Customer Engagement

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Why Companies Need a New Playbook to Succeed in the Digital Age

  • Blog
  • Read Time: 4 min 

In the digital world, companies need to become a destination for customers. The key is using digital as differentiation and offering customers something compelling. This requires a new playbook for how to do business as well as new ways of engaging customers. The trend is for individual and business customers to prefer just one or two powerful ecosystems in each industry, raising the stakes for leaders to better understand their options and clarify their own game plans.

Pass the Word: Peer Influence Has Big Impact on Online Market Dynamics

  • Blog
  • Read Time: 4 min 

A study of cryptocurrency markets provides some new insight into why people make the choices they do online. Crypto-currency traders used bots that executed over 100,000 small trades in 217 cryptocurrencies over the course of six months. Analysis reveals that traders are very susceptible to peer influences. The design of the online exchanges also appears to contribute to activity if functionality, graphical user interfaces, or application programming interfaces promote collective excitement.

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Using Analytics to Improve Customer Engagement

The 2018 Data & Analytics Global Executive Study and Research Report by MIT Sloan Management Review finds that innovative, analytically mature organizations make use of data from multiple sources: customers, vendors, regulators, and even competitors. The report, based on MIT SMR’s eighth annual data and analytics global survey of over 1,900 business executives, managers, and analytics professionals, explores companies leading the way with analytics and customer engagement.

The Power of Product Recommendation Networks

Much as relationships in social networks have been analyzed to understand and influence how ideas flow among people, researchers wondered whether it might be possible to use the structure of product recommendation networks online to understand or influence how demand flows among products. The short answer is yes, and the implications for marketers are important.

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Customizing Your Social Strategy to the Platform

  • Opinion & Analysis
  • Read Time: 2 min 

Companies that want to draw innovation ideas from social media need customized approaches. An approach that works on Facebook, for example, is different from one that works on LinkedIn. Companies also should emphasize the “social” by helping users create or enhance relationships. Companies that do this often benefit through people’s subsequent engagement with the company’s online innovation activities.

Turning Content Viewers Into Subscribers

Content websites can more readily convert site visitors into paying customers by prompting visitors to gradually increase their social engagement with the site — using a concept the authors call the “ladder of participation.” This means thinking strategically about using site engagement to improve conversion. It also means taking an active role in encouraging users to climb the ladder of participation and move quickly up its rungs.

When Customers Become Fans

Beijing-based smartphone maker Xiaomi Inc. has actively involved enthusiastic customers — known as “Mi Fans” — in both software and hardware development processes. Tech-savvy users test interfaces and products as volunteers, doing much of their communication on the Internet. Customer involvement in the product development life cycle has not only helped Xiaomi reduce R&D costs but also enabled the company to cultivate a sense of participation and pride among lead users.

How McDonald’s Cooked Up More Transparency

The McDonald’s “Our Food. Your Questions.” campaign engaged customers on social media and the web. As manager of brand reputation and public relations for the U.S. McDonald’s Corporation, Lainey Garcia helped put the campaign together. “We had to align those responses across a variety of functions — whether it be legal, supply chain, communications — and really prepare for what we knew consumers were going to ask,” she says. “That was new for many members of our organization, to really understand the nature of social media.”

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Why Social Engagement May Be More Important Than Marketing

In a Q&A, Carlos Dominguez, president and COO of social media management company Sprinklr, notes that while marketing is about getting people to want to talk to a company, customer service is about interacting with someone who is already invested in the brand. His goal: get companies to blend those tasks in “ways that are radically different.”

Sports Analytics: The NFL Connects with Fans

In a conversation with MIT Sloan Management Review, Michelle McKenna-Doyle, the NFL’s senior vice president and first-ever CIO, discusses the organization’s customer-focused approach to big data and analytics. She explains how the NFL works to make its employees comfortable with their own data sets.

The Case for ‘Benevolent’ Mobile Apps

Smartphone apps that provide consumers with helpful information — instead of simply pushing product sales — can improve users’ preference for a company. As well, mobile apps that are about useful information, what the authors call “benevelance,” can significantly impact sales at a low cost and thus improve profitability. “A benevolent app can build trust, which in turn can lead people to consider purchasing your product,” write authors Glen L. Urban and Fareena Sultan.

Working Toward Totally Transparent Yogurt

Wood Turner has been working in sustainability for 20 years. In 2006 he left his work at a sustainability and brand strategy firm in Seattle to lead Climate Counts, a nonprofit incubated within Stonyfield which scores and ranks large companies on their efforts to address climate change. Now VP of sustainability innovation at Stonyfield, Turner continues his work on bringing climate-conscious practices into the core of business operations. In an interview, Turner describes the collaborative processes that make this strategy work.

Be a Good Sport With Social Media

Reaching out to customers on social media platforms can be a double-edged sword, particularly when the subject is sports. As airlines KLM and Delta discovered, there is a fine line to be walked between supporting the home team and offending a multitude of potential customers. Social media expert Gerald Kane offers some lessons derived from the Twitter errors made during the 2014 World Cup.

Showing 1-20 of 64