I attended a briefing from Visa Europe yesterday, about its V.me digital wallet. Here’s what Visa said:
V.me is more than a mobile digital wallet. Customers will be able to use V.me to make online payments too. It lets users check out at online stores using a one-click solution that remembers card details from multiple providers (including MasterCard and American Express cards) as well as billing details and postal addresses.
V.me is not just about mobile contactless payments. V.me will support a variety of ways to initiate payments including bar codes and QR codes, as well as NFC.
Visa intends to distribute V.me through its member banks, much as Visa cards are distributed today. BBVA will be the first issuer in Spain.
V.me is already in extended pilots in the UK and Spain to test the system and will launch formally in both countries soon. France will be next. V.me will start rolling out into stores in the UK next spring. Officially V.me will be available in France, Spain and the UK by next summer. (Visa Inc has already launched V.me in the US).
In two recent instances in public forums, I’ve heard eBusiness executives talking about some rather disturbing uses of personal data. One was the CTO of a large big-box retailer who raised the possibility that health insurance companies could track our food purchases, sending dissuading texts to us whenever we chose to eat at greasy spoons or Burger King. Another was a software CEO who said it was inevitable that our cars would send real-time data on our speeds to our car insurance agencies. Laughter ensued from the audiences, but it should have been alarm and shock. I find it hard to believe that the good that could come from sharing this sort of data with companies (which, I would argue, don’t exactly have a reputation for benevolence) would outweigh the potential for abusing the data. Even in the retail world, there are a lot of companies trying to match users across different devices based on their IP addresses to create profiles of behavior. Call it lighter versions of the FBI “forensics” that took down David Petreaus. (Btw, Paula Broadwell has been a friend of mine for years and is one of the nicest, smartest, and most generous people I know. An issue that’s been overlooked is the violation of her privacy that kicked off this whole scandal. For the record, because people have asked me, I think she's been unfairly attacked at best and irreparably slandered at worst with digital information that should have never made its way to the light of day. I just hope she gets the last laugh when Angelina Jolie plays her in the movie.)
When we set out to evaluate the new breed of firm that we call "customer engagement agencies," we sent our initial screener to an incredibly long list of firms -- over sixty, in fact! -- ranging from MSPs to digital agencies to management consultancies. We felt that we needed to cast a wide net if we wanted to understand the range of approaches vendors take to customer engagement: how they use data and analytics, the channels they enable with customer intelligence, and how they service their most strategically engaged clients. As the responses rolled in, a hypothesis began to take shape in my mind: The emerging customer engagement agency model hails from two mature markets -- digital/direct agencies and database MSPs -- and, depending on provenance, these evolving agencies take one of two primary approaches to customer engagement.
Turns out, I was on the right track, though the reality is not quite so black and white.
In our final evaluation of 13 vendors in The Forrester Wave: Customer Engagement Agencies, Q4 2012, we did find different strengths and weaknesses depending on legacy business model, but ultimately EVERY firm still has a long road ahead of evolving its people and processes to support CEA clients. We also found, though, that each CEA we evaluated is working hard to connect the dots between strategy, analytics and execution in order to optimize customer experience and profitability. And that can only be a good thing for the marketers and CI leaders who are visionary enough to hire them.
Tablets are cool! The intuitive design and the standard features of tablets make it possible for digital financial services teams to create compelling customer experiences and support bank advisors and insurance agents in an effective and efficient way. Forrester forecasts that by 2016, 106 million people in the seven major Western European countries will own a tablet, while more than 112 million people will own one in the US. The rapid adoption of tablets means executives should make them an important part of their digital strategy. A tablet is a distinct touchpoint that needs a distinct strategy -- particularly banks that want to promote online banking or agent-based insurers -- and tablets can effectively support your multichannel strategy. Here are a couple of reasons why you should put a tablet strategy in place in the near future.
Tablets are a great device to promote self-service.
That’s kind of a bold statement to make when many companies — be they media players or the likes of Facebook — face a mobile monetization gap and when most successful companies generate only dozens of millions of dollars of direct mobile transactions. Despite the hype around “freemium” models, the reality is that few companies can now rely on a standalone mobile business model and that most mobile business models remain unproven.
The Web extended most business models and created only a small number of truly successful new ones. Mobile will follow the same path: Extension, rather than disruption, will be the norm for most businesses, with a few disruptive mobile pure-plays as the exception but not the rule. That doesn’t mean, however, that mobile-first businesses won’t disrupt existing players. Mobile is an enabler of new direct-to-consumer products already, in industries such as car services, food delivery, and home health products. And mobile is disrupting born-on-the-Web companies such as Facebook.
While I’m not usually a political or news junkie, in looking at the activity of the past few weeks, it’s been quite a few weeks! It ranged from the saga of David Petraeus to the absurdity of a famed Nascar driver intentionally crashing a competitor (resulting in fist fights between the crews), brands' use of Twitter during Hurricane Sandy (the good and the not so good), and finally the culmination of BP pleading guilty to 14 criminal charges and paying a record $4.5 billion in fines and penalties resulting from the 2010 oil rig explosion in the Gulf of Mexico. Each of these stories highlights how important it is to have a strategy in place to protect your brand in times of crisis. While every one of these examples is interesting, in this post, I’ll concentrate on the insights we can gain from the Petreaus and BP incidents to manage brands effectively through a crisis.
At Forrester, we believe that 2012 is an inflection point for mobile market research. Specifically, 2012 will be considered the “big bang” for a new era in market research — one in which mobile devices will become a critical vehicle to connect, engage, and subsequently understand the consumer. As such, we have recently published two reports that address this very important emerging methodology for Market Insights (MI) Professionals.
The first report, entitled “The Mobile Market Research Landscape 2012,” explains why mobile research will become the heart of market research. Although only a fraction of MI Professionals are currently leveraging mobile, the report reviews the reasons why mobile is here to stay and the advantages of leveraging this approach — such as the ability to capture real-time insights, gain access to hard-to-reach sample, or get more personal with respondents. In addition, given the opportunities to collect different types of data via mobile phones, we provide an overview of the quantitative, qualitative, and behavioral approaches currently available. And, no overview report is complete without a discussion of the current challenges that still face mobile research, such as security and privacy, and our recommendations for what MI professionals need to do to prepare for this shift to this new world.
The second report, entitled “How To Plan For Mobile Online Survey Takers,” addresses a growing issue not often discussed among MI Professionals — the increase of what we call mobile online survey takers. We define this group as:
I am now back from attending this year’s The Market Research Event (TMRE) in beautiful Boca Raton, Florida. As always, TMRE produced a content-packed program that addressed a multitude of different topics, ranging from mobile and technology to shopper insights to ROI and measurement and even data analytics and big data. While I attended my fair share of talks focused on emerging and innovative methodologies, I was really interested in the consultative skill development track. This was a track that focused on discussing what client-side Market Insights (MI) Professionals have learned are the best practices for storytelling and data visualization.
One of the talks that I really enjoyed was by Brett Townsend of PepsiCo, whose talk title was aptly named “Treat Your Clients Like Your Kids — Tell Them A Story.” While this isn’t a new idea for MI Professionals — and he discussed well-known takeaways such as “If we can’t tell a story in 20 minutes, then you don’t have a story to tell” — one comment really struck me: Conflict is the engine that drives the story. Our primary goal as MI Professionals is to understand the conflict that consumers are experiencing in their daily lives and to understand what that means to the company or brand.
To focus on the conflict, Brett broke down the story-building process as if we were in the movie business and we were writers writing a script. For each project you work on, you need to understand the following factors:
· Who is the hero? For our purposes, it will always be the consumer.
As mobile Internet use has grown, so has the usage of smartphones in stores. Much of that in-store phone usage is innocuous — using store maps, for instance — but some of it is threatening to brick-and-mortar stores, particularly when shoppers use phones in stores to research prices. While "showrooming" isn't a term that many consumers know (only 16% awareness according to com Score), it's nonetheless happening.
The good news: Consumers with smartphones only “showroomed” prices in stores on average a few times in a 6-month period. Aprimo, an marketing service firm that surveyed about 2,000 consumers in October about their mobile price-checking behavior in stores for that datapoint. I suspect that amounts to a very small percent (i.e., less than 5%) of shopping visits. The bad news: That survey (and comScore's) confirmed the worst of what many in the retail industry have expected -- that showrooming is here to stay. And it hurts stores. After all, most of the showrooming shoppers told us that they usually find cheaper prices online when they research them. Some highlights:
It’s not just consumer electronics and high-ticket items like appliances for which consumers research prices in stores. In fact, the second and third most showroomed categories: grocery (!) and apparel/accessories/footwear. Yes, I was surprised by that, too.
A whole lot of people say they’ll be showrooming more in the future. In fact, the segment that’s most likely to spend the most online in the future (18- to 34-year-old men) is the group most likely to do this type of mobile price research in the future.
Unlike Ovi a couple of years ago, this brand will speak for itself. This is all about interaction with places around you, about context. Thanks to a best-of-breed product experience, Nokia is well positioned to deliver the most differentiated location experience.
During “Mapplegate” at the launch of iOS 6, my colleague Ted Schadler explained why it was a strategic imperative for Apple to do its own maps. However, at that time, most consumers and observers were comparing only Apple and Google Maps. The harsh reality was that Nokia couldn’t leverage its strength in the location-based space without an umbrella brand like “here.”
Make no mistake: This is not “HERE by Nokia” or any other form of sub-brand. This is an independent brand. Why? Because the opportunity is bigger than just Nokia.
This is about addressing different types of connected devices — not just mobile phones but also tablets, connected cars, and wearables. As such, “HERE” could play a pivotal role in helping Nokia leverage tomorrow’s new mobile form factors.