Categories
Global In the News Strategy and Management

Embrace ‘creative disruption’ to build brand loyalty, say global CMOs

As a result, 63 per cent of CMOs are prioritising investment around delivering deeper, more relevant customer experiences this year.

These are the results of a new Institute for Business Value study by the IBM: Redefining MarketsHarriet Green, general manager, IBM Commerce, said: “Large scale industry disruption caused by IoT, cloud and mobile technologies is forcing CMOs to reinvent how they interact with customers.

“We are working directly with the world’s leading CMOs to help them seize the opportunities in cognitive commerce so they can rethink every aspect of their strategy, design and operations to enhance their customer experiences.”

Priorities to build brand loyalty:IBM study logo

The report surveyed 723 CMOs across the globe – including North America, Central and South America, Western Europe, Central and Eastern Europe, Middle East, Africa, Asia Pacific and Japan (click here to obtain the full report) – in 18 different industries. Surveyed CMOs identified the following four top priorities in 2016:

Enrich the Arc of Engagement: CMOs consider creating better customer experiences their top priority. Three-quarters of leading CMOs are using more event and experiential marketing than market followers.

Embrace ‘Creative Destruction’: 67 per cent of CMOs are assessing their strategic direction in the light of technology disruption. CMOs from leading organisations are more likely to embrace the ‘creative destruction’ and build more open and collaborative business models to effectively drive innovation.

Inject Data-Driven Insights into Every Marketing Decision: Although CMOs have made great strides in data analytics, 60 per cent of CMOs prepare to bring in more data driven insights into marketing campaigns in the next three to five years.

Increase their Digital Acumen: 79 per cent of CMOs plan to hire employees with digital skills to improve their marketing function’s digital literacy. Most are looking for resources outside their own businesses — three-quarters plan to either partner with other enterprises to tap into their digital expertise or work with consulting firms.

As chief customer officer, ING Bank, Lisa Claes commented: “Industry competition is heating up and businesses must sharpen their focus on the customer or risk losing them to the competition.

“By embracing the latest analytic and cognitive commerce technologies, marketers can tap into this explosion of data to deliver a personalised customer experience precisely at the right time and place.”

As part of this study, IBM identified two distinct subgroups of CMOs: Torchbearers (those who come from enterprises with strong financial track records and equally strong reputations, as reported by their CMOs), and Market Followers (those who come from businesses that are less successful financially and have lower market profiles). Differences between these two groups were distinct:

  • Torchbearer CMOs feel they have made far greater progress when it comes to managing the data explosion — 47% versus 27% of Market Followers.
  • Torchbearer CMOs are more focused on mapping out the customer journey — 82%, compared to 65% of Market Follower CMOs.
  • Torchbearer CMOs are more likely to experiment with more open and collaborative business models that let them extend their reach and range to produce more value collectively.
Categories
Uncategorised

Cambridge Marketing College – Alumni Media Hub: second blog

Cambridge Marketing College lecturer Kiran Kapur (pictured) presents a new GMA blog. Kiran Kapur photo_9

Does networking scare you? Would you rather fiddle with your phone than work a room?

Francis Tipper of Spoken Word Ltd had plenty of helpful advice. She argues that networking should be seen as a marketing tool, as a way to deepen your knowledge about your clients, competitors and customers. She argues nothing beats face-to-face meeting people. She reassures that you do not have to be gregarious and extrovert to be a successful networking, because it is all about generating rapport. Her tips include actively listening to the other person and having planned out how you are going to introduce yourself. Most importantly, you have to be genuinely interested in the other person. She also suggests ending the conversation with a handshake and a ‘thank you for your time’.

Have you considered how you can measure the ROI of your content marketing strategy?

Part two of Dr David Chaffey’s interview on content marketing. He recommends segmenting your audience so splitting your analytics across types of customers – so rather than just analysing the number of people who have come to your website in a month, to analyse how they have come to your website eg from social media or adwords, email – as these are all segments and shows you what resonates with each segment and why they convert. For example SMART Insights did a campaign called ‘actionable analytics’: they then measured how many people came to their website from this particular campaign, and then how many of those converted. Dr Chaffey thinks that content personalisation will be the next big phase in digital marketing, particularly in B2B marketing. More information here.

 

Kiran Kapur has worked predominantly in Financial Services with expertise in customer relationship marketing and customer communications. As a consultant, she has worked as project manager for companies including Liverpool Victoria, Barclays, London Life and Cazenove. She has taught a wide variety of courses at the college in Cambridge, UK, since 1999 and is the Distance Learning & Overseas Course director, and a CIM examiner. She is the author of Assessing the Marketing Environment (2009, FT Pearson) and Marketing and the Law (2013, Kogan Page) and has undertaken research at Kings College, London, into distance education theories, including specific issues facing overseas learners and the design and delivery of distance learning courses. Kiran also presents The Marketing Review on Star Radio.

Categories
Uncategorised

Cambridge Marketing College – Alumni Media Hub: first blog

Cambridge Marketing College lecturer Kiran Kapur (pictured) presents a new GMA blog. This first post is from the UK Cambridge Marketing Review Radio Programme/Podcast. The link to the podcast can be found here. 

The Content Marketing & ExportingKiran Kapur photo_9 show – for the show’s new season, Kiran Kapur met Dr Dave Chaffey of SMART insights to discuss content in digital marketing:

Dr Chaffey (pictured below) is the author of five bestselling books on digital marketing and the CIM recognised him as one of 50 marketing ‘gurus’ worldwide who have helped shape the future of marketing. This is a two-part interview and, this week, Dr Chaffey explains that businesses are investing more in content marketing. This has lead to increased competition as more content is created, and so is competing for consumers’ attention. Dave is very clear that it costs money to create good quality content.

He recommends Social Media Examiner for in-depth tips and techniques. This divides content in Primary which is regular information, such as updating your customers. This is important and will create some social sharing but it won’t generate the viral interest. Emotional engagement comes from Nuclear content which surprises or delights people. SMART insights has created a tool for measuring your content marketing matrix, which both helps marketers but also allows SMART Insights to reach new customers.

He suggests that less is more, and that it is best to create one excellent or ‘Nuclear’ content weekly or monthly.Dave Chaffey

On next week’s show, Dave explains how to measure the impact of the content marketing.

You can find more details about Dave Chaffey and his latest thinking here. 

Susannah Poulton, culture and language advisor at UKTI East, discussed exporting. 70% of all businesses could export and the UKTI can help them to do so.

Susannah explains the importance of understanding the culture of the any international market and all marketing material, including websites, need to reflect this.

For example, making sure that your website is designed with cultural understanding – for example, Japanese websites are very ‘crowded’ whereas UK websites tend to be white and with more empty space. 70% of internet searches are not done in English, so consider your international at SEO. For more information, visit this website.

You can contact the show at: review@marketingcollege.com or: @cmcpointsofview
You can hear the show here.

 

Kiran Kapur has worked predominantly in Financial Services with expertise in customer relationship marketing and customer communications. As a consultant, she has worked as project manager for companies including Liverpool Victoria, Barclays, London Life and Cazenove. She has taught a wide variety of courses at the college in Cambridge, UK, since 1999 and is the Distance Learning & Overseas Course director, and a CIM examiner. She is the author of Assessing the Marketing Environment (2009, FT Pearson) and Marketing and the Law (2013, Kogan Page) and has undertaken research at Kings College, London, into distance education theories, including specific issues facing overseas learners and the design and delivery of distance learning courses. Kiran also presents The Marketing Review on Star Radio.

 

Categories
Content Marketing Data Driven Channels Global Insight UK

Driving content performance means working all the angles

James Brooke explains how simultaneously improving the reach, quality and agility of digital content performance is vital to retail sales performance – something few retailers have got to grips with.

This content is for Free membership members only.
Register
Already a member? Log in here
Categories
Best practice Europe France Global Legal & Compliance Strategy and Management USA

Strengthening the branding / trade mark relationship

Emma Reeve examines the relationship between the law and a new breed of business rising from the shadows of online, looking at whether more branding conversations need to he held in order to update the current legal system to bring it in line with issues faced by 21st century start-ups.

This content is for Free membership members only.
Register
Already a member? Log in here
Categories
Europe In the News Legal & Compliance Strategy and Management UK

Small creative firms risk reputation by underestimating cyber attack impact

So say the findings of the Small Business Reputation and the Cyber Risk report, just launched by the UK Government’s Cyber Streetwise campaign and KPMG.

Despite the majority (92%) of the creative small businesses surveyed thinking about their company’s reputation frequently or all the time, they aren’t considering how a breach could affect it. In fact, just 26% of those surveyed that haven’t experienced a breach say the potential damage a cyber breach could cause is an important consideration.Privacy

However, 83% of consumers surveyed are now concerned about which businesses have access to their data and whether it’s safe, and over half (58%) say that a cyber breach would discourage them from using a business in the future.

This concern is even greater in the supply chain and recently published KPMG Supply Chain research supports this. 86% of procurement departments would consider removing a supplier from their roster due to a breach, highlighting that an attack can have serious short and long term implications. 94% of procurement managers say that cyber security standards are important when awarding a project to an SME supplier, it is essential that every company has at least one expert with Security+ training experience.

Cyber attack causing brand damage

This is reflected by the fact that the majority (80%) of small creative businesses surveyed who have experienced a breach felt the cyber attack impacted their reputation in some way, with 28% of those having been breached reporting brand damage, 29% reporting a loss of clients and 24% receiving negative reviews on social media.

And the impact has been long lasting. Almost a quarter (23%) of those surveyed have been unable to grow in line with previous expectations and 23% said it took over six months for the business to get back on track. Quality of service is also at risk; those who experienced a cyber breach found it impacted the business’ ability to operate (87%) and caused customer delays (22%).

The lack of concern around potential reputation damage may be explained by the fact that many small creative businesses don’t realise the value of their data. The majority (92%) hold data in their IT systems, yet up to 27% of those surveyed don’t consider this data to be commercially sensitive. And despite the fact that customer, financial and IP data can be shared with competitors if a company is attacked, just 17% of small creative businesses said they would be immediately concerned about competitors gaining advantage if they were breached.

The report also reveals that more than half of businesses in the sector (59%) don’t think they will be a target for an attack, despite the majority of consumers worrying about the security of their data, especially in the hands of small businesses.

Cyber attack risks articleDanny Lawrence (pictured left), National Police Chiefs’ Council PROTECT co-ordinator for Cyber Crime, said: “A cyber attack may prove so serious that it impairs an organisation’s ability to operate and even function longer term. Doing nothing can no longer be an option – SMEs place their reputation and existence on the line if they fail to take action. I would encourage all SMEs to consider their cyber security, seek out support from resources available and consider making this piece of work a critical part of their business strategies in 2016.”

George Quigley (pictured right), a partner in KPMG’s cyber security practice, added: “Small businesses know that their reputation is critical to their success, but it seems that many haven’t considered quite how many factors can affect it. Every piece of data in a business can be of interest to a cyber criminal – even if the business itself may not realise it – and with SMEs a key target for this very reason; it’s vital to take steps to protect your data, and with it the trust of your customers and, ultimately, your reputation.”George Quigley, a partner in KPMG’s cyber security practice, cyber attack risks article

Sandra Dexter, vice-chairman for the Federation of Small BusinessesSandra Dexter (left), vice-chairman for the Federation of Small Businesses, said: “Small businesses need simple, straightforward cyber security advice like that provided by Cyber Streetwise. All small firms should now be aware of the risks and take steps to protect themselves against the escalating level of cyber crime. Cyber breaches can happen to any business, any size and the repercussions should not be underestimated, leading to damaged reputations, hindered growth and in the worst cases, entrepreneurs being put out of business. Building the resilience of small businesses to cyber crime is important and should be high on all business owners’ list of priorities.”

Cyber Streetwise is encouraging small businesses and consumers across the UK to do three simple things to improve their online security and protect themselves from cyber crime:

  • Make your passwords stronger with three random words
  • Install security software on all devices
  • Always download the latest software updates

The UK Government also offers a free cyber security guide and a free online training course for small businesses. Visit: www.cyberstreetwise.com to learn more about the simple steps to stay cyber secure.

Categories
Americas Data Driven Channels Europe Global Mobile UK

Mobile loyalty cards to reach 3bn by 2020, doubling over five years

Loyalty cards linked to mobile apps experience rise in activity rates.

The new research, Mobile & Online Coupons: Redemption, Loyalty & Consumer Engagement 2015-2020, found that brands and retailers are increasingly responding to consumer demand for mobile integration, with many now offering customers the opportunity to store their loyalty cards within a dedicated digital wallet.loyalty marketing

Crucially, the research argued that the improved targeting and personalisation made possible by digital coupons was leading to greater activity rates, thereby resolving a key failing of traditional schemes where the lack of relevant offers had resulted in a downturn in usage.

Loyalty cards – digital integration

However, the new research found wide variations among retailers and other reward card providers with regard to the extent of digital loyalty integration. In the UK, it observed that around 40% of Nectar card holders had acquired the loyalty app by late-2015, but less than 4% of Tesco Clubcard holders. It found a similar disparity between US retailers Walgreens, where 61% of card holders had linked their card to an app, and Target which had only 27% of cardholders linked.

Research author Dr Windsor Holden said: “These disparities are likely to result from a number of factors. While in part they may reflect the level of satisfaction with the app and/or the features it offers, they may also be attributable to a greater degree – or greater success – of retailer marketing of their digital loyalty options.”

The research warned that retailers that did not offer mobile integration were likely to have far lower levels of visibility on consumer activity. As a result, it cautioned that they would be at a disadvantage when seeking to tailor offers and thereby increase the lifetime value of the consumer.

The complimentary whitepaper, Coupons ~ Personalisation Goes Hyper’, is available to download from the Juniper website together with further details of the full research and the attendant Interactive Forecast Excel (IFxl).

Categories
Best practice Data Driven Channels Global

Get personal: making the online user experience as unique as the customer

Robert Yardy tells how to create a tailored online user experience for every individual. The ‘household name’ websites admired by marketers across the digital industry have managed to apply a perfect formula that keeps users engaged for longer and creates a tailored user experience for each and every visitor. The art of only showing users what…

This content is for Free membership members only.
Register
Already a member? Log in here
Categories
In the News Insight UK

Consumer perception of direct mail ‘improving’

Public perception of direct mail is on the rise. So says a consumer direct mail benchmarking study, which reveals that almost half of consumers (48 per cent) now think direct mail is a good way for a business to connect with them. This has increased by seven per cent since 2014. The UK report carried…

This content is for Free membership members only.
Register
Already a member? Log in here
Categories
Best practice Global

Grazing – the new mood of ‘snack shot’ one-to-one marketing

Mass marketing is out – and grazing is in! That’s the verdict of Tony Kemp (pictured), who tells how regular, varied and personal ‘snack’ comms are taking over from the costly ‘spray and pray’ campaigns of old. Leading edge technology is about to revolutionise the world of direct, one-to-one marketing. Where once it was deemed that two…

This content is for Free membership members only.
Register
Already a member? Log in here