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Louis Vuitton store, HK Landmark, Hong Kong (Source: Wikimedia Commons)

How Practical Features Sell Luxury Products

Idea posted: December 2017
  • Learning & Behaviour
  • Marketing

New research reveals that buyers of hedonistic, luxurious products often feel guilty about their indulgent purchase — but that bundling even a small utilitarian feature with the product can assuage this guilt and make consumers more likely to buy and increase willingness to pay.

Idea #687
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St George Kills the Dragon, Edward Burne-Jones, 1866 (Courtesy: Art Gallery of New South Wales)

How to Make and Keep Customers Grateful

Idea posted: December 2017
  • Strategy
  • Innovation & Entrepreneurship
  • Marketing

Forget discounts. Customers perceiving a genuine effort by companies to invest in the customer relationship will feel grateful toward the company — an emotion that leads to overall (and longer lasting) customer satisfaction.

 

Idea #688
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Kalfafell Iceland. Photo by Gian Reto Tarntzer on Unsplash

How Linear Thinking in a Non-Linear World Leads to Wrong Decisions

Idea posted: November 2017
  • Learning & Behaviour
  • Marketing

Our brains prefer to think in straight lines: if one bag of oranges costs $5, then two bags cost $10 and three cost $15. However, this bias toward linear thinking often traps unwary business decision-makers who fail to recognize the non-linear relationships they are dealing with (e.g. increasing retention rates from 10% to 30% or from 60% to 80% does not have an equal 20% impact on customer lifetime value).

Idea #685
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Photo by Jenna Day (Source: Unsplash)

Brain Drain: How Cell Phones Distract Customer Attention

Idea posted: July 2017
  • Learning & Behaviour
  • Marketing

Cell phones are distracting, pulling our attention away from our current tasks and activities. New research reveals that the mere presence of the phones, even when they are turned off and we are consciously focusing our attention on another task, is enough to reduce our thinking capacity.

Idea #665
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Photo by Dogancan Ozturan (Source: Unsplash)

How CRM Reaches Customers' Social Networks

Idea posted: June 2017
  • Marketing

Marketers may be underestimating the impact of their marketing campaigns, which, a new study shows, impacts not only the target customers, but also the social connections of those customers.

 

Idea #660
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Smileyes (Source: Wikimedia Commons)

How a Happy Face Sticker Improves Perception of the Customer Service Experience

Idea posted: May 2017
  • Marketing

A supraliminal prime as simple as a happy face sticker on a receipt can induce customers to be more satisfied with the service they have received.

Idea #655
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Shopping for hats in London,1942 (Source: Wikimedia Commons)

What ‘First Impression’ Data Reveals About Customers

Idea posted: April 2017
  • Marketing

Companies can form a ‘first impression’ of a customer based on the information collected during a customer’s first transaction with a company. This first impression data can help companies predict how often new customers will purchase in the future and how much money they will spend on each transaction. It can also help companies target their marketing campaigns more effectively.

Idea #651
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Why Customers Put Up With Rude Luxury Shop Assistants

Idea posted: December 2016
  • Marketing

Surprisingly, retail rejection (customers greeted with unfriendly sales staff in luxury stores, for example) can increase brand image in the eyes of ‘rejected’ consumers, thus increasing sales in the short term. In the long term, however, consumers will resent the rejection, and the brand pays the price.

Idea #640
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Mary Barra, CEO and Chairperson of General Motors. The first female CEO of a global automaker

New Female CEOs: Quiet Media Coverage Avoids Negative Market Reaction

Idea posted: November 2016
  • CSR & Governance
  • Leadership & Change
  • Marketing

Research proves the many benefits and advantages of female CEOs, yet markets continue to punish companies for choosing a woman as CEO. A new study shows that individual investor bias is not the problem; instead, the fear of bias in other investors causes markets to react unfavourably. 

Idea #630
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Official U.S. Navy Imagery – a sailor presents his girlfriend with an engagement ring (Source: Wikimedia Commons)

The Competitive Implications of Customer Expectation

Idea posted: July 2016
  • Strategy
  • Marketing

Past research has shown that products and services that don’t fit specific market categories are more likely to fail in the marketplace. A new study demonstrates that even a product with all the attributes of its category can fail. To truly understand the competitive dynamics of its market, a company needs to look beyond categories, and focus on the customer expectations that underlie those categories. 

Idea #612
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Varied Effectiveness of Paid Endorsements on Social Media

Idea posted: April 2016
  • Marketing

New research reveals the potential benefits and pitfalls of including paid social media endorsers in new marketing efforts. The research notably revealed that paid endorsers are either eager to participate or very effective — but rarely both.

Idea #599
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Plastic face protection from snowstorms. Canada, 1939 (Source: Wikimedia Commons)

Why Great New Products Fail

Idea posted: April 2016
  • Innovation & Entrepreneurship
  • Marketing

Many excellent new products fail because companies fail to understand how customers make their purchasing decisions. Specifically, customers decide what they want to buy based on one of two things: their search for new information or the inferences they make based on the information they have. Great new products fail when through their searches or inferences, customers fail to recognize their value.

Idea #601
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System change not climate change', 2009, UN climate talks in Copenhagen. Photo: kris krüg via Flickr (CC BY-NC-ND).

How Social Movements Spark Corporate Social Responsibility Initiatives

Idea posted: April 2016
  • CSR & Governance
  • Marketing
  • Operations

Social movements change society’s expectations of a company, as well as influence the thinking and values of individuals in that company. Under ideological pressure from diverse categories of external and internal stakeholders, the company responds with a corporate social responsibility agenda. 

Idea #603
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When Customers Can See More Cost than Benefit in CSR

Idea posted: March 2016
  • CSR & Governance
  • Marketing

Companies should not assume that all customers see the benefit in corporate social responsibility. Some focus on the costs — and are concerned that unfair prices are being used to finance CSR. 

Idea #591
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How a Marketing Doctrine Overcomes the Flexibility Vs Consistency Conundrum

Idea posted: February 2016
  • Strategy
  • Marketing

Diversified or decentralized firm face a conundrum: How do you ensure that marketing decisions are consistent across the entire company without undermining the flexibility required to tailor marketing decisions to local circumstances? The answer: A marketing doctrine based on unique principles that guide without dictating. 

Idea #584
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Why the Chief Marketing Officer Matters

Idea posted: February 2016
  • Strategy
  • CSR & Governance
  • Leadership & Change
  • Marketing

The position of Chief Marketing Officer has come under fire recently, with some arguing that a CMO does not really add value to a company. A new research study counters this view; showing that companies with CMOs perform up to 15% better than companies who leave the CMO seat empty. 

Idea #581
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Queen Nefertiti of Egypt, 1350 BC (Courtesy: Neues Museum Berlin)

How a CEO's Attractiveness Can Boost Shareholder Value

Idea posted: December 2015
  • CSR & Governance
  • Leadership & Change
  • Marketing

Personal appearance, from height to attractive facial features, has been shown to positively influence the financial and career success of individuals. New research links CEO attractiveness to shareholder value, demonstrating that the first impression advantage of an attractive physical appearance can have group as well as individual benefits.

Idea #575
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Why Anthropomorphism Works In Marketing

Idea posted: November 2015
  • Marketing

Talking geckos and other anthropomorphic “spokes-characters,” are ubiquitous in advertisements. Various studies reveal some of the psychological reasons explaining why and how anthropomorphic marketing works — as well as some of the potential risks.

Idea #564
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What Influences Our Choices? What Others Prefer or What They Actually Consume

Idea posted: October 2015
  • Strategy
  • Marketing

A series of psychological experiments reveal that people will imitate others’ preferences, but not their actions — a revelation that can have marketing implications. For example, Facebook ‘likes’ are more influential than lists of best-selling products.

Idea #556
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Cultural Transformation Recognition Ceremony at the Jefferson Auditorium, US Department of Agriculture in Washington, DC, 2011 (Source: Wikimedia Commons)

Six Disruptive Demographic Trends and What They Mean for the Workplace

Idea posted: October 2015
  • CSR & Governance
  • Leadership & Change
  • Marketing

While demographics are never stationary, the demographic changes currently impacting the United States are transforming the country, with fundamental implications for how Americans live and work and how businesses in America can thrive. 

Idea #557
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Jimmy Wales in Duisburg, Germany. Champagne reception (Source: Wikimedia Commons)

Designing Experiential Services So Customers Remember the Best Parts

Idea posted: September 2015
  • Innovation & Entrepreneurship
  • Learning & Behaviour
  • Marketing

Customers tend to remember the end of an experience (for example, the last days of a vacation) and also tend to become used to a level of experience (for example, the view from their hotel room). Keeping these two psychological tendencies in mind, companies can structure a customer service encounter that leaves satisfied customers with memories of a great experience — and have them coming back for more.

Idea #551
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Wayuu bags, hand made by women from the Wayuu tribe in Colombia (Source: Wikimedia Commons)

Reusable Grocery Bags: How Green Customers Help the Environment — and Your Business

Idea posted: September 2015
  • CSR & Governance
  • Learning & Behaviour
  • Marketing
  • Operations

Shoppers bringing their own bags help reduce the adverse environmental impact of plastic bags. New research shows, however, that the environment is not the only winner. Environmentally conscious shoppers are inspired to buy more expensive organic products, and reward themselves with unplanned indulgent purchases — a boon to grocery stores.

Idea #542
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What Companies Learn from Customer Satisfaction Surveys

Idea posted: September 2015
  • Marketing

Are customer satisfaction surveys worth the trouble? Addressing and correcting for some of the core issues with customer satisfaction surveys — specifically, that they are based on perceived and not actual performance, and that there is a potential bias in the results based on who fills out the surveys — a new study confirms that they provide vital information for businesses, including the link between performance and customer behaviour.

Idea #543
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Buyers of Experiential Products and Consumer Reviews

Idea posted: September 2015
  • Marketing

Shoppers find consumer reviews to be less useful, and are less likely to seek out such reviews, for experiential purchases (events to be lived through such as vacation packages) than for material products (objects to keep such as electronics). 

Idea #546
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Dynamism of a Dog on a Leash, Giacomo Balla, 1912 (Courtesy: Buffalo Fine Arts Academy, New York)

Tracking Customers Who Leave Without Saying Goodbye

Idea posted: August 2015
  • Marketing

Customers don’t always inform a business that they are no longer customers. A new model, developed by researchers from Columbia Business School and London Business School and based on customer behaviour, allows companies to disentangle customers who are still active customers from customers who have ‘silently left’. The model also identifies customers who are in danger of leaving. 

Idea #538
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The McDonalds sign in Times Square (Source: Wikimedia Commons)

Mapping Brand Strategy: Balancing Centrality Vs Distinctiveness

Idea posted: August 2015
  • Strategy
  • Marketing

A new tool, based on scoring brands on their centrality (i.e. the brand of record) and distinctiveness (i.e. the brand that stands out from the crowd) can help marketers and strategists determine the best paths for growth and profitability. 

Idea #540
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King Canute Reproving His Courtiers, 1848, engraving (Source: Wikimedia Commons)

How Leadership Humility Is Defined in the East and in the West

Idea posted: July 2015
  • CSR & Governance
  • Leadership & Change
  • Marketing

Two studies in Singapore reveal differences in the definition of leadership humility between Eastern and Western cultures. Attributes such as self-awareness and recognizing the strengths and achievements of followers were common and important to both cultures, the Singapore studies showed, however, a number of unique dimensions that are viewed as significantly humble in a culture where one’s place on the hierarchy is important. These unique humility dimensions included leading by example, empathy and approachability.

Idea #530
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Adapt Your Choice of Product-Related Services to the Industry Life Cycle

Idea posted: July 2015
  • Strategy
  • Marketing

Different types of services — from ‘complementary smoothing’ services such as maintenance support to ‘substituting’ services such as leasing arrangements — can be more or less effective depending on the current phase (early ferment, middle transition, or late mature) in the life cycle of the product’s industry.

Idea #531
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Don't Jay Walk, 1937 PSA poster, USA (Source: Wikimedia Commons)

Neurobiological Clues to Advertising Effectiveness

Idea posted: May 2015
  • Learning & Behaviour
  • Marketing

Recent research identifies physiological reasons that public service announcements (PSAs) are effective. Specifically, the researchers show that increases in two neurochemicals — adrenocorticotropic hormone and oxytocin — result in greater attention and action from viewers. 

Idea #517
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Playing cards from the French Republic (1793-94), revolutionary images replace Kings and Queens

The Role of Identity When an Organization's Purpose Changes

Idea posted: May 2015
  • Strategy
  • Marketing
  • Operations

How do organizations respond to multiple business logics with conflicting sets of rules and norms? New research based on a study of four French business schools reveals that institutional and organizational identities will guide an organization’s response.

Idea #514
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