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How Price, Time and Functionality Affect Customers' Choices

Idea posted: March 2014
  • Learning & Behaviour
  • Marketing

New research shows that when purchases are time-sensitive — buying a camera the day before leaving for vacation, for example — consumers tend to look for convenient, easier-to-use products. But in the long term, consumers are more interested in desirable product features. According to the research, reminding consumers of a product’s price will help them focus, even in the short term, on what they truly value: functionality over convenience.

Idea #338
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The big queue at an ATM in Masalli, Azerbaijan, 2008 (Source: Wikimedia Commons)

Customer Loyalty: Easy Does It

Idea posted: March 2014
  • Marketing
Institutions: Henley Business School

A number of companies have begun to measure ‘customer effort’ (CE) – how easy (or difficult) it is for their customers to interact with them. The experience of these firms is that CE is worthwhile, offering a good indicator of customer loyalty. Whilst it should not replace other key measures, such as customer satisfaction and ‘net promoter score’ (NPS), it should be considered alongside them.

Idea #345
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The Distribution of Bread in the Village, Frans van Leemputten, 1892 (Source: Wikimedia Commons)

Do CSR Initiatives Enhance Customer Loyalty?

Idea posted: March 2014
  • CSR & Governance
  • Marketing

Are customers more loyal to retailers who engage in corporate social responsibility (CSR) activities? In general, CSR is going to earn customer loyalty, although a closer look reveals that the type of CSR makes a difference. CSR related to the customer experience — involving employees and products — inspires the most loyalty, followed by community support activities. Environmental projects generate less enthusiasm from customers, and with some customers actually have a negative effect.

Idea #346
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 A typical "As seen on TV" logo present on many products in the US (Source: Wikimedia Commons)

Brand Placement on TV: The Positive Impact of Fast-forwarding

Idea posted: March 2014
  • Marketing

Placing brands with different ‘personalities’ next to each other, as in a block of ads during a TV commercial break, impacts how consumers view the brands, new research shows. For example, a safe, efficient product seems like a more exciting choice simply because its ad followed the advertisement for another product that emphasizes excitement and adventure. But this brand-pairing effect only happens when consumers are not paying too much attention to either brand… as when they’re fast-forwarding through the commercials of a taped TV show.  

Idea #347
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Guests lounge at the pool at the Dolphin Village Hotel in Shavei Zion, 1954 (Source: Wikimedia Commons)

The Overlooked Longevity of Experiential Goods

Idea posted: March 2014
  • Marketing

When consumers feel financially constrained, they are more likely to choose tangible material purchases over experiential purchases in the belief that those material purchases will ‘last’ longer. This longevity factor can be deceiving, however; material purchases can often be more frivolous (and thus less valuable) than experiential purchases — and experiential purchases can last longer, through memories or well-being for example, than material ones.

Idea #351
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Robert Hooke, at Christ Church Oxford, where he studied surrounded by some of his inventions. Painting by Rita Greer 2011 (Source: Wikimedia Commons)

Great Innovation! But What’s it for? Marketers Beware

Idea posted: April 2014
  • Innovation & Entrepreneurship
  • Marketing

Product designers and marketers might be very excited about a new product with impressive new features and a bold new design. But consumers will not recognize the newness of the product if they cannot figure out what the product is in the first place — which can lead to a major disconnect between the reaction that companies expect from consumers (“Wow, what a great innovation!) and the actual reaction (“What is it?”).

Idea #355
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Online Customers Reviews: Loyalty and Deception

Idea posted: April 2014
  • Marketing

While it might seem easy for competitors to hurt a rival’s sales by posting negative reviews, research reveals that many of the most negative product reviews are written by loyal customers trying to influence company strategy. 

Idea #356
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1956 Ballantine Ale original vintage advertisement (Source: Brookston Beer Bulletin)

Ambiguous Ads: Hidden Messages, Hidden Risks?

Idea posted: April 2014
  • CSR & Governance
  • Marketing

Companies sometimes use covert ‘cues’ and ambiguous images to advertise their products. This ‘purposeful polysemy’ enables them to target minority groups without alienating ‘mainstream’ consumers. It is not, however, a foolproof strategy. Research suggests that heterosexual men respond less positively to ‘gay window’ advertising.

Idea #360
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"Drink Coca-Cola 5¢", an 1890s advertising poster (Source: Wikimedia Commons) 

How Advert-Evoked Feelings Sway Attitudes to Brands

Idea posted: April 2014
  • Marketing

A new study, recreating real-world marketplace conditions, shows that positive feelings evoked by ads can create positive feelings toward brands, both directly and indirectly. This applies to all products, although hedonistic products show the greatest impact of ads on brand attitudes.

Idea #363
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‘Dans le Souk aux Cuivres’, Nicola Forcella, an Italian painter born before 1868 (Source: Wikimedia Commons)

How Customer Participation Builds Loyalty

Idea posted: April 2014
  • Marketing

Companies focus on encouraging customer word-of-mouth while ignoring the benefit of customer participation — encouraging customer feedback and suggestions to the company. Yet, research shows that participation can increase customer loyalty even more than word-of-mouth. 

Idea #364
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Building a Brand Image Across Multiple Countries

Idea posted: April 2014
  • Marketing

Multi-country brands should position themselves consistently across markets only on image attributes that are very important in all of the various countries. For example, brand image attributes related to benevolence or self-direction, which are valued highly in most countries, can be used consistently. Better to be inconsistent (used in certain markets only) with a divisive value such as hedonism or power.

Idea #372
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"Your reputation precedes you" Lord Nelson to Lady Hamilton. Laurence Olivier and Vivien Leigh in That Hamilton Woman, 1941, produced and directed by Alexander Korda, distributed by United Artists.

How to Measure and Manage Reputation

Idea posted: May 2014
  • Strategy
  • Leadership & Change
  • Marketing
  • Operations
Institutions: Henley Business School

Reputation management is a complex task and the measurement of it particularly so, concerned as it is with diverse stakeholder groups and their respective, sometimes differing, evaluations of an organization. Getting the right level of engagement with stakeholders is a critical factor in a firm achieving its objectives, because from that engagement business recommendation and take-up will flow.

This research focuses on the pharmaceutical industry, although the model it uses is transferable to other industries and therefore offers potential to the wider corporate communication and

Idea #378
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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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The Unexpected Impact of Click and Collect Retail Programs

Idea posted: June 2014
  • Strategy
  • Marketing
  • Operations

When retailers started offering the ‘buy-online, pickup-in-store’ option, also known as BOPS, the assumption would be that online sales would increase. New research shows, however, that BOPS actually reduces online sales while increasing offline sales — a surprising but positive result.

Idea #527
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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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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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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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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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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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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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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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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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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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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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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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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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