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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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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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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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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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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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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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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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Source: Pixabay

Contradictory Attitudes of Consumers to Bundling

Idea posted: February 2018
  • Marketing

The benefit to companies of bundling products and services is complicated. Consumers will demand more compensation and feel greater dissatisfaction if a component is missing from a bundle than if it is missing in isolation. However, consumers will be willing to pay less for an item added to a bundle (and derive less satisfaction from that item) compared to the same item purchased separately.

Idea #690
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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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Decision Support Systems: Under-rated and Under-used?

Idea posted: June 2014
  • Strategy
  • Learning & Behaviour
  • Marketing

Technology now provides a range of decision support systems to interrogate, process and analyse data on markets and customers and help companies answer ‘what-if’ questions. The best ones, however, could be being neglected by organizations. Recent empirical research finds a clear discrepancy between users’ perceptions of decision support systems and how these systems actually perform. 

Idea #387
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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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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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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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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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Harness Big Data Using Visualisation Software Tools

Idea posted: January 2015
  • Strategy
  • Innovation & Entrepreneurship
  • Marketing
Institutions: NUS Business School

The phrase “big data” puts the emphasis on quantity — and it’s true that the data available in the world continues to grow exponentially every year. But for businesses wanting to make the most of big data, it’s not quantity that counts, but what you do with the data. Companies are losing millions of dollars because they are not fully exploiting the data they are already gathering. Given the complexity of big data, visualisation software tools are required to help companies avoid this mistake.

Idea #474
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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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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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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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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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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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‘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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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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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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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: January 2018
  • 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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Alexander Graham Bell at the opening of the long-distance line from New York to Chicago, 1892 (Courtesy: Library of Congress)

Incentivizing Older Consumers to Adopt New Technologies

Idea posted: March 2015
  • Marketing

Companies traditionally ignore older consumers when marketing new technologies and innovations. While the non-monetary adoption costs to older consumers are high as previous research suggests, a new mathematical model — that looks at consumers over their entire lifecycle — reveals that monetary costs to older consumers actually decrease with age. 

Idea #502
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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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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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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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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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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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