Just back from the Forum for Sales Enablement professionals in Scottsdale and the buzz is still there. Maybe that's the effect of cold Boston air after 5 days in paradise, but I think there is more to it. Attendees were on a high with the ideas and approaches they learned to "work back from their customers" to better communicate in the ways buyers need and want in the Age of the Customer.
Check the twitter feed here and you will see some of that energy, like "marketing and sales have to align on the same methodology, but start from the customer perspective", or "buyers want you to give them insight they haven't thought of".
What is that methodology? If Forrester's new 21st Century Selling System in the Age of the Customer. The core idea is simple, model your buyers, so you can map your messages and assign the right messenger to communicate what the buyer needs in order to appreciate your value. The key? There are 4 archetypes of buyers, so there are 4 aligned archetypes of messages and messengers as well, like this:
A version of this post originally appeared on Re/code.
The roller coaster ride for Bitcoin enthusiasts continued this week: There was good news from UK regulators, who have taken a relatively progressive stance on virtual currencies, and bad news with the latest heist of 890 Bitcoin (roughly $600,000) and the resulting demise of a Flexcoin, a Bitcoin storage service. The breaking news frenzy perhaps reached a new peak, with the claim that the real Satoshi Nakamoto has been identified. There’s no doubt that additional revelations are on the horizon when it comes to the first crypto-currency, and with that, the debate about the longevity and usefulness of Bitcoin will continue. In our new report on Bitcoin, we address the following questions:
1. What is Bitcoin?
2. Who are the main players?
3. What headway has Bitcoin made?
4. How viable is Bitcoin as a consumer payment alternative?
5. Should I worry about crypto-currencies like Bitcoin disrupting my business?
6. How can I outsmart crypto-currencies?
Here’s the bottom line: Bitcoin is deeply flawed as an alternative currency or payment method for mainstream consumers. It will, however, be a catalyst for a more efficient global payments system because it demonstrates one way to tackle the many embedded inefficiencies.
Bitcoin Is Not A Viable Payment Alternative For Mainstream Consumers
There are lots of reasons for this dissatisfaction, but the biggest is that most vendors just aren’t solving the problems that social relationship marketers face. Yesterday we published a new report detailing social relationship marketers' top challenges:
Measurement. Most just don't know what impact, if any, their Facebook pages and Twitter accounts have.
Content. Marketers struggle both to decide what type of content to publish, and then to find good content assets to use.
Staffing. Many say they just don't have enough human resources to handle the every tasks of social relationship marketing.
Scheduling. Marketers don't know when to post their content for maximum impact.
Walt Disney once said, “of all our inventions for mass communication, pictures still speak the most universally understood language.” Perhaps he was more prescient than anyone realized at that time: Decades later, the onslaught of social media and the emergence of mobile phones have made his assertion seem truer than ever, as consumers have gained the tools to share a picture with the global population in a matter of seconds. Today, the fascination with pictures has come to define communication that spans both the offline and online worlds.
According to Forrester’s Consumer Technographics® data, sharing visual content is indeed a universal phenomenon — but it is most prevalent in countries like China, India, and Brazil:
Some believe that our obsession with taking and sharing photographs speaks to a modern narcissistic culture. Indeed, Pew Research reports that the majority of Millennial consumers post “selfies” on social networking sites. However, when Ellen DeGeneres’ Oscar “selfie” became the most retweeted tweet ever this week, narcissism was hardly part of the conversation. Instead, Ellen’s post exemplified what can happen when the power of the picture meets the power of social media: large-scale awareness, excitement, and engagement.
We evaluated established SRPs like Spredfast, Sprinklr, Shoutlet, Adobe Social, and salesforce.com’s Buddy Media, and found that none of them were good enough to fall into our “Leaders” category. Why? For one thing, most had significant gaps in their offerings.
But we also found that many of their customers weren’t terribly satisfied. Even though all the clients we spoke with were referred to us by the vendors themselves — and so presumably were amongst each SRP’s happiest customers — most had some reservations about the features, functionality, and service the vendors provided. In several cases, we were shocked by how little the reference clients thought of their technology partners.
One year later, we decided to check in on whether marketers had grown any more satisfied with their social relationship platforms. For a new report out today, we asked 56 marketers who used a variety of SRPs whether they’d recommend their vendor to a colleague — and found that overall, social relationship platforms have a Net Promoter Score of -16. Yes, that’s negative sixteen.
For the past seven years, Forrester has reported on how consumers rate their experiences with major brands in the US by publishing our annual report, the Customer Experience Index, or CXi. The CXi has helped us identify customer experience leaders, and helped many top brands in the US benchmark their customer experience against their peers.
Coming back from the SAS Industry Analyst Event left me with one big question - Are we taking into account the recommendations or insights provided through analysis and see if they actually produced positive or negative results?
It's a big question for data governance that I'm not hearing discussed around the table. We often emphsize how data is supplied, but how it performs in it's consumed state is fogotten.
When leading business intelligence and analytics teams I always pushed to create reports and analysis that ultimately incented action. What you know should influence behavior and decisions, even if the influence was to say, "Don't change, keep up the good work!" This should be a fundamental function of data govenance. We need to care not only that the data is in the right form factor but also review what the data tells us/or how we interpret the data and did it make us better?
I've talked about the closed-loop from a master data management perspective - what you learn about customers will alter and enrich the customer master. The connection to data governance is pretty clear in this case. However, we shouldn't stop at raw data and master definitions. Our attention needs to include the data business users receive and if it is trusted and accurate. This goes back to the fact that how the business defines data is more than what exists in a database or application. Data is a total, a percentage, an index. This derived data is what the business expects to govern - and if derived data isn't supporting business objectives, that has to be incorporated into the data governance discussion.
On March 19th, I’ll be joining several of my colleagues in Shanghai, China for our Summit for Marketing & Strategy Professionals. One of the themes we’ve been exploring recently is how the Age of the Customer translates in the Chinese market. During my session at the summit, I will discuss some of the following things that the most customer-obsessed businesses, and savviest eBusiness leaders, are doing to effectively compete in China. These leaders:
Understand their customers and use this information to be as relevant as possible. In China, a growing number of eCommerce players are using customer data to help drive sales online, for example, by providing detailed product recommendations. As in other parts of the world however, many eBusiness executives in China are at the early stages of truly understanding their customers and using this information to be relevant in their daily lives. We’ll look at how some brands use customer data effectively today, and what some of the more innovative use case scenarios look like in eBusiness.
At Mobile World Congress 2014 in Barcelona, SingTel CEO Chua Sock Koong was reported as “call[ing] on Australian regulators to give carriers like Optus the right to charge rivals WhatsApp and Skype for use of their networks or risk a major decline in network investment.”
With the telecommunications industry unable to monetize over-the-top (OTT) traffic, telcos will struggle to find the funding they need to improve their infrastructure — meaning that network quality could deteriorate. Chua did concede that telcos should work toward partnering with OTT players.
What It Means
SingTel’s argument runs over familiar ground, similar to the ongoing net neutrality debate in the US. My colleagues suggest that telcos will offer tiered access at tiered pricing to OTT players in the future, charging higher prices for better connection speeds and greater data traffic. While I don’t doubt this, price-sensitive Asia may be a harder nut to crack; telcos here run the risk of customer churn by raising service prices.
Aside from speeding up its rate of service innovation, SingTel should:
We all use a multitude of personal cloud apps, both at work and at home. But getting meaningful tasks accomplished can be frustrating, particularly on mobile, as files, data, and workflows fragment across the various services we use. Take for example finalizing and signing a contract on iOS. This would involve fetching a document from email, annotating it, signing it, and sending it back to the client. Today, no one app can do all that, and iOS and Android offers very limited data-interoperability functionality with both Open In and Android Intent features.
We’re seeing three types of personal cloud startups emerging to offering capabilities to link across apps, services and devices:
Access: search, unified visibility, and portability for files, photos, and information.Younity networks and delivers content across your devices using P2P technology. And Otixo facilitates data interoperability across cloud services within a virtual file system-type interface. Simply drag and drop to move files from one service to another.
Interconnection: tasks and data flows that use info from multiple services.Ink facilitates workflows as an alternative to iOS’s Open In.