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Win-Win Negotiation to Create Long-term Value

Idea posted: March 2013
  • Learning & Behaviour
  • Marketing
  • Operations
Institutions: INSEAD

Negotiations need to be about more than just money. By playing ‘hardball’ businesses can do irreparable damage to long-term relationships and destroy trust that has taken years to develop. There is a change in approach amongst large organizations looking to create long term value by creating true partnerships with suppliers and customers.

Idea #103
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Last Call for Social Media Sceptics

Idea posted: January 2013
  • Innovation & Entrepreneurship
  • Leadership & Change
  • Learning & Behaviour
  • Marketing

Social media sceptics have all but scurried back into the woodwork. The game is up and the die cast: social media is here to stay. Each week the ‘fad’ seems to blow open a new way of doing things in a different industry; democratizing our flow of ideas even further. The scope of opportunity for science, art, and business here – seems infinite. But what role can leadership play to facilitate those opportunities and create value for their organizations?

Idea #062
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Women jumping in the water

Business Relationships: Test the Water or Take a Leap of Faith?

Idea posted: March 2013
  • Leadership & Change
  • Learning & Behaviour
  • Marketing

Professional relationships built slowly and consistently over time are more likely, in the long run, to be more stable, robust and cohesive. When embarking on a new relationship with a client, co-worker, or employee - we can fast-track that solidarity with early, frequent and consistent interactions to create a sense of momentum.

Idea #002
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Peasant Wedding Dance, Pieter Brueghel the Younger, 1623 (Source: Wikimedia)

Tap Outside Communities for Innovations

Idea posted: April 2013
  • Innovation & Entrepreneurship
  • Marketing

While companies, especially larger companies, invest a significant slice of their budgets on R&D, researchers are demonstrating that breakthrough innovation and ideas often come from outside the organization — specifically from communities of product users and amateurs in the field. For Wharton professor of management Ethan Mollick, a leading authority on the topic, Apple’s App Store is the latest example of the power of user communities.

Idea #120
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Ximending District, 2013, Taipei, Taiwan

Consumers/Brand Relationships and Fair Treatment

Idea posted: April 2013
  • Marketing

Different brands have different relationships with their customers, just as social relationships differ among people (casual friendships, committed relationships, etc.) Some relationships are strictly transactional; in the case of brands, customers expect value for money, and little else. Other relationships are more of a partnership; customers expect the brand to ‘care,’ just as caring is a component of certain social relationships. New research from the Rotman School of Management and Duke University’s Fuqua School of Business advances the concept that brand relationships mirror social

Idea #129
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Business woman draws modern business concept

New Priorities for Marketing Leaders

Idea posted: April 2013
  • Strategy
  • Leadership & Change
  • Marketing

The priorities of marketing leaders are rapidly changing. According to a report from Cranfield School of Management, improving marketing’s ability to work cross-functionally and building influence at Board level are currently two of the lowest priorities for marketing leaders. Could this pose a problem when it comes to long-term strategies?

Idea #130
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I am half-sick of shadows, said the Lady of Shalott', William Waterhouse, 1916 (Source: Wikimedia Commons)

Homeworking Beats Outsourcing: a 6 Step Model

Idea posted: May 2013
  • Strategy
  • Leadership & Change
  • Learning & Behaviour
  • Marketing
  • Operations
Institutions: Henley Business School

The use of homeworkers as call centre operatives can benefit both businesses and homeworkers. For companies, common advantages include cost savings, increased flexibility, reduced absenteeism and improved customer satisfaction. But there are also potential problems to overcome. By adopting a six-step model, business leaders can plan homeworking projects effectively, identifying the key areas they need to address.

Idea #142
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Satisfied customer

Failed CRM Initiatives and How to Avoid Them

Idea posted: January 2013
  • Strategy
  • Marketing

Customer relationship marketing (CRM) has become a big focus for companies in recent years, witnessing heavy investment in call centres, sophisticated database systems, online support services, etc. But despite these large-scale CRM investments, 55–75% of companies have failed to meet the expected returns. Why is this the case and, moving forward, how can managers ensure better results from their CRM initiatives?

Idea #099
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People with children stand in queue to oceanarium at shopping mall RIO at Moscow Dmitrovsky highway

How Checkout Lines Affect Consumer Purchases

Idea posted: July 2013
  • Learning & Behaviour
  • Marketing
  • Operations

While retailers know that lines or queues are inevitable, new research shows just how much impact a long line can have on purchase behavior. The research, conducted by a team from Duke University’s Fuqua School of Business and Columbia Business School, also demonstrates that, contrary to the accepted wisdom, short lines each served by one checkout clerk is better than one line served by several clerks.

Idea #169
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Children showing a Koh-Kae can (Source: Wikimedia Commons)

Healthy Bottom Lines – Food Marketing and Obesity Prevention

Idea posted: August 2013
  • CSR & Governance
  • Innovation & Entrepreneurship
  • Marketing
Institutions: Cornell University, INSEAD

Food marketing has a profound — and complex — influence on consumers and is often blamed for the (increasingly global) obesity epidemic. Food companies are not in business to make people fat, however. They’re in business to make money. Research into the effects of the ‘4 Ps’ of marketing — ‘price’, ‘promotion’, ‘product’ and ‘place’ — on food consumption suggests there are profitable changes they could make to help people eat more healthily.

Idea #188
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Social Media – Time for B2B to Join the Party

Idea posted: September 2013
  • Marketing
Institutions: Henley Business School

The advent of Web 2.0 – the use of social media tools for marketing – has created new ways to communicate, collaborate and share content. Businesses that market their products or services to consumers (B2C) were first to realise its potential, not least through social networking sites such a Facebook. But research suggests that the benefits can be just as significant for businesses that market to other businesses (B2B).

Idea #204
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Participants in the 2008 World Wide Knit Day. Knitters learnt about this event from Ravelry.com, an online community for knitters (Source:Wikipedia Commons)

Social Dollars and Online Customer Communities

Idea posted: September 2013
  • Marketing

Many companies have now launched brand-specific online communities. Using data from a specific retailer, a research team from University of Michigan’s Ross School of Business and Wilfrid Laurier University sought to measure the actual revenues generated by an online community — also known as ‘social dollars’. Their findings confirm the effectiveness and profitability of online communities. Nearly 20% of the revenue from community customers in their research could be traced to their joining the community. Social dollars also persisted over time — the spending was not a temporary spike due

Idea #206
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A sales assistant demonstrates a blackout coat for dogs at Selfridge's in London, circa 1940. The coat would ensure the dog was visible during the dark nights of the blackout (Source: Wikimedia Commons)

The Secret of a Good Sales Assistant: Reading Customer Mood

Idea posted: September 2013
  • Leadership & Change
  • Learning & Behaviour
  • Marketing

The ability to interpret facial expressions and body language is an important interpersonal skill. However, relatively little is known about how it affects people’s perceptions and experiences of retailers. New research suggests that sales assistants sensitive to ‘non-verbal cues’ are viewed positively by customers but negatively by third-party observers. This has important implications for the way ‘customer-facing’ staff are recruited, trained and evaluated — and for the way shops are designed. 

Idea #220
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Paid-for Online Product Reviews: The True Price

Idea posted: September 2013
  • CSR & Governance
  • Marketing

Increased awareness of the power of online word of mouth (WOM) in marketing means many companies now offer people financial incentives to write reviews of their products and services. But this could be a short-sighted strategy. Recent research suggests that knowing a review has been ‘solicited’ leads to negative pre-conceptions about products among potential consumers – and that these could prove quite hard to reverse.

Idea #222
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Using Adaptive Decision-Making in Customer Management

Idea posted: October 2013
  • Learning & Behaviour
  • Marketing

How do managers make decisions related to customer relationship management? This Idea looks at research that shows that the majority of managers are adaptive in their decision-making, and those that demonstrate the highest accuracy in their decisions also employ “fast and frugal heuristics” – i.e. rather than using careful analysis of information, they use experience-based techniques for problem solving.

Idea #241
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YWCA Mobile Club shop visiting an anti-aircraft site somewhere in Britain, 1943 (Source: Wikimedia Commons)

Managing Customer Relations When Demand Exceeds Supply

Idea posted: October 2013
  • Marketing

When demand outpaces inventory suppliers cannot fulfil everyone’s orders. Two academic researchers have developed a quantitative model that suppliers can use to make the right decisions on which orders to fill, and which to delay, while keeping the greatest number of customers happy in the short- and long-term.

Idea #249
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Marmite pop-up, 2009 (Source: Wikimedia Commons)

Building Brand Equity through Event Marketing

Idea posted: November 2013
  • Marketing

Brand event marketing will increase brand equity through brand experience, especially if the event involves a direct and intense customer experience with the brand. But brand attitude increases brand equity only for certain types of events (namely, trade and street events, but not pop-up shops and sponsored events). Pop-up shops exemplify the best type of brand experience-driven event marketing.

Idea #251
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The Effect of Pruning Sales Channels

Idea posted: November 2013
  • Marketing

A firm that eliminates a search or purchase channel, such as a catalogue, will lose customers who prefer that channel. The decision to eliminate a channel can still be profitable in the long run, as long as the savings from the elimination is greater than the lost revenues. Managers can help the math by taking proactive steps to reduce the level of lost revenues.

Idea #252
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Three monkeys (Source: Wikimedia Commons)

Multichannel Strategies for Better Customer Experience

Idea posted: November 2013
  • Marketing
Institutions: Henley Business School

The proliferation of devices and channels has brought new challenges to just about every organization in delivering consistently good customer experiences and effectively joining up service provision with marketing activity, data and content. A good multichannel strategy and execution is increasingly becoming essential to marketers and customer experience professionals from every sector.

Idea #261
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St. Francis Preaching to the Birds, Giotto, 1299, San Francesco Upper Church, Assisi, Italy (Source: Wikipaintings)

Building Trust: The Role of Stakeholders' Personal Values

Idea posted: November 2013
  • CSR & Governance
  • Learning & Behaviour
  • Marketing

For stakeholders, such as employees and customers, the trustworthiness of a company is based on competence and character attributes. New research shows that whether competence or character is more important to establishing trust depends on the personal conservative or liberal values of the stakeholders. This research helps companies develop targeted trust-building strategies.

Idea #262
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Park Avenue foyer of the Waldorf-Astoria Hotel, New York City, on Christmas Day, 1987 (Source: Wikimedia Commons)

Frequency Reward Vs Customer Loyalty Programs

Idea posted: November 2013
  • Marketing

Customer loyalty programs can be based on frequency rewards or customer tier benefits (e.g. special benefits when you reach a certain elite customer status). As companies try to decide which type of program is better, or if loyalty programs are even worth the trouble, new research shows a combination of both programs offer direct financial benefits, as well as better customer information for strategic decision-making.

Idea #265
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At the market, Tajikistan, photo by Kate Dixon, 2008 (Source: Wikimedia Commons)

RET: Market Research in Real Time

Idea posted: December 2013
  • Innovation & Entrepreneurship
  • Marketing

As market researchers cannot follow customers around 24 hours a day, how else can they understand what sways them to buy certain brands? This Idea discusses a new research tool — real-time experience tracking (RET) — which seeks to capture how people respond to experiences and interactions with a given brand, all in real-time.

Idea #282
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Genius Bar at the Apple Store, Prince Street, SoHo, Manhattan, New York City, 2003 (Source: Wikimedia Commons)

Servitization: Implications for Sales and Marketing

Idea posted: January 2014
  • Marketing

In a business world where competition is higher than ever before, it has become increasingly difficult for firms to differentiate solely on products. That is why many firms have begun focusing on services too. This Idea looks at this trend, referred to here as ‘servitization’ and considers how you can ensure the shift to such sales is a successful one for your organization.

Idea #293
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Search Engine Ranking: Consumer Behaviour and Revenue

Idea posted: January 2014
  • Marketing

New research shows that developing product search engine rankings based on best value factors — the logarithm for a hotel site search engine would be calculated not just on price but also on proximity to beach and/or proximity to shopping areas, for example — generates greater revenue than rankings based on one criteria, such as price. The research also explores a number of other issues related to product search rankings, such as how rankings impact click through rates for various classes of products or how consumers react to personalised rankings.

Idea #298
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St. Augustine Departing for Milan, detail from a fresco in the apsidal chapel, Sant'Agostino, San Gimignano, by Benozzo Gozzoli, 1464-65

How to Keep Clients When a Linchpin Leaves

Idea posted: February 2014
  • Strategy
  • CSR & Governance
  • Leadership & Change
  • Marketing
Institutions: INSEAD

Losing clients can be a serious risk when a key member of staff leaves, particularly in the creative and professional-services industries. Including non-compete clauses in employee contracts has, so far at least, proved an ineffective mitigation strategy. Is ‘multiplexity’ — increasing the number of ‘human ties’ between client and company — the ‘optimal’ solution? Only, finds new research, in certain circumstances.

Idea #330
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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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John Evelyn discovers sculptor Grinling Gibbons (1648 - 1721). Gibbons became Master Carver in Wood to the Court of King Charles II

Co-creating with Customers: More Pros than Cons?

Idea posted: March 2014
  • Strategy
  • CSR & Governance
  • Innovation & Entrepreneurship
  • Marketing

Involving customers in the design and delivery of products and services can be a cost-effective way to meet the demand for constant innovation and improved ‘customer experience’. It has, however, the power to destroy as well as create value. Much depends on the human and technological interfaces between customers and the company.

Idea #344
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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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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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