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From Brian Solis: CMOs are exploring new customer-centric technologies and philosophies because it’s the right thing to do. After all, customer centricity has long been an aspiration of business leaders, with getting closer to customers representing a stated business objective. But in face of connected consumerism, what’s keeping CMOs awake at night may have to do more with survival than leadership.
From Knowledge@Wharton: Warby Parker has vision. The e-commerce startup known for its $95 retro-cool frames has attracted a steady stream of customers and top-notch investors. And just last month in New York City, the company opened its first free-standing store which, according to co-founder Neil Blumenthal, represents “unchartered territory … the convergence of e-commerce and bricks and mortar. The idea that it’s one or the other is ridiculous,” he says. “E-commerce as a term will become obsolete in five or six years.”
From socialmouths: In a way, social media has helped bring customer service to the very front end of business. Customer services is no longer a “behind-the-scenes” thing. We’ve always known that is easier to keep an existing customer than finding a new one but, in the era of “everything is public”, it also plays a big role on the marketing of the company.
The customer service department today is capable of making your company a success story or simply destroy it.
From strategy+business: Jeff Thull, author of “Mastering the Complex Sale: How to Compete and Win When the Stakes Are High,” introduces a passage that overturns negative stereotypes about sales from “To Sell Is Human: The Surprising Truth about Moving Others,” by Daniel H. Pink.
From Chad Bauman: Healthy arts organizations have equally robust campaigns focused on new acquisition and retention, and increasingly we are focusing on improving the overall lifetime value of our customers. For those with retention problems, I would still advise spending a majority of your resources reducing attrition before launching costly acquisition campaigns. There is nothing worse than spending a significant amount of resources enticing new patrons in the front door while your current customer base runs out the back door. And from a financial perspective, that is one of the easiest ways to sink the ship.
That said, if attrition and renewal rates are within the range of industry standards, more than likely it is time to concentrate on acquisition. Here are a couple of thoughts.
From Sean Corcoran at Forrester: The terms “earned, owned and paid (aka bought) media” have become very popular in the interactive marketing space today. In fact, taken together they can be applied as a simple way for interactive marketers to categorize and ultimately prioritize all of the media options they have today.
Yet as popular as these themes have become, they’re often loosely applied across the industry and essentially no one is speaking the same language. Therefore we just published research defining each type of media and providing interactive marketers with prescriptive advice on how to best apply them. Here’s a summary of how we defined each type of online media and their roles.
From Patrick Lefler at ChangeThis: Pricing is critical, and short-changing your pricing strategy is the fastest way to leave cash on the table — money that will be lost forever and never recovered. So after that initial spark of innovation and the completion of the design, development and marketing phases that follow, don’t screw up the process by treating price as an afterthought. Have you spent as much time and resources on price as you have on your latest social media campaign? (Probably not.) The most successful organizations know that pricing is strategic and that it can affect top-line growth and bottom-line profitability faster and more directly than anything else.