For CIOs, finding a clear path forward in the Business Technology (BT) Agenda can seem daunting, as you work to balance critical operational requirements with new initiatives designed to help your organization win, serve, and retain customers. But there are trailblazers in your organization. Forrester continues to see spending on technology spread and move out of the CIO’s organization and into the business. In North America companies of more than 250 employees, 70% of technology spending is either business led or heavily influenced by business. That part is not new, but it is increasing.
Specifically 50% of business managers, directors, and vice presidents are increasing their departmental budgets on technology products and services over the next 12 months.1 In fact, 16% of these business leaders are increasing their spend by more than 10%.2 This isn’t shadow IT in action; it’s the new way of doing business. Within your own organization a minority, but important, population of business leaders are aggressively investing in technology products and services to achieve three essential business goals. Over the next 12 months, the 16% of North American business leaders dramatically increasing their spending are focused on:
Last year I wrote a blog post covering the deployment of digital storefronts, highlighting the challenges that these deployments have in driving customer engagement and commerce. In fact, my observations during the holiday season of 2013 led me to the insight that digital storefronts do not add a tremendous amount of value to shoppers.
Fast forward to early 2015 and a new evolution of digital store technology has emerged from eBay Enterprise. This new deployment feels less like a digital storefront and more like a well-integrated set of technologies that helps both customers and associates. Within the Rebecca Minkoff store in Soho where this technology is deployed, eBay Enterprise modified its digital storefront solution by:
Moving the technology inside the store. The eBay Enterprise giant 'connected wall' is deployed near the entrance of Rebecca Minkoff’s flagship store, poised to engage customers with interactive product imagery and information while they shop. The key here is that the 2015 technology serves to augment the store experience by adding value within the context of the customer’s shopping journey, while its 2013 cousin attempted to overhaul the store experience entirely. It’s worth noting that the display is visible from outside the store as well, moonlighting as a marketing tool to draw in curious passersby.
Forrester's CX team is running a study on the state of customer experience in companies and would love your help. You just have to take our short (15-minute) survey. The purpose of the survey is to gain insight into:
How companies staff and manage their customer experience efforts.
Their attitudes and behaviors in relation to customer experience innovation.
Their attitudes and efforts related to customer experience strategy/vision.
We are constantly told that millennials are breaking the workplace rules. They refuse to work 9 to 5. They demand iPhones. They can’t work unless there’s a fridge full of beer and a pool table in the office. And with a growing war for digital talent, many digital leaders are setting their sights firmly on attracting the digital generation to their firms.
But a recent IBM study suggests an even more interesting conclusion. While the study largely agrees with every other conclusion on the desires of the millennial workforce, it also strongly pointed out that it’s not just “youngsters” that want autonomy, flexibility, empowerment, an awesome work environment that ignites their creativity and the feeling that what they do makes a difference.
The hottest topic in eCommerce these days seems to be “buy buttons.” The energy though appears premature. Pinterest announced its buyable pins with a press conference and sentimental Hallmark-like videos though the buyable pins are actually hard to find. Facebook, the king of all social networks, announced a buy button more than a year ago but it’s been relatively mum on the details (and they appear to only have one formal eCommerce partner). Media reports and blog posts of Instagram, Twitter, and Google doing the same seem to further excite merchants and vendors alike - but nothing seems to have launched.
The uninitiated may ask, “What are buy buttons?” They are essentially the ability to complete a transaction on one of these sites. The merchant of record is still usually the seller of the item. This makes all of these players marketplaces. One other salient point, in the cases of Pinterest and Google, is that their buy buttons will only be available on mobile devices upon launch. We’d also be remiss not to mention that the idea of impulse-driven purchases through an app aren’t new: Fancy and others have been trying this for years with questionable success. One executive at a large merchant I recently talked to appropriately summed it up: “This seems like F-Commerce v.2.”
Consumers and businesses around the globe have entered the mobile era, and technology management leaders are shifting their organizations’ business applications toward mobile. In order to effectively make this shift, mobile teams must change their practices to simultaneously improve agility and ensure a good customer experience. This is even more critical in China — a market with unique business scenarios, technology landscapes, and competitive environments.
I’ve recently published two reports focusing on using the mobile IDEA cycle for customer engagement, including part one and part two. In these reports, I assess the current state of mobile application development planning in China and highlight four key areas that enterprise architecture (EA) professionals should focus on in each stage, namely “Identify”, “Design”, “Engineer” and “Analyze”, to enable the success of the mobile IDEA cycle. I also provide examples of how to unleash the power of digital business by analyzing the strategic mobile practices of visionary Chinese firms and highlighting how they use systems of engagement. Some of the key takeaways:
Most CMOs today have to close gaps in data collection within and across marketing units, integrate the data to transform it into actionable insights, and foster a closer working relationship among these units to achieve the overarching business goals. Building a command center may be a distant priority.
However, I have argued that digital command centers are intelligent nerve centers that let brands quickly track digital moments and respond appropriately to manage their reputation, retarget display ads, drive new sales opportunities, and provide customer support. In effect, it’s a marketing organization’s digital gold mine. On a broader scale, this marketing capability will importantly feed into an entire firm’s system of insights.
Here in the US, we’re gearing up to celebrate July 4, the day that everyone knows signifies America’s independence. But most people don’t know that the 1776 congress didn’t actually declare American independence on July 4. This date didn’t mark the start or end of the American Revolution. America’s Declaration of Independence wasn't even written, signed, or delivered to Great Britain on July 4.
We celebrate July 4 in the name of tradition — and we defer to assumptions rather than unearthing the true story. But when we dive a level deeper and look beyond the surface, we gain new depths of insight. When it comes to understanding customers, it’s time to take a deeper look.
The role of emotion is one of these “unknowns” in consumer behavior: An incisive view into consumer behavior reveals that emotion is more powerful than commonly thought. More than a mood, emotion is a key driver of customer decisions, actions, and perceived experiences —and pervades each stage of the purchase life cycle. For example, Forrester’s Consumer Technographics® data shows that Etsy inspires extremely positive consumer sentiment before, during, and after making a purchase:
Gone are the days when the only signal a streetlight sent out was that it was time to go home on a summer evening. Many kids grew up with that rule. My mom had a cowbell, which was infinitely more embarrassing but likely more effective in calling us home. But times have changed. We now text our kids to get them home for dinner. And, street lights themselves would no longer deign to serve just that purpose.
Streetlights these days do provide light (and do that much more efficiently), but they just might be your source of Wi-Fi or of information on the weather, air quality, traffic, and parking availability, or might be the city’s source of information on you. They will also be a platform for new services that leverage all of the data the new light poles collect through their embedded sensors, or also a source of electricity to power digital signs through solar-energy. These new and improved streetlights are becoming increasingly popular as they demonstrate a clear cost-savings over their predecessors and promise the potential for revenue generation through new applications and services. That is a win-win for cities, citizens and the ecosystem of potential application and service providers out there.
When Sir Francis Bacon, coined the aphorism "Knowledge is power", he didn’t foresee a 21st century where technology and data science would more automatically and immediately turn knowledge into insight. Today, the phrase “Prediction is Power” may be more appropriate.