Customer Journey: Know Your Prospect

by Administrator 25. March 2013 00:50

Customer Journey: A Rational Paradigm

 

The common business practices, however logical, are prone to be ineffective and sometimes absurd if they are not in line with the current market needs. If yours is a B2C organization, this becomes all the more reasonable and applicable. Arriving at what the market needs and demands, paves the way for strategizing the deliverable models of requisite functions. Deploying traditional market research methods will help in making logical predictions on the needs of the entire market conclusively, but will deliver mediocre results unless the methods deployed are innovative enough.  However, the business issues in reality are quite complicated and demanding. It is not just the segmentation but the basis of segmentation that matters. This will take you back to how your market research is done and what the inputs were. This encircling, although needed sometimes is not a productive modern day technique. The modern business demands organizations to be more flexible and robust in their approach towards customers. The current day demand is not just the best product but the best Suitable product.

 

KYP-KYC-Brand Advocacy

 

Customer Engagement is a key practice for bringing resonant inputs from the customers, that help the organizations gather first hand information on customer insights. The important factor however, is the time of engagement. It is observed that service has become an add-on for product and in some cases personalization of services has become the differentiating factor more than the product itself. The interesting part is, the customer engagement will give the best pay offs when the customer is made an integral part right at the prospect stage. And hence the practice Know-you-customer has to start way before in the customer engagement and now shift to Know-your-prospect. This continuous engagement with the customers will help the organizations develop traction with the customers and understand their behavioral aspects at various touch points in the customer journey.

 

It is observed that the behavior of the customer is influenced by various factors at each stage of the customer journey. It is this behavior the organizations need to target. Guiding the customer at each digital point with relevant information and influencing him to graduate to the next level in the Customer Journey should be the prime focus of the organization. This close interaction with each customer will help the organizations segment their customers into right analytic group which will ensure improved pay offs. Journeying with the customers will give a greater scope of completing it successfully eventually leading them to Brand Advocacy and renewal. This will also help the organizations know more about the flaws in their strategies as the customer may choose to opt for another brand or product from any stage during their journey. 

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Mobility trends for 2013

by Administrator 10. March 2013 23:40

The global mobile users by the end of 2012 were 6.5 billion approximately and this number is expected to reach 7 billion by end of 2013. The developing countries are still bigger markets for mobile phones with the developed countries now adopting Smartphones. Undoubtedly, the explosion of smartphones adoption in the consumer world has resulted in a revolution in global commerce trends. The enterprises realizing that have taken up several mobile initiatives which have popped up in almost every corner of the business, looking to nether the workforce, engage customers more effectively, and reshape business accordingly.

 

The evolution of mobile phones from luxury to necessity has been very quick and now they are integral part of life. With the advent of smartphones, the elements of ease and comfort had increased their prominence. This wide spread usage had led to technological up gradations and now, the business processes are taking a shift towards mobile. Mobile innovation is giving new revenue streams for the organizations and is giving them a competitive edge.


Mobile Enabling Business Strategy

 

Mobile is more than just the latest step function in technology innovation. It is a fast-moving engine that is fundamentally reshaping operating models, business models, and marketplaces. The organizations are either looking at doing things what they have always done by means of a mobile application or devising a completely new approach by innovating business, hoping for an increased productivity. Mobility can certainly increase productivity. The organizations have to connect the dots between the mobile strategy and the business strategy to devise a Mobile Enabled Business Strategy.

 

It is estimated that globally, the number of people using mobiles to connect to the internet is going to surpass that of PC users. More than half of the smartphone users use them for local searches, quick information and for browsing. The impact of the locally relevant advertising is more on the consumers and they tend to take an action of some form to the location specific advertisements.

 

By 2015, it is predicted that mobile shopping will account for $163 billion in sales worldwide, 12% of global e-commerce turnover. This emphasizes the growth of M-commerce in the years to come. China is the largest smartphone market in the world with India and Brazil catching up quickly. The global smartphone sales volume in 2012 was over 700 million units. In this time of avid mobile access, the organizations have an opportunity to gain more engagement and share information with the customers. The organizations have become fascinated to change their approach in the context of mobile like more than ever before. What are the organizations cooking up? Is there a change in their ideology or is it the self-explanatory craze for change? The approach they adapt will answer the questions, in the times to come. 

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