When former NBA superstar Magic Johnson was opening Starbucks coffee shops and a TGI Fridays restaurant in Los Angeles in the 1990s, he made changes to the product offerings. “I had to take the scones out of my Starbucks and put [in] sweet potato pie, pound cake, sock-it-to-me cake, peach cobbler,” he told attendees of the October 2015 Stanford University Graduate School of Business “View from the Top” speaker series. “I was the first Fridays in the nation to ever serve Dom Pérignon, Cristal, and all the high-end liquors…. That’s what my customer base wanted.”
Read full article here…Why Distinctive Customer Targeting is Smart Strategy
Published from LinkedIn by Gary Edwards, PhD.
This decade has seen the rise of Big Data informing all things important in our lives. Whether “money balling” winning sports teams, accelerating the pursuit of a cure for cancer or understanding voter sentiments, Big Data has a role to play. It has become common parlance in most large commercial enterprises, some of which have undertaken significant transformative efforts using Data Science to reshape their mission and business functions. Other businesses, not wanting the appearance of being left behind, have put a marketing spin on “us too, we have lots of data”….https://www.linkedin.com/pulse/executive-cheat-sheet-big-data-gary-edwards-phd?trk=mp-author-card
The good folks at DataXu, in collaboration with market research firm MORAR and Withpr, have produced a fantastic quantative research study on the current state of marketing technology management: Modernizing the Mix: Transforming Marketing Through Technology and Analytics. You absolutely have to download this report — it’s a gold mine of insight into the current state of martech and adtech.
They surveyed 532 marketers, in both the US (174) and Europe (358), across a wide range of organizational sizes and marketing budgets, to produce one of the most authoritative and statistically significant studies of how firms are managing marketing technology today.
Maybe this sounds a bit like trying to find the beginning of the Nile or the Amazon.
We live in a technology age and use technology to reach, monitor, and measure how our customers engage with our business. It is what we do. Yet, way upstream, before we monitor and measure a customer’s experience with our firm, is the people side of our business.
We need people to look at the data that we use to quantify the return on a marketing or sales campaign. We need people to answer the support desk, make the outgoing follow up calls, and greet the patrons at the door.
It is this interaction that can make or break the Customer’s Experience with our company. Once their interaction with us is done, they will take to social media to tell others about it. If they buy something from us, we will have the Point of Sale transaction and their email address to evaluate what they bought and how we can expand the “share of the their wallet” in our favor. Yet, to get to that point, it is those who they meet over the phone or face to face that has the biggest impact on their Customer Experience.
The Customer Experience Moment Blog is designed to give insight into the every day occurrences with businesses.