On April 2nd I'm attending the TEDx event in Maastricht, the Netherlands, which is dedicated to healthcare. Given my market insights background, this may sound a bit out of my league. But you're mistaken. Of course, the healthcare element is sometimes a bit alien to me, but healthcare is not just about curing disease — it's also about culture, technology, and consumer behavior. And those elements are very familiar to me as market researcher.
Last year the event got me very energized. It's great to see how technology can help people in very difficult situations. I listened to e-patient Dave, a cancer patient who talked about how he used patient support communities like epatients.net to better understand his illness; he has since become a noted activist for healthcare transformation through participatory medicine and personal health data rights. And Lucien Engelen advocated crowdsourcing to create a map of defibrillators (AED devices) globally. (Note: you can download the app here.)
We know that consumers are ready for healthcare-related activities on their mobile phones. Forrester’s Technographics® data shows that a third of smartphone owners use their phone for healthcare-related activities, ranging from tracking what they eat to medication text alerts.
Gilt Groupe recently ran a promotion with Klout in which it offered tiered discounts based on a person’s influence score (see the screenshot below). Members of Klout Perks received a discount for Gilt purchases based on their Klout score; the higher the member’s influence score, the higher the discount.
Gilt’s primary objective with the promotion was to build brand awareness through word of mouth and acquire new customers. It will be interesting to see how the program performs for Gilt in terms of first-time purchases, long-term customer behaviors, and ROI.
This promotion got me thinking about the potential uses of influence scores for marketing purposes. I’ve blogged about these scoring methodologies before and believe that we’re still feeling our way through their construction, relevancy, and value. But I do see at least two general use cases forming. In addition to incorporating them into analyses for customer insights, marketers can use influence scores — either home-grown or externally derived — to:
Identify influentials who can help create awareness. Marketers can seek to create word of mouth by reaching out to people deemed to be “influential” (let’s debate that another day) through services like BzzAgent, Klout, PeerIndex, Swaylo, and others. In the Gilt example, the most influential people are provided an outsized incentive in the form of higher discounts.
Recently I had a conversation with Jack Androvich, who will be keynoting at our Customer Intelligence Forum in Los Angeles on April 18th. Here are a few key takeaways from this conversation. If you are a CI professional, a marketer who cares about the role of technology in your job, or a technologist serving marketers, you will find the conversation enlightening.
1. Jack, marketing operations functions tend to have a broad mandate; can you tell us the role of marketing operations at Autodesk and how you defined the mandate for this function?
Good news for those of you requesting extensions: We heard you, and we're extending the deadline for Forrester's Voice Of The Customer Award submissions to Friday, April 6th at 5:00 p.m. ET.
While I have you, here are answers to some of the questions I've been getting about the awards:
I'm a vendor. Can I still apply? Yes — but only if your submission is about your own VoC program. We don't accept submissions from vendors on behalf of their clients.
Does my company have to be headquartered in North America? No! This year we've gone global! We'll accept any submission, as long as it's written in English.
Will you honor confidentiality? Yes! No matter what, we'll publish the names of the 10 finalists and three winners. But any specifics that we want to publish beyond that, we'll fact-check with you first.
Do I have to be a Forrester client? No! We'd love to hear from you whether you're a client or not.
Does the cover page count toward the page limit? No, we're only asking you to limit the content of the submission to seven pages.
Can I get an extension? You already did! And no, we won't be offering any extensions beyond Friday, April 6th.
Create socially enabled marketing campaigns. In his keynote address, Harry Gold, CEO of Boston’s digital marketing firm Overdrive Interactive, reminded us that you don’t need a million Facebook fans (in fact, most companies will never reach that number). To capitalize on the fans you do have, and in turn extend your reach to the people who orbit those fans, you need to integrate social media into your broader marketing mix, working across channels and allowing their successes to play off of and feed into one another and then measuring the results, of course.
Add clear calls to action. Prominently display “Like” or “Share” buttons in your emails or on your site’s most interesting, share-worthy content (perhaps a compelling graphic, article, or product). When someone presses Like on your site, they might not be a Facebook fan, but their action will still feed back into their Facebook newsfeed, thereby allowing you to tap into their network of friends and boosting your brand’s social presence. For example, Levi’s increased its Facebook traffic by 40% when it invited users to “like” content on its Website.
Whew, just back from four content-packed days at the Advertising Research Foundation (ARF) re:Think 2012conference. It was great to meet up with many of you there and connect through Twitter. If you missed my Twitter stream, click herefor a summary or check out the re:Think feed here.
So, what are the key takeaways for Market Insights Professionals from the conference? Simply, we need to:
Improve! On Day 1, we heard several passionate presentations on the need for market insights to evolve and deliver higher-value and more actionable insights. On the next day, Kantar’s CEO said the profession needed improved talent to meet the business’ needs and the ARF discussed the need for improved research and respondent quality.
Innovate! A number of presentations focused on the need for market insights to develop better predictive tools, identify white spaces more effectively, and package insights in more innovative ways. There were many calls for market insights to bring much more creativity to the table.
Integrate! Although not identified as a theme, I would say integration was the “glue” that connected most of the presentations. Whether the presentations were about connecting social to surveys, insights to ROI, or even biometric to behavioral data, it was clear that “integration” is the path to help market insights improve and innovate.
In the industries we modeled, the revenue benefits of a better customer experience range from $31 million for retailers to around $1.3 billion for hotels and wireless service providers.
What’s behind these impressive numbers? It’s pretty simple, really.
Companies with better customer experience tend to have more loyal customers. We’ve shown through both mathematical correlations and actual company scores that when your customers like the experience you deliver, they’re more likely to consider you for another purchase and recommend you to others. They’re also less likely to switch their business away to a competitor. These improved loyalty scores translate into more actual repeat purchases, more prospects influenced to buy through positive word of mouth, and less revenue lost to churn.
We model the size of the potential benefit using data from real companies. In each industry, we create an archetypal “ACME Company” that scores below industry average in the Customer Experience Index (CXi). We then look at what would happen to ACME’s loyalty scores if it went from below average in the CXi to above average for its specific industry based on the actual scores for companies in that industry.
I (Lori Wizdo) have just put the finishing touches on the content for tomorrow's (Wednesday, March 28 at 10am PT/1pm ET) interactive webinar, Socialize Your Lead To Revenue Process. B2B marketers (even tech marketers) are not sure their buyers are really engaged in social media for business purpose. We'll see Forrester research that proves they are. We'll discuss how social marketing can address the issues I am hearing, over and over again, in client inquiries:
"How can we increase inbound?".... "How can we increase conversions?" ... "How can we shorten nurturing cycles?" And, most importantly, "Is social worth it?"
Despite the doubts and uncertainties, tech marketers plan to increase spending on social media for L2RM in 2012: 43% plan to increase social media spend for lead origination; 41% for lead nurturing. Tomorrow's webinar hopes to give some very pragmatic advice to help you jumpstart or scale-up your social marketing program.
Last week, I ran into an infographic on Ad Age about The People of Walmart. It compares the demographics of Walmart, Kmart, Kohl’s, and Target shoppers: for example, age, sex, income, and region of the customers. It shows that more women than men shop at Walmart, and that their audience is quite equally spread across age as well as income. Recently, Forrester conducted a survey where we gained insights on customers of retailers like Walmart. We found that while it’s great to examine the demographics of shoppers, it’s much more powerful (and actionable) to look at other insights about these retailers’ customer base, like marketing preferences, spend levels, and brand consideration.
Below you'll find some of the results from this Forrester study. You'll see that the average US online adult who shops at Walmart spent about $848 on average in the past year, but that only about half are likely to recommend the retail giant to a friend or family member. When these results are compared to other retailers, and by demographic, you create real insights.
I’d love to hear from you: How do you target your customers? Are there any behavioral and attitudinal variables that have been very helpful in defining your target segments?
Monitiseannounced today that it acquired Clairmail, in the United States in a deal that values Clairmail at $173 million. Mobile banking is a large growth market in both the US and Canada with recent Forrester data showing that 17% of US online adults are now mobile bankers. So why does this move make sense? Forrester believes that acquisitions like this are inevitable because:
The future of mobile banking is payments.The first wave of mobile banking was getting the basics down including basic functionality like balances, transactions, and location services as well as mobile endpoints like mobile web, apps and SMS. The second wave which has already begun is focused almost exclusively on payments and money movement. Person-to-person and interbank transfers are just the beginning.