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Tag: data

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Growth Personal Development

Big Data Conversations: Don’t Get Caught

 

By Judith Glaser

Why and How of Engaging Customers

Gallup’s State of the American Consumer report states, “Fully engaged customers are more loyal and profitable. Afully engaged customer represents a 23 percent premium in terms of share of wallet, profitability, revenue, and relationship growth.”

How can you effectively engage with your customers who operate at warp speed? We live in a world of right now, and the demand for instant results is seeping into every corner of our lives. Instant gratification is no longer a desire—it is an expectation.

In what Qualtrics calls the “era of immediacy,” we now operate in real-time and expect everything instantly. To engage with their customers and satisfy their need for speed, businesses must re-engineer their approach. Today, it’s about giving the customer what they want, when they want it and how they want it—or they’ll go someplace else. 

Fast data is gathered quickly and shared and acted on quickly, before its shelf life expires. Fast data delivers the information needed to help address specific issues, drive results and propel innovation in the moment. Fast data helps enterprises gather real-time insights into what customer are thinking so they can address issues in the now and keep customers happy. Enterprises need to catch customers and employees when they’re thinking it. Forrester Research predicts: “In the age of the customer, the race will be won or lost based on your firm’s ability to know your customers and react faster and better.”

For example, the Viceroy Hotel Group used fast data to uncover valuable insights about potential customers that boosted the hotel’s bottom line. Using Qualtrics Site Intercept product, the VHG experienced a sudden surge in local web traffic. Managers scratched their heads. The locals weren’t planning to stay there, so what was up with all the traffic? In less than an hour, the LA-based hotel set up an online survey using Site Intercept that asked local visitors what they were looking for. It turned out they wanted a happy hour menu. A quick fix allowed the hotel to make the happy hour menu available to anyone from the LA area who visited the website. With fast data, the VHG delivered potential customers exactly what they wanted, which boosted the hotel’s bottom line.

Meet the Voice of the Customer

Enterprises struggle with having access to the right information at the right time and place in order to interact with customers, build new products, and improve service. This is why most leaders are investing resources to strengthen their customer engagement programs. This renewed commitment to customer engagement impacts how enterprises approach their Voice of Customer (VoC) initiatives. VoC is now a strategic initiative for better understanding customers and responding to their specific needs.

For example, JetBlue, another Qualtrics’ customer, noticed that their NPS score at a Philadelphia airport was very low for an early morning flight. By focusing on this insight, JetBlue could trace customer dissatisfaction to the fact that the shops and amenities in the terminal were not open when customers were looking for coffee and refreshments before their flight, making them grumpy. With this insight, JetBlue responded quickly by passing out water, juice and coffee at the gate in the morning to boost customer morale. This made a tremendous change in JetBlue’s satisfaction scores.

Customers now expect to give feedback, and to have that feedback acted on. This expectation is driving the demand for VoC. Organizations are looking to technology to address the new rules of customer engagement.

Today, anybody can gather data on nearly anything. The challenge isn’t in finding the right solution to help you gather data—it is in finding the right solution to allow you to access, and act upon those insights quickly and effectively. Otherwise, customers will go someplace else. Adapt or vanish, the old adage goes.

We can now collect insights faster than ever before, enabling us to make timelier and better business decisions, improve business results and create happier, engaged customers. This means more revenue and profits. In the era of immediacy,” actionable data enables us to give our customer what they want, when and how they want it.

Judith Glaser COLOR copy

Judith E. Glaser is CEO of Benchmark Communications, Inc., Chairman of The Creating WE Institute, an Organizational Anthropologist, consultant to Fortune 500 Companies, and author of four best selling business books, includingConversational Intelligence: How Great Leaders Build Trust and Get Extraordinary Results (Bibliomotion, 2013) Visit www.creatingwe.com orwww.conversationalingelligence.com; email jeglaser@creatingwe.com or call 212-307-4386.

 

Categories
Growth Personal Development

Big Data Conversations: Don’t Get Caught

 

By Judith Glaser

Why and How of Engaging Customers

Gallup’s State of the American Consumer report states, “Fully engaged customers are more loyal and profitable. Afully engaged customer represents a 23 percent premium in terms of share of wallet, profitability, revenue, and relationship growth.”

How can you effectively engage with your customers who operate at warp speed? We live in a world of right now, and the demand for instant results is seeping into every corner of our lives. Instant gratification is no longer a desire—it is an expectation.

In what Qualtrics calls the “era of immediacy,” we now operate in real-time and expect everything instantly. To engage with their customers and satisfy their need for speed, businesses must re-engineer their approach. Today, it’s about giving the customer what they want, when they want it and how they want it—or they’ll go someplace else. 

Fast data is gathered quickly and shared and acted on quickly, before its shelf life expires. Fast data delivers the information needed to help address specific issues, drive results and propel innovation in the moment. Fast data helps enterprises gather real-time insights into what customer are thinking so they can address issues in the now and keep customers happy. Enterprises need to catch customers and employees when they’re thinking it. Forrester Research predicts: “In the age of the customer, the race will be won or lost based on your firm’s ability to know your customers and react faster and better.”

For example, the Viceroy Hotel Group used fast data to uncover valuable insights about potential customers that boosted the hotel’s bottom line. Using Qualtrics Site Intercept product, the VHG experienced a sudden surge in local web traffic. Managers scratched their heads. The locals weren’t planning to stay there, so what was up with all the traffic? In less than an hour, the LA-based hotel set up an online survey using Site Intercept that asked local visitors what they were looking for. It turned out they wanted a happy hour menu. A quick fix allowed the hotel to make the happy hour menu available to anyone from the LA area who visited the website. With fast data, the VHG delivered potential customers exactly what they wanted, which boosted the hotel’s bottom line.

Meet the Voice of the Customer

Enterprises struggle with having access to the right information at the right time and place in order to interact with customers, build new products, and improve service. This is why most leaders are investing resources to strengthen their customer engagement programs. This renewed commitment to customer engagement impacts how enterprises approach their Voice of Customer (VoC) initiatives. VoC is now a strategic initiative for better understanding customers and responding to their specific needs.

For example, JetBlue, another Qualtrics’ customer, noticed that their NPS score at a Philadelphia airport was very low for an early morning flight. By focusing on this insight, JetBlue could trace customer dissatisfaction to the fact that the shops and amenities in the terminal were not open when customers were looking for coffee and refreshments before their flight, making them grumpy. With this insight, JetBlue responded quickly by passing out water, juice and coffee at the gate in the morning to boost customer morale. This made a tremendous change in JetBlue’s satisfaction scores.

Customers now expect to give feedback, and to have that feedback acted on. This expectation is driving the demand for VoC. Organizations are looking to technology to address the new rules of customer engagement.

Today, anybody can gather data on nearly anything. The challenge isn’t in finding the right solution to help you gather data—it is in finding the right solution to allow you to access, and act upon those insights quickly and effectively. Otherwise, customers will go someplace else. Adapt or vanish, the old adage goes.

We can now collect insights faster than ever before, enabling us to make timelier and better business decisions, improve business results and create happier, engaged customers. This means more revenue and profits. In the era of immediacy,” actionable data enables us to give our customer what they want, when and how they want it.

Judith Glaser COLOR copy

Judith E. Glaser is CEO of Benchmark Communications, Inc., Chairman of The Creating WE Institute, an Organizational Anthropologist, consultant to Fortune 500 Companies, and author of four best selling business books, includingConversational Intelligence: How Great Leaders Build Trust and Get Extraordinary Results (Bibliomotion, 2013) Visit www.creatingwe.com orwww.conversationalingelligence.com; email jeglaser@creatingwe.com or call 212-307-4386.

Categories
Best Practices Culture Entrepreneurship Industries Management Personal Development Technology

The Risks of Sticking with Legacy Technology

Legacy technology is like that old pair of jeans you wore as a teenager. “They are comfortable” was always your answer to any inquiry.

Move that anecdote onto a larger stage and you have a fairly accurate picture of why many organizations hold on to legacy technology—tools that are long outdated: comfort.

In a world of exponential change, legacy technology is trouble. Continuing to use outdated technology of all sorts is costly beyond the financial spectrum.

Legacy Technology Defined

A definition of legacy technology describes the term as “an old method, technology, computer system or application program, of, relating to, or being a previous or outdated computer system.”

This particular definition frames legacy technology in a negative light. There’s no getting around the fact that legacy technology is pervasive.  

In more recent news, several organizations have experienced setbacks from legacy technology:

  • Last year, Data Breaches compromised 15.1M patient records with 503 incidents.
  • In late 2016, British bank Tesco shut down online banking in early November after 40,000 accounts were compromised, half by hackers for fraudulent purposes. Andrew Tschonev, a technical specialist at security firm Darktrace, stated: “With attackers targeting everyone and anyone, today’s businesses cannot safely assume that it won’t happen to them.”
  • In July 2016, Southwest Airlines canceled 2,300 flights when a router failed, delaying hundreds of thousands of passengers. The same issue grounded 451 Delta Air Lines flights weeks later.
  • In November 2015, Orly Airport in Paris was forced to ground planes for several hours when the airport’s weather data management system crashed. The system was Windows 3.1.

Bad PR? Yes, but Much More Than That

Reputations are important, and high-profile incidents like these don’t create great headlines. But the reasons to move on from legacy technology stretch further:

Data breaches. As Tesco discovered, legacy technology is open to cybercrime. Vendor support is often nonexistent, which limits valuable upgrades. Furthering security risks, advantages of improvements in security measures are not easily accessible for old systems.

Expensive functionality. Revamping outdated technology can be an expensive proposition, but running outdated technology increases operating costs also. Old hardware versions lack modern power-saving technology and the systems’ maintenance is expensive.

Compliance penalties. Depending on your industry, legacy technology may not be in compliance. In the medical industry, outdated software will fail to meet compliance standards, such as the Health Insurance Portability and Accountability Act (HIPAA), resulting in severe financial penalties.

Customer loss. No matter the industry, offering outdated solutions and ideas derived from equally outdated technology will prompt customers to look elsewhere for better answers.

Unreliability. Many organizations hold on to legacy systems in the belief that the systems still work. If that’s not the case, consider what happens when something goes wrong, as seen in the detrimental examples above.

Perception issues. Leaders need to be aware of the message they’re sending to their employees. Consider how a younger employee who’s comfortable with technology might react to coping with the limitations of legacy technology. Aside from lost productivity, they may consider a new employer more willing to invest in current infrastructures.

“No” Can Be More Costly Than “Yes”

Replacing legacy technology is not entirely devoid of downsides, the most obvious being cost. Other deterrents include legacy replacement projects failing or the time and cost involved in system testing and end-user retraining.

But the question remains: Are you and your organization comfortable with the old, or are you identifying the Hard Trends that are shaping the future and embracing the new? Are you anticipating the need to invest and upgrade before a tragedy occurs? There’s not one organization in the examples provided that doesn’t wish to go back and pre-solve the problems of outdated systems.

Before making any decisions, assess both Hard Trends and Soft Trends that affect your organization and industry. Consider the positive and negative impacts that replacing legacy systems may carry both internally and externally. Be certain that every element for the new system serves a well-defined business goal, now and in the future.

As I emphasize in my Anticipatory Organization Learning System, saying yes can be expensive, but saying no could be catastrophic.

Categories
Best Practices Growth Leadership Personal Development

Why Your B2B Content Marketing Isn’t Ready for Personalization

I am blessed to have a number of B2B companies as clients–each one wants me to help them with their content marketing. And I am luckily able to help them all, except there is one thing they all seem to want but don’t know how to deliver–truly personalized B2B content recommendations.

They see Amazon do it. They see other B2C companies do it. But why is it so hard for B2B?

The main reason is that B2C companies don’t personalize content recommendations so much as they personalize product recommendations. They watch what you (and everyone else) buys and they can determine what you are interested in, and which products relate to those interests. Amazon knows that if you buy one book on Civil War History that you will likely buy another. But if your B2B company sells one of your products to a client, its likely they are done. They don’t need another one.

And that sale is excruciating. What happens after the sale isn’t your concern. You want to accelerate making that sale in the first place. That’s why you want to recommend content. But how do you do it?

You likely aren’t ready. (I’m sorry.)

There are three things you need to recommend content:

Information about the visitor to your site. You probably don’t have any. Sure, you might offer registration, but how many clients actually register? What incentive do they have? And how many registered clients even sign in each time they come to the site? Do you drop cookies so they automatically sign in when they come back? What information do you ask them for? Do you use any Visitor Identification technology to get information about those who don’t register? If you don’t have good answers to these questions, you aren’t ready.

Information about the content on your site. You probably have even less of this, if that’s possible. You probably have no taxonomies that have standardized tag values for topics, industries, and other critical metadata. Or if you do, it hasn’t been updated in decades. And you are hoping that author manually tag the content correctly–which you know isn’t working. You have no automation applied to any of these problems to standardize the findability of content on the site. And you have no automated process to match content to visitors–whatever you are doing is using manual rules in your CMS or Marketing Automation system. So, either it doesn’t work or it doesn’t scale. You don’t think that is how Amazon is doing it, do you?

Information about what is working. OK, this one is something you have right? For every piece of content, you have bounce rates and exit rates in your web analytics system, where you also know every link that is clicked on every page, and the cookie ID of the visitor who did it. Great work, honestly. But where do you use that data? Do you use it for content recommendation, or does it just lay dormant in your analytics system waiting to be displayed on a dashboard? Information that gains meaning when it hits the analyst’s eyeball isn’t helpful when you are trying to scale. You need information in a form for automated processes to act on.

If you have all of these problems (and maybe even more), you might be tempted to throw away your whole marketing stack and buy everything from one vendor, because, surely, they have integrated all of these pieces together and now it will just work. Well, I haven’t seen it. This isn’t strictly a technology problem. You might have all the technologies you need, but you don’t have the processes to acquire clean data and the automation to put those technologies to work at scale.

If it seems daunting, you can throw in the towel, but you can make this work. You just have to stop believing in magic technologies and start believing in well-engineered processes and experts to make them work. You can do B2B content recommendation at scale without breaking the bank. You just need to be willing to step back and solve these three problems that are getting in the way.