Customer

Mohammad Anas Wahaj | 26 may 2015

As businesses continue to pile-up huge amount of data there are opportunities for data scientists to provide meaningful insights to help them grow and succeed. Even startups at their early stages have substantial data that can be utilized for business value. Tianhui Michael Li, Data Scientist and Executive Director of The Data Incubator, gives his view on how a skilled data scientist (DS) can be a catalyst of growth for entrepreneurial ventures - (1) Growth Hacking: DS can utilize social data and web analytics to implement low-cost, high impact marketing campaigns. (2) Customer Retention: Bain & Co. found that 5% increase in customer retention increases profits by 125%. DS can analyze customer behavior and target communication for customer engagement, retention and even identify brand advocates to bring new customers. (3) Personalizing Products and Services: DS can utilize sales, marketing and web data to identify customer needs and wants. This will assist in customizing offerings. (4) Marketing Optimization: DS can optimize every aspect of marketing and advertising from ad budget to ad clicks to actual conversions and purchases, and much more. Read on...

Entrepreneur: 4 Things a Data Scientist Can Do for Entrepreneurs
Author: Tianhui Michael Li

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Mohammad Anas Wahaj | 25 may 2015

The value of big data lies in extracting insights and its meaningful use in solving business problems. In recent times organizations have made big investments in technologies associated with it to store, analyze, report and visualize data. Stuart Frankel, CEO and co-founder of Narrative Science, provide his perspective on why these investments haven't got expected returns, limitations of human-powered data science as it is not a scalable solution, unaffordable data scientists and, opportunities and prospects of scalable automated solutions to analyze and interpret data, and obtain hidden insights for business value. According to him, 'Artificial intelligence (AI) is beginning to transform data and analysis into relevant plain English communication. AI is shortening employees' data comprehension-to-action time through comprehensive, intuitive narratives.' Following are some examples which he shares regarding use of AI in data analysis - Some mutual funds are using advanced natural language generation (Advanced NLG) platforms, powered by AI, to automatically write fund performance reports in mere seconds; In medical billing, AI scours thousands of billing records across hundreds of hospitals and generates narrative reports that immediately provide the desired analysis; AI solutions are improving customer experience. AI is the first technology to make personalized, "audience of one" communication a reality; Wealth management is beginning to use "Robo-advisors", the automated financial advisor that can offer a low-cost alternative to expensive, human advisor. Moreover AI is being embedded into existing advisory platforms, delivering personalized portfolio reviews and recommendations in natural language to customers. He further explains, 'The commonality across all of these new technologies is that they offer something additional humans cannot provide: the power of scale...In the near-term, the adoption of AI within business intelligence platforms and customer-facing applications will accelerate...The key to all of this is the intersection of AI and advanced natural language generation. We're at the beginning of the next phase of big data, a phase that will have very little to do with data capture and storage and everything to do with making data more useful, more understandable and more impactful.' Read on...

Harvard Business Review: Data Scientists Don't Scale
Author: Stuart Frankel

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Mohammad Anas Wahaj | 14 apr 2015

According to MarketingTerms.com, 'Affiliate Marketing' is the 'Revenue sharing between online advertisers/merchants and online publishers/salespeople, whereby compensation is based on performance measures, typically in the form of sales, clicks, registrations, or a hybrid model.' Wikipedia defines 'Customer Relationship Management' (CRM) as 'System for managing a company's interactions with current and future customers. It often involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support.' Affiliate managers need to keep track of their affiliate relationships efficiently and they can use CRM tools to stay organized. According to Dustin Howes, Director of Marketing at Marketing Clique, 'Using the CRM creates full transparency of the current state of the affiliate program and the growth in the near future.' He provides the following ways CRM can be effective for affiliate marketing - (1) Document Hot Leads (2) Task Reminders (3) Institutional Memory (4) Predicting Affiliate Performance. Read on...

FeedFront: Growing your Affiliate Program with a CRM
Author: Dustin Howes

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Mohammad Anas Wahaj | 23 mar 2015

Customers are one of the most critical component of today's business ecosystem. Organizations need to understand and analyze customers with diligence and deliver the best customer experience and value to stay relevant and successful. According to Corrine Sandler, CEO of Fresh Intelligence Research, 'We are living in the age of the customer and customers are now the only source of sustainable competitive advantage - and the only thing you should be measuring.' She advocates digital transformation of businesses, use of big data and analytics tools to get customer and business insights and predictive analytics to anticipate customer's requirements. Moreover she emphasizes need of emotional engagement to achieve customer value. She points out an interesting customer behavior - 'About 96% of unhappy customers don't complain; however, 91% of those will simply leave and never come back. It takes 12 positive experiences to make up for one unresolved negative experience.' Read on...

ITWeb: Customer intelligence boosts competitive advantage
Author: Regina Pazvakavambwa

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Mohammad Anas Wahaj | 19 mar 2015

Corporations utilize business strategy to achieve their long-term goals and objectives. Healthcare strategists work towards understanding the pulse of the customers and markets that they serve and mould their organization's actions to provide best solutions. In the process their goal is to grow and retain their customer base and maintain the financial health of their organization. Richard Miller, CEO of Virtua Health Inc, believes that balance of power in health economics will shift to the consumer in future as the Affordable Healthcare Act matures. According to him, 'They'll be buying their products and their insurance, whether in a public exchange or a private exchange. So the relationship to the customer may change when you aren't dealing with large employers insuring people.' The relationship with the consumer will be more direct and participatory. While explaining his organization's recent focus and strategy towards women's health, he says, 'They are the decision makers. So when you talk about economics and the consumer being front and center, I want to talk to the women in the community who are going to make the economic decisions in their families.' Read on...

philly.com: Business strategy - Marketing to women improves hospitals' health
Author: Jane M. Von Bergen

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Mohammad Anas Wahaj | 10 mar 2015

Generation Z, cohort of people born after the Millennials, is now getting attention of marketers. According to research by Global Messaging, some of defining characteristics of this generation include - 86% use some kind of social media; 72% want to start their own business; 25% left Facebook in 2014; 66% list gaming as their hobby; 1 in 2 will be university educated; Communicate with images, emoticons and emojis. Marketers have to target this generation with innovative, directed and focused strategies to have an impact. Here are few suggestions - (1) Agile Marketing (2) Programmatic Mobile Marketing (3) Snackable Content Marketing (4) Text Message Marketing . Read on...

The Wall Blog: How to market to Gen Z
Author: Polly Becker

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Mohammad Anas Wahaj | 07 mar 2015

Entrepreneurs and customers are important components of the business ecosystem. Entrepreneurs create innovative products and services for the customers. A strong exchange and partnership between the two will assure that the activity of product and process innovation and improvement never stops. The efficient integration of what customers need and what entrepreneurs develop will lead to growth of businesses and markets. Read on...

ilmeps/read: Relationship Between Entrepreneurs and Customers to Drive Innovation
Author: Mohammad Anas Wahaj

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Mohammad Anas Wahaj | 19 feb 2015

In today's business world driven by social media, mobile and numerous other digital technologies, to seek customer's attention and stand out seems to be a logical digital powered brand strategy. But in the process of jumping on the digital bandwagon are brand strategists forgetting the golden rules of human strategy and customer connection. Umair Haque, author and Director of Havas Media Labs, explains why digital strategy shouldn't focus too much on ephemeral customer attention but on customer relations and not only seek their loyalty but try to be loyal to them and care for them as human beings. He suggests 4 mistakes of digital strategy and how to overcome them - (1) Titillating, not educating (2) Making zombies, not superheroes (3) Infecting, not connecting (4) Communicating, not elevating. Read on...

Harvard Business Review: Your Digital Strategy Shouldn't Be About Attention
Author: Umair Haque

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Mohammad Anas Wahaj | 06 dec 2014

Without customers there is no business. Without happy customers the business will not last long. So what should companies do to know their customers and provide solutions to them in the best possible way, keep them satisfied and happy, and let them come back again and again. JC Grubbs, CEO of DevMynd Software, explains of the efforts his team does to become subject matter expert's within a client's vertical and turns the vendor/customer relationship into a partnership. According to him, 'more than technology or even product design, the software business is about knowledge. It's about taking a problem space and synthesizing a solution from as much knowledge as we can obtain. It's essential to our success with any customer that we get to know their industry, their business and the people involved.' He suggests five things that his company does to build knowledge around an industry and particularly in customer's business - (1) Ask Questions (2) Follow the Money (3) Understand Partnerships (4) Understand the End Customers (5) Investigate Competitors. Read on...

Upstart Business Journal: 5 ways to get to know your customers better
Author: JC Grubbs

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Mohammad Anas Wahaj | 21 oct 2014

Professor Rita Gunther McGrath of Columbia University, explains that in situations where companies seem to be too generous to their customers, the real question should be whether the company is designed to serve multiple stakeholders (investors plus customers, suppliers, the community) well or whether we allow executives and owners to claim a disproportionate share of profits generated. She quotes the recent HBR article "Profits Without Prosperity" by Professor William Lazonick of University of Massachusetts Lowell, in which he argues that investors and executives have become 'takers' in their organizations rather than 'makers' who invest to fund future growth. According to her, 'It is nearly always profitable in the short-term to cut on quality, offer less service or otherwise extract greater profits from the same dollar of customer spending. But in the longer-term it can be very dangerous.' Read on...

RitaMcGrath.com: Pressuring customers for profits can be a loser in the long term
Author: Rita Gunther McGrath

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