjoyment of their experience. </p> <p>In turn, customers display loyalty. In a study of 10,000 US consumers, <a href="https://experiencematters.blog/category/roi-of-customer-experience/" target="_blank">Tempkin Group</a> found that 86% of those who received a great customer experience were likely to repurchase from the same company. This is compared to just 13% of those who received a poor CX.</p> <p>Tempkin also found a similar correlation between CX and trust, as well as consumers’ willingness to recommend a brand. </p> <p><img src="https://assets.econsultancy.com/images/0008/7654/Impact_of_CX.JPG" alt="" width="600" height="556"></p> <p>Meanwhile, a study by the <a href="http://www.genesys.com/uk/about/resources/the-value-of-experience-how-the-c-suite-values-customer-experience-in-the-digital-age" target="_blank">Economist and Genesys</a> highlights the importance of investment and support from the C-Suite. Many senior execs now recognise the direct benefits, with 33% of survey respondents citing improved customer retention as a primary benefit, and 28% citing increased sales. </p> <p>The findings also suggest that in companies where the CEO or high-level executive is in charge of CX initiatives, the wider company is more likely to believe in the strategy. Consequently, the company is more likely to be profitable.</p> <p>So, does customer experience have a direct impact on revenue – or is it just hyperbole? There’s a lot to suggest it can increase ROI.</p> <p><a href="http://www.rosetta.com/reports/customer-engagement-rosetta-consulting-study/" target="_blank">Rosetta</a> says that engaged and satisfied customers buy 50% more frequently, spend 200% more each year, and are five times more likely to display brand loyalty.</p> <p>A study by <a href="https://www.forrester.com/report/Customer+Experience+Drives+Revenue+Growth+2016/-/E-RES125102" target="_blank">Forrester</a> found that CX leaders delivered compound annual revenue growth rates (CAGR) of 17% compared to just 3% for CX laggards in the period of 2010 to 2015. </p> <p>While other factors could have impacted these rates, Forrester also found that customers who had a better experience with a company said they were less likely to go elsewhere and more likely to recommend it.</p> <p>In a separate study by <a href="https://www2.deloitte.com/gr/en/pages/consumer-business/articles/consumer_review_deloitte_greece.html" target="_blank">Deloitte Consulting</a>, it was found that experience differentiation can lead to stronger financial performance indicators, especially when combined with product differentiation. </p> <h3>Mobile matters</h3> <p>While CX is important across all channels, consumers' attentions are increasingly turning to mobile.</p> <p>In which case, the consequences of a bad mobile experience can be dire. WOW Local Marketing found that 52% of people are less likely to re-engage with a brand because of a bad mobile experience. </p> <p>What’s more, 62% say that disappointment in mobile increases if they liked the brand or company to begin with.</p> <p><img src="https://assets.econsultancy.com/images/0008/7657/mobile_matters.JPG" alt="" width="600" height="313"></p> <p>Econsultancy's <a href="https://econsultancy.com/reports/implementing-a-customer-experience-cx-strategy-best-practice-guide/" target="_blank">CX Best Practice guide</a> backs this up, with research showing that 50% of executives now recognise that mobile has a key role to play in defining CX.</p> <p>Once again, however, more needs to be done to meet consumer expectations, with only 6% of organisations currently regarding themselves as 'very advanced' in mobile CX.</p> <p><img src="https://assets.econsultancy.com/images/0008/7726/CX_Econ.JPG" alt="" width="650" height="511"></p> <h3>Uptake and investment</h3> <p>Despite recognising the importance of CX, it appears some brands are still lacking a coherent strategy. </p> <p>Accenture’s <a href="https://www.accenture.com/gb-en/insight-managing-b2b-customer-experience" target="_blank">2015 CX survey</a> found that – while 86% of B2B executives consider customer experiences to be very important – 57% of them are said to be stuck in CX mediocrity, lacking sound strategy and the ability to execute well.</p> <p><img src="https://assets.econsultancy.com/images/0008/7659/Accenture.JPG" alt="" width="600" height="254"></p> <p>Meanwhile, <a href="https://www.dimensiondata.com/Global/Downloadable%20Documents/2015%20Global%20Contact%20Centre%20Benchmarking%20Summary%20Report.pdf" target="_blank">Dimension Data</a> discovered that 52% of companies do not share customer intelligence outside of the contact centre. In other words, different areas of the business (such as sales, marketing and HR) are being left in the dark as to how customers feel.</p> <p>To end on some good news - it seems investment is on the rise. <a href="http://www.genesys.com/uk/about/newsroom/news/european-investment-in-customer-experience-up-ten-percent-in-past-three-years-to-offset-decline-in-c" target="_blank">Genesys predicts</a> that investment in CX will increase a further 10% by next year. Meanwhile, <a href="http://www.gartner.com/newsroom/id/3072017" target="_blank">Gartner</a> expects that more than 50% of organisations will redirect their investments to customer experience innovations by 2018.</p> <p><strong><em>Related reading:</em></strong></p> <ul> <li><em><a href="https://econsultancy.com/blog/67430-what-does-improving-customer-experience-mean/" target="_blank">What does 'improving customer experience' mean?</a></em></li> <li><em><a href="https://www.econsultancy.com/blog/69107-three-risky-customer-experience-cx-initiatives" target="_blank">Three risky customer experience (CX) initiatives</a></em></li> </ul> tag:econsultancy.com,2008:Report/3008 2017-07-25T11:33:00+01:00 2017-07-25T11:33:00+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 (in addition to two sector-specific reports, B2B and Healthcare &amp; Pharma) 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/69265 2017-07-20T17:43:59+01:00 2017-07-20T17:43:59+01:00 The evolving relationship between brand marketers and agencies [New research] Nikki Gilliland <p>Econsultancy’s <a href="https://econsultancy.com/reports/partners-in-transformation-what-brand-marketers-need-from-agencies/">Partners in Transformation report</a> in association with IBM delves into this topic, specifically looking at the areas agencies should be focusing on in future.</p> <p>Before we take a closer look at the research, note that the companies who took part in the study are split into ‘high performing’ and ‘mainstream’, with the former significantly exceeding their top 2016 business goals compared to others that are defined by a poor to average marketing performance.</p> <p>So, what do brands need from agencies in 2017 and beyond? Let’s get into it.</p> <h3>CX support for different stages of the journey</h3> <p>Improving customer experience remains at the heart of most brand growth strategies, however, agency input usually depends on where companies are in the process of implementation (and current levels of success).</p> <p>Our research shows that high performing companies are far more engaged with their agencies in areas related to customer service – 65% compared to 40% of mainstream companies. </p> <p>High performing companies also draw on different kinds of expertise, with 44% citing new and innovative ideas for improving CX as most important. In contrast, mainstream companies still in the early stages of development largely cite execution and implementation.</p> <p>This shows us that – while CX presents a massive opportunity for agencies of all sizes – it is vital to understand and recognise where brands are in the journey and to determine how they can move forward.</p> <p><img src="https://assets.econsultancy.com/images/0008/7612/CX.JPG" alt="" width="730" height="507"></p> <h3>Turning data into insight</h3> <p>90% of brands agree that knowing more about their customers is the key to improving CX. However, with an increasingly fractured customer journey – with people moving from one device to another and back again – it’s becoming all the more challenging for marketers.</p> <p>Intelligent use of data is the answer, with agencies able to play a vital role in more technical aspects of analysis. However, this doesn’t mean all companies are willing or well-prepared to heed agency advice.</p> <p>High performing companies are nearly 30% more likely to take advantage of their agencies’ ability to turn data into insight than the mainstream. </p> <p>This tells us that lower performing companies tend to get stuck in the cycle of collecting data but doing the minimum with it, whereas real success is generated from making sense of it.</p> <p><img src="https://assets.econsultancy.com/images/0008/7613/Data.JPG" alt="" width="730" height="368"></p> <h3>Technology and training</h3> <p>Similar to the challenges presented by data, many brands struggle to take full advantage of the existing technology they have in place. As a result, agencies can offer value by stepping in and helping brands understand and execute technology-driven marketing.</p> <p>What’s more, agencies can also play a vital role in helping brands to stay on top of innovation, with 42% of high performing companies citing the importance of them ‘helping to source technology providers’.</p> <p>Meanwhile, agencies can help to foster long-term partnerships with brands by providing technology training. This emphasises the fact that value does not just lie in providing greater access to tech, but in helping brands gain a deep understanding of it themselves.</p> <p><img src="https://assets.econsultancy.com/images/0008/7614/Technology.JPG" alt="" width="709" height="354"></p> <h3>Collaboration is key </h3> <p>Despite 92% of all companies saying that it’s important for agencies and internal teams to collaborate, levels of satisfaction are relatively low. </p> <p>Just 19% of mainstream companies say agencies’ collaboration with internal teams is ‘quite effective’, while just 13% say the same for collaboration between multiple agencies.</p> <p>In contrast, high performing companies are much more positive about the situation, citing close relationships, leadership, and regular reviews as the key to successful relationships. </p> <p><img src="https://assets.econsultancy.com/images/0008/7615/collaboration.JPG" alt="" width="740" height="369"></p> <h3>In conclusion…</h3> <p>In such a highly pressurised and competitive landscape, brands often need to turn to agencies in order to drive growth as well as expand their own internal capabilities and expertise.</p> <p>Perhaps the most important takeaway from the research is that there is no single or overarching strategy for success. </p> <p>Rather, the most successful agencies demonstrate the ability to adapt and hone relationships based on client-need, fostering communication, fast decision-making, and collaboration every step of the way.</p> <p><em><strong>Subscribers can download the full report: <a href="https://econsultancy.com/reports/partners-in-transformation-what-brand-marketers-need-from-agencies/">Partners in Transformation: What brand marketers need from agencies</a>.</strong></em></p> tag:econsultancy.com,2008:Report/4535 2017-07-20T09:35:00+01:00 2017-07-20T09:35:00+01:00 2017 Measurement and Analytics Report <p>Never have marketers, analysts and ecommerce professionals had more data to work with as part of their ongoing efforts to improve business and organisational performance.</p> <p>At the same time, the growing challenge for individuals and organisations alike has been to avoid being overwhelmed by proliferating sources of data and metrics across a burgeoning number of marketing channels and technology platforms.</p> <p>The <strong>2017 </strong><strong>Measurement and Analytics Report</strong>, produced by Econsultancy in partnership with analytics consultancy <strong><a href="http://www.lynchpin.com/">Lynchpin</a></strong> for the tenth year running, looks at how organisations are using data strategically and tactically to generate insights and to improve business performance.</p> <p>The report aims to cut through the noise to understand how companies are using measurement and analytics to boost revenue and profit growth, while also looking at the types of technology and data which are used to meet these ends.</p> <p>The research, based on a survey of almost 1,000 digital professionals, focuses on the important role for data and analytics in supporting their attempts to build a competitive advantage by becoming more customer-centric. The report also explores how the worlds of data science and digital analytics are converging as companies strive to extract valuable insights from a wealth of information relating to digital activity in the context of the wider business.</p> <h2>What you'll learn from this research</h2> <ul> <li>Understand how analytics can help to meet financial goals and what the most common growth and profit-related requirements are.</li> <li>Discover how organisations are using data and analytics to build a competitive advantage by becoming more customer-centric.</li> <li>Benchmark the make-up of your analytics or data team and investment plans against those of your peers.</li> <li>Find out where the biggest analytics skills gaps are and what the most common challenges related to deploying tools and technologies organisations face.</li> </ul> <h2>Key findings from the report</h2> <ul> <li>The majority of companies (64%) do not have a documented data analytics strategy.</li> <li>Only 50% of organisations report executive sponsorship of analytics.</li> <li>Half of organisations surveyed regard digital analytics as ‘very important’ to their digital transformation programme (a jump from 43% in 2016).</li> </ul> <h2>Contributors</h2> <p>Econsultancy would like to thank the following people for their contributions to this report:</p> <ul> <li>Amiy Chatley, Digital Analytics Manager, TUI</li> <li>Matteo Fava, Global Head of Analytics, Delivery Hero</li> <li>Graeme McDermott, Chief Data Officer, Addison Lee</li> <li>Andrew Morris, ‎Head of Digital Insight Delivery, RS Components</li> <li>Alejandro Pereda, Head of Insight, Euromoney Institutional Investor plc</li> </ul> <p><strong>Download a copy of the report to learn more.</strong></p> tag:econsultancy.com,2008:Report/4507 2017-07-20T08:45:00+01:00 2017-07-20T08:45:00+01:00 Digital Intelligence Briefing: 2017 Digital Trends in IT <p>The <strong>2017 Digital Trends in IT </strong>report, based on the seventh annual trends survey conducted by Econsultancy and <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, explores the digitally-driven opportunities and challenges facing organisations from the perspective of IT professionals.</p> <p>IT is now seen as an increasingly strategic function within the business, and pivotal to organisational attempts to embrace digital transformation and customer experience initiatives. It is no longer sufficient for the IT department to act merely in a support role when it comes to delivering against the company’s overarching business objectives. IT leaders need to take ownership and drive change within the modern, digitally-enabled organisation.</p> <p>The research is based on data from more than 500 IT leaders (manager level or above) who were among more than 14,000 digital professionals taking part in the seventh annual Digital Trends survey, carried out in November and December 2016.</p> <h3>The following sections are featured in the report:</h3> <ul style="font-weight: normal;"> <li>What keeps IT leaders up at night?</li> <li>2017 priorities for success</li> <li>Challenges of digital transformation</li> <li>Actionable tips to help future-proof your IT function</li> </ul> <h3>Findings include:</h3> <ul> <li>There is heightened pressure on IT practitioners to stay abreast of customer trends, and to deliver infrastructures that enable the real-time and personalised services users increasingly expect in the digital age. <strong>Keeping up with changing customer expectations and behaviour</strong> was cited as a key challenge by 40% of respondents, a greater proportion than those worried about keeping IT systems up and running.</li> <li> <strong>The threat of security breaches and cyber-risk threats</strong> is cited as a key concern by a higher proportion of respondents (41%) than any other area, and security of business and customer data is the most commonly cited IT leader priority for 2017.</li> <li>Larger organisations are less confident than their smaller counterparts when it comes to the <strong>adequacy of digital skills and talent</strong> within their business. With the rise of digital transformation, data scientists are at a premium, and few organisations have all the resources they need to make use of new analytics tools and capabilities.</li> <li>The impact of digital technology on workflows within organisations has been vast, affecting every business function from HR to finance, and marketing to procurement. Nearly half (49%) of IT executives indicate they have prioritised <strong>enhancement of digital workflows</strong>, for example via cloud-based tools, for 2017.</li> <li> <strong>Keeping ahead of major technology connected to innovation</strong> is another key challenge for IT leaders. Executives at large companies are notably more inclined to feel pressure regarding tracking technology and innovation trends than smaller company peers (46% versus 36%).</li> </ul> <p style="font-weight: normal;"><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:ConferenceEvent/840 2017-07-13T06:02:28+01:00 2017-07-13T06:02:28+01:00 Digital Cream Sydney <p style="border: 0px; vertical-align: baseline;">Exclusive to 80 senior client side marketers, <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Econsultancy's Digital Cream</strong> is one of the industry's landmark events for marketers to:</p> <ul style="border: 0px; vertical-align: baseline;"> <li style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">convene and network with like-minded peers from different industries</li> <li style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">exchange experiences</li> <li style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">compare benchmark efforts</li> <li style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">explore the latest best practice</li> <li style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">discuss strategies</li> <li style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">learn from others who face the same challenges with suppliers, technologies and techniques. </li> </ul> <p style="border: 0px; vertical-align: baseline;">In a personal and confidential setting (It's Chatham House Rules so what's said at Digital Cream, stays at Digital Cream), the roundtable format is a quick and sure-fire way to find out what's worked and what hasn't, an invaluable opportunity to take time out and come back to the office full of ideas.</p> <h3 style="border: 0px; vertical-align: baseline; color: #004e70;">Roundtable Format</h3> <p style="border: 0px; vertical-align: baseline;">There are 8 roundtable topics and each delegate chooses 3 table topics most relevant to you, each session lasting about an hour and fifteen minutes. Each roundtable is independently moderated and focuses on a particular topic discussing challenges or areas of interest nominated by the table's attendees in the time available. This level of input ensures you get the maximum from your day.</p> <p style="border: 0px; vertical-align: baseline;">Digital Cream has been devised by the analysts and editors at Econsultancy in consultation with the most senior digital buyers in the world and runs in London, New York, Melbourne, Sydney, Shanghai, Singapore and Hong Kong.</p> <p style="border: 0px; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">Attendees pick three tables choices from the following full list of topics offered (extra topics will be removed at a later stage. If there is a topic you'd like to discuss which is not listed here, you can suggest it while registering):</strong> </p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">1. Agile Marketing - Develop a more responsive &amp; customer-centric approach</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">2. Content Marketing Strategy</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">3. Customer Experience Management</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">4. Data-Driven Marketing &amp; Marketing Attribution Management</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">5. Digital Transformation - People, Process &amp; Technology</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">6. Ecommerce</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">7. Email Marketing - Trends, Challenges &amp; Best Practices</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">8. Integrated Search (PPC/SEO) - Trends, Challenges &amp; Best Practices</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">9. Joining Up Online &amp; Offline Channels Data</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">10. Marketing Automation - Best Practices &amp; Implementation</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">11. Mobile Marketing</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">12. Online Advertising - Retargeting, Exchanges &amp; Social Advertising</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">13. Real-Time Brand Marketing - Using Data &amp; Technology To Drive Brand Impact</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;">14. Social Media Measurement &amp; Optimisation</p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;"><strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">&gt;&gt;</strong> <strong style="border: 0px; font-style: inherit; font-variant: inherit; vertical-align: baseline;">View past Digital Cream event photos (source: facebook page)</strong><br></strong></p> <p style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; font-variant: inherit;"><a href="https://www.facebook.com/pg/Econsultancy/photos/?tab=album&amp;album_id=10153875617599327" target="_blank">Digital Cream Sydney 2016</a>, <a style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; color: #004dcc; font-variant: inherit;" href="https://www.facebook.com/media/set/?set=a.10153214103704327.1073741876.90732954326&amp;type=3" target="_blank">Digital Cream Singapore 2015</a>, <a style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; color: #004dcc; font-variant: inherit;" href="https://www.facebook.com/media/set/?set=a.10153124439974327.1073741873.90732954326&amp;type=3" target="_blank">Digital Cream Sydney 2015</a>, <a style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; color: #004dcc; font-variant: inherit;" href="https://www.facebook.com/media/set/?set=a.10152276242849327.1073741856.90732954326&amp;type=3" target="_blank">Digital Cream Melbourne 2014</a> and <a style="border: 0px; font-weight: inherit; font-style: inherit; vertical-align: baseline; color: #004dcc; font-variant: inherit;" href="https://www.facebook.com/media/set/?set=a.10152209218799327.1073741854.90732954326&amp;type=3" target="_blank">Digital Cream Hong Kong 2014</a></p> tag:econsultancy.com,2008:BlogPost/69195 2017-07-11T14:00:00+01:00 2017-07-11T14:00:00+01:00 The tech & CX challenge: Playing safe doesn't cut it any more Blake Cahill <h3>Startup to global phenomenon</h3> <p>This change in tide has come to the forefront due to the recent wave of tech-savvy startups that have turned into successful global businesses overnight. Think Uber, Snapchat, Facebook and Deliveroo. With the success of these new organisations comes a new way of doing things, placing technology firmly at the heart of their core business strategy, underpinning everything they do. </p> <p>Because of this, it’s no surprise that consumers have become more tech savvy as well. With the rise of social media platforms and the ‘always connected, always on’ philosophy, consumers want to choose the playing field.</p> <p>The good news for the newer companies emerging on the scene is that they are proving to be a lot more nimble when it comes to change. They have the ability to make dramatic alterations to the way they operate with little notice, and without the usual bureaucracy that you would find in older, longer standing businesses. Because of this, they can improve and transform at a dramatic rate, providing consumers with the experience they require, and demand, in a relatively short space of time. </p> <p>For some longer standing organisations, the ability to quickly overhaul the way they do things has proven to be a challenge. With older, more complicated legacy technology systems in place, some organisations are finding it harder to provide improved customer experience as quickly or as perfectly as their more agile competitors. A recent <a href="https://www.gartner.com/marketing/customer-experience/">Gartner study</a> predicted that by 2017, 89% of marketers expect customer experience to be their primary differentiator. </p> <p>We know from listening to our customers at Philips that one of the key drivers of customer experience is speed. Because of this, we made Philips consumer care accessible through mobile messaging apps like WhatsApp, Facebook Messenger and WeChat to try and make it as easy as possible for customers to reach out whenever and wherever they like.</p> <h3>Every business is a tech business</h3> <p>To cope with this changing customer demand, big businesses with legacy systems in place need to be on the forefront of technology change to keep up. To put this in to play, here at Philips we pushed for a strong emphasis on leveraging the use of mobile technology to empower our customers and pass control over to them.</p> <p>Whether it’s providing young parents with insights into their baby’s development via the <a href="http://www.philips.co.uk/c-m-mo/ugrow-healthy-baby-development-app">uGrow app</a>, or enabling kids and parents to track their dental routine, it all comes down to providing the customer with the technological resource to find the information they need in the format and medium they want to use.</p> <p><img src="https://assets.econsultancy.com/images/resized/0008/7049/ugrow-blog-flyer.jpg" alt="ugrow app" width="470" height="362"></p> <p><em>The Philips uGrow app</em></p> <h3>What this means for customers</h3> <p>For customers, the new connected world has given them the power to take charge. They’re now able to decide where they communicate with businesses and in turn are expecting a more personalised experience than ever before. </p> <p>A prime example of this is that if they purchase an item online from your store – they then don’t expect to be targeted by advertisements the next day for the same item. Businesses need to be able to understand their customers as well as they understand themselves, with the ability to react to changes in customer demands and sentiment. This will be paramount in ensuring they get to where they need to be.</p> <p>Whilst re-evaluating your business processes can be a tiresome task, those businesses that see customer experience as a bonus rather than a necessity will soon find they were on the wrong side of the fence.             </p> <p>It’s clear that this new landscape filled with digital natives presents many challenges, but it also presents a vast amount of opportunity. Customer-savvy businesses with their fingers on the pulse of exactly what their customers want, often before they have even asked, will be clear winners in the game of customer retention. Big brands in particular should look to their newer, more nimble counterparts for inspiration; to play it safe, quite simply, doesn’t cut it anymore.  </p> tag:econsultancy.com,2008:BlogPost/69219 2017-07-07T11:40:00+01:00 2017-07-07T11:40:00+01:00 Why fintech disruption isn't just about the technology Patricio Robles <p>In simplest terms, fintech is short for "financial technology" but ask different people what it really means and chances are you'll get different answers.</p> <p><a href="https://en.wikipedia.org/wiki/Financial_technology">According to</a> Wikipedia, fintech "is an industry composed of companies that use new technology and innovation with available resources in order to compete in the marketplace of traditional financial institutions and intermediaries in the delivery of financial services."</p> <p>The Fintech Club at Wharton University <a href="https://medium.com/wharton-fintech/what-is-fintech-77d3d5a3e677">defines it</a> more simply as "an economic industry composed of companies that use technology to make financial systems more efficient."</p> <p>And Chris Skinner, chairman of the Financial Services Club, <a href="http://thefinanser.com/2015/01/ghgh.html/">posted on his blog</a> a definition he heard at a meeting: "fintech is the R&amp;D function of financial services in the digital age" that has "less to do with technology more to do with business model reinvention and customer-centric design."</p> <p>That might be the best definition of the three because as fintech's influence on the financial services industry grows, it's increasingly clear that fintech isn't just about technology. Rather, fintech is really a customer experience innovation movement that uses technology but isn't totally dependent on it.</p> <p>A good example of this can be seen in the lending space, which is one of the markets that has been most disrupted by fintech. On the technology side, firms are using new sources of data and underwriting models to analyze prospective borrowers and make lending decisions. In some cases, fintech lenders are using their technology to extend loans to individuals and businesses that wouldn't have been extended credit by old-school lenders. </p> <p>Many are also using their technology to make decisions much more quickly – sometimes near-instantaneously – eliminating the need for prospective borrowers to wait days or weeks for a lending decision.</p> <p>These advances in and of themselves can facilitate dramatic customer experience improvements, but they aren't simply related to behind-the-scenes technology.</p> <p>For instance, many fintech lenders have created user experiences that drastically simplify the loan application process. Instead of having to fill out a bunch of complex forms by hand, many upstart lenders offer <a href="https://en.wikipedia.org/wiki/Wizard_(software)">wizard-based</a> online experiences that walk borrowers through the application process step-by-step.</p> <p><img src="https://assets.econsultancy.com/images/0008/7190/lendingclub.png" alt="" width="730" height="273"></p> <p>Many lenders even allow applicants to grant them access to their financial accounts so that they can automatically pull the data they need to make a decision, eliminating the need for applicants to gather a bunch of paperwork they might not have readily available and dramatically reducing the amount of time it takes to complete the loan application.</p> <p>Thanks to the combination of technology and thoughtful user experience, loan applications that could have taken days to complete before can now often be completed in minutes online.</p> <h3>A holistic concept of fintech</h3> <p>Put simply, financial services companies large and small, young and entrenched, would be wise to start thinking of fintech in broader, more holistic terms.</p> <p>Yes, there are markets within financial services for which the greatest fintech opportunities require significant technology innovation, but the biggest fintech success stories aren't just the result of technology innovation. Instead, they the product of technological innovation merged with customer experience innovation that delivers meaningful, superior experiences to consumers.</p> <p><em>For more on this topic, see:</em></p> <ul> <li><a href="https://econsultancy.com/blog/67919-five-fintech-start-ups-aiming-to-replace-traditional-banking/"><em>Five fintech start-ups aiming to replace traditional banking</em></a></li> <li><a href="https://econsultancy.com/blog/67202-what-s-the-future-for-big-banks-in-a-fintech-world/"><em>What's the future for big banks in a FinTech world?</em></a></li> <li><a href="https://econsultancy.com/blog/69022-five-fintech-websites-with-crystal-clear-value-propositions/"><em>Five fintech websites with crystal clear value propositions</em></a></li> </ul> tag:econsultancy.com,2008:BlogPost/69212 2017-06-30T09:45:00+01:00 2017-06-30T09:45:00+01:00 How Jo Loves creates a memorable retail experience Nikki Gilliland <p>So, how exactly has Jo created a successful brand second time round? Jo is headlining this year's <a href="http://www.festivalofmarketing.com/buy-a-ticket?utm_source=econ&amp;utm_campaign=econblog&amp;utm_medium=blog&amp;_ga=2.54744939.1991980382.1499672431-279521282.1487945678#/" target="_blank">Festival of Marketing</a>, where she will share her insight and expertise. In the meantime, here’s a run-down of how Jo Loves has created a distinct and memorable retail experience in the luxury fragrance market.</p> <h3>Creating a distinct brand</h3> <p>When Jo Loves was first launched in 2011, its branding was deliberately designed to be different from that of the original Jo Malone company. However, since realising that the decision to use bright red packaging was a mistake, it has taken a number of years for the brand to find and establish its own identity. </p> <p>So, branding aside, what is the difference between Jo Malone and Jo Loves? </p> <p>On first glance, perhaps not that much. Then again that is not surprising considering both companies were borne out of Jo’s lifelong love of fragrance. What <em>does</em> set Jo Loves apart – both from her former business and other <a href="https://econsultancy.com/blog/68603-five-ways-luxury-brands-attempt-to-increase-conversions-online/" target="_blank">luxury brands</a> like it – is the ability to draw in consumers with meaningful and evocative storytelling.</p> <p>Everything from the current packaging (which includes the ‘red dot’ hallmark) to the product copywriting is a reflection of Jo herself. Take the below example of product copy for its original fragrance, Pomelo.</p> <p><em>(Click to view page)</em></p> <p><a href="http://www.joloves.com/pomelo.html"><img src="https://assets.econsultancy.com/images/0008/7113/Pomelo.JPG" alt="" width="780" height="509"></a></p> <p>Written from a first-person perspective, it tells the story behind the product, as well as what it means to Jo. In turn, this creates a much more personal connection to consumers – which is incredibly important considering the highly personal nature of scent. </p> <p>If you compare its tone to other high-end brands, such as Chanel (see below), it feels much easier to relate to Jo’s evocative description of ‘memories of summer holidays’ than Chanel’s ‘essence of a bold, free woman’.</p> <p><img src="https://assets.econsultancy.com/images/0008/7114/Chanel.JPG" alt="" width="780" height="693"></p> <h3>A 360-degree experience</h3> <p>Another point of difference for Jo Loves is the experience that surrounds the core product. </p> <p>Its flagship store in London’s Belgravia is built on experiential elements, including a ‘fragrance tapas’ – which allows consumers to learn about and sample multiple fragrances - and a candle shot studio, which layers scents to create bespoke candles.</p> <p><img src="https://assets.econsultancy.com/images/0008/7111/Candle_Shot.JPG" alt="" width="780" height="511"></p> <p>Meanwhile, the store also places an emphasis on visual merchandising, working with artists to create intricate and show-stopping window displays.</p> <p><img src="https://assets.econsultancy.com/images/0008/7112/Jo_Loves_window.JPG" alt="" width="600" height="447"></p> <p>According to Jo, this kind of in-store engagement with customers is invaluable. In fact, she has previously said that Jo Loves generates a 92% conversation rate when shoppers are immersed in the wider retail experience.</p> <p>This is also the reason why we will not be seeing countless Jo Loves stores or concessions popping up in future. Instead of mass expansion, its plans are focused on small boutiques that will be able to replicate the unique concepts found in its original London flagship. </p> <p>It’s important to note that its boutique-style does not mean it is unattainable, either. While it is certainly a high-end brand, Jo Loves deliberately designs its retail experience to appeal to people of all ages and budgets, taking an inclusive approach rather than one based on outright exclusivity.</p> <h3>Embracing social media</h3> <p>One way Jo Loves maximises its reach is on social media, mainly using visual platforms like Pinterest and Instagram to engage with an online audience. And while it has just a single store, it is social media that has allowed it to create global awareness of the brand.</p> <p>As well as the main ecommerce site, Jo Loves has particularly embraced social media as a way to establish its brand voice, communicating its vision and values via these digital channels. Its Instagram feed mirrors the brand’s subtle and sophisticated aesthetic, while its brand messaging conveys an empowering and positive tone of voice. </p> <p><img src="https://assets.econsultancy.com/images/0008/7115/JO_Loves_Insta.JPG" alt="" width="780" height="500"></p> <p>While social media undoubtedly plays a big role in Jo Loves’ marketing, it is not the only strategy used. The brand still relies on print media, often combining this with social media activity in the run up to product launches in order to create the biggest impact possible, as well as to ensure its message reaches a varied demographic.</p> <h3>Personalisation </h3> <p>According to research, 62% of shoppers say they buy more or more often when they receive a personalised retail experience. For Jo Loves, personalisation is hugely important, with the brand offering bespoke and <a href="https://econsultancy.com/blog/68783-the-pros-and-cons-of-personalised-packaging-for-fmcg-brands/" target="_blank">personalised products</a> in order to strengthen its bond with customers.</p> <p>Personalisation is another way Jo Loves creates a point of difference. By enabling customers to layer their own scents or engrave names onto products, it is able to offer something unique to each and every individual. At the same time, this has also allowed the brand to expand its gifting category, and focus more heavily on wedding and event-related products.</p> <blockquote class="twitter-tweet"> <p lang="en" dir="ltr">Looking for an extra special touch this Christmas? Head down to our store to personalise your Jo Loves fragrances and candles <a href="https://twitter.com/hashtag/JoLoves?src=hash">#JoLoves</a> <a href="https://t.co/CchIY2WYyT">pic.twitter.com/CchIY2WYyT</a></p> — JO LOVES (@JOLOVESofficial) <a href="https://twitter.com/JOLOVESofficial/status/802467565045944320">November 26, 2016</a> </blockquote> <p>Meanwhile, the brand has also seen success with seasonal and limited edition products. A couple of years ago, its Christmas Trees collection completely sold out before December had even got under way, and while its limited amount of stock was regrettable, this no doubt contributed to the hype and excitement surrounding the return of its Christmas range in 2016.</p> <h3>Innovation and experimentation</h3> <p>Since opening its flagship store in 2013, Jo Loves has gone on to expand its retail and ecommerce capabilities. As well as selling its Pomelo fragrance on Net a Porter (enabling the brand to sell worldwide), it has also entered the world of <a href="https://econsultancy.com/blog/68371-why-travel-retail-is-big-business-for-beauty-brands/" target="_blank">travel retail</a> with an exclusive partnership with Emirates. </p> <p>More recently, Jo Loves has also experimented with events in the hospitality industry, recently collaborating with London restaurant, Bluebird, for a celebration of the famous Chelsea Flower Show. Working with head barman, Egzon Kastrati, Jo created a menu of cocktails inspired by her favourite scents. A continuation of the theatre found in the Jo Loves retail store, the collaboration is yet another example of its ‘brand as an experience’ philosophy.</p> <p><img src="https://assets.econsultancy.com/images/0008/7116/bluebird_chelsea.JPG" alt="" width="780" height="495"></p> <p>So, experiential elements aside, how is the brand keeping consumers invested in its core product?</p> <p>Jo Loves recently launched the Fragrance Paintbrush – a new trademarked product that allows people to paint on a scent instead of spraying it. The technique was originally used for its aforementioned fragrance tapas service, before the brand recognised that it could revolutionise the way people apply perfume.</p> <p>The story of how the product was created is a reflection of Jo Loves' overall journey so far, with success stemming from the founder’s passion, creativity, and desire to give consumers something to remember.</p> <p><img src="https://assets.econsultancy.com/images/0008/7117/Fragrance_Tapas.JPG" alt="" width="760" height="512"></p> <p><em><strong>Jo Malone is headlining the Festival of Marketing 2017. <a href="http://www.festivalofmarketing.com/buy-a-ticket?utm_source=econ&amp;utm_campaign=econblog&amp;utm_medium=blog#/" target="_blank">Book your passes now.</a></strong></em></p>