A general malaise is not new. Sociologists have been writing about it since the Second World War. Today, of course, the malaise isn’t simply general, it’s also specific.
There’s too much pain and disconnection and uncertainty in the world. And yet, there are technological marvels, new opportunities and many people who have enough resources to meet their needs. For someone with enough, two things can get in the way of a life filled with meaning:
Affluence and stasis.
When we don’t have enough to eat, don’t have a roof over our heads, don’t have something that we need and can imagine getting, it’s not a general malaise, it’s a specific one. If you’re in this position, life is hard indeed.
On the other hand, spoiled kids are spoiled by parents who have already figured out how to cover their basic needs. When people stop focusing on making a contribution or wrestling with urgency, it’s easy for them to feel a sense of ennui.
And stasis is the feeling that nothing much is going to improve.
In wartime London, under attack eighty years ago, food was scarce and life was dangerous. But those that survived recall it as being a great moment (even if it was something that they’d very much like to avoid repeating).
Compare this to the widespread dissatisfaction described by people who grew up expecting things to get better (momentum) who are now coming to the conclusion that it might not happen.
“Compared to what,” is the question that gets asked at work and home every day, and if the ‘what’ is yesterday, it’s difficult to keep a positive promise forever. Day trading on better is a rough ride.
As we enter a post-industrial economy where good jobs are going to continue to get more scarce, creating a positive cultural dynamic-one in which the social contract can deliver meaning-is more urgent than ever.
The constant awareness that’s pumped in via the media rarely matches the experiences (positive or negative, exciting or not) that many people choose to experience every day. That mismatch often translates into unhappiness.
Author: Franz Malten Buemann
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Shortages, momentum and the search for meaning
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mCommerce will turn your marketing into dollars if used wisely
According to Statista, by the end of 2021, 73% of eCommerce sales will take place on a mobile device. This is a huge boost for eCommerce retailers to put more effort into improving the mobile shopping experience. While (even with the ongoing pandemic) eCommerce is still on a roll, it’s worth diving deeper into mCommerce.
Let’s start with the definition
The term “Mobile Commerce” refers to a wide range of shopping activities that take place on mobile devices such as smartphones and tablets. Shopping activity can be understood as not only purchasing a specific product but also mobile banking and payments, subscribing to services, or paying bills through an app.
Mobile commerce is an answer to a new genre of electronic trends, and it’s gaining more and more attention from eCommerce retailers.
But why it is so important
Currently, there are around 3.8 billion smartphone users worldwide. By the end of 2020 mCommerce reached $284 billion, or 45% of the total U.S. e-commerce market. Given these numbers, your business should be prepared to embrace mobile commerce and offer your customers exactly what they’re looking for, or you’ll likely lose out to savvy competitors.
If you’re an eCommerce entrepreneur and are still ignoring or denying the existence of mCommerce, keep reading to follow up with the latest trends that will help you increase revenue.
The real advantages for your company that mCommerce can give
Let’s get down to business. Nearly three out of every four dollars spent on online purchases today is done so through a mobile device. This type of eCommerce provides real-time information that can be accessed from anywhere at any time, making the buying decision process faster and less likely to make the customer change their mind. But the monetary gain is not the only one! Through mobile campaigns which are directed to each user’s profile, you can establish a unique relationship with your customers.
Because mobile commerce tends to be less flashy, with less text and no big buttons, your customers are more likely to use it, therefore it is more than plausible to increase sales conversions for your business. Understanding the huge potential of mobile device features and start using them in the best possible way for the benefit of their business is the next huge milestone for eCommerce directors.
Pandemic influence on mCommerce
Since we saw a huge increase in online shopping during the pandemic, it’s fair to assume that mobile commerce has a part to play in this. As an example, UK retail sales on mobile devices grew 30% compared to Q1 2020 and 25% stronger than Q4 2019. This just demonstrates that consumers are increasingly using mobile devices to shop.
How to generate revenue through mobile commerce
What do entrepreneurs dream about? About business growth, increased revenue, competitors’ defeat, and the highway to success. That’s why it’s necessary to increase sales through all the channels possible, and mobile commerce is one of them. It is predicted that online stores that do not implement mobile commerce will stop selling over time. For entrepreneurs exploring ways to use mCommerce in an eCommerce store is getting crucial.
To make sure that you offer the most to your customers wherever they are, whatever they do, develop a layout that’s specifically designed to help users make a purchase. Adjusted to the page’s high-resolution graphics, compressed key information, and user-friendly navigation significantly reduces the time spent on searching for a product, which in practice translates into increased sales. What’s more, mobile payment solutions combined with your mobile-optimized website make purchasing extremely easy and manageable from a single device.
Marketing Automation solutions in mCommerce
Mobile marketing automation is designed for tracking app usage, building dynamic behavioral segments, and sending omnichannel campaigns.
By using marketing automation solutions in your mobile shopping system, you can respond faster to consumers, and not only that! Well-managed mobile marketing allows you to:
Send mobile push notifications that users are more likely to respond to than to good old email.
Communicate via SMS, WhatsApp messages or Viber to deliver a truly omnichannel experience for your contacts.
Deliver in-app notifications based on built profiles and used for product recommendations.
Track customer behavior in the mobile app.
Get instant feedback from customers, as they are much more likely to interact with SMS compared to email.
Automate communication with your contacts on their mobile devices.
Create fully responsive content perfectly adjusted to the mobile devices of your customers.
All the listed features can leverage AI powered recommendations, which allows you to personalize your offer even better. Mobile marketing automation gives your business a real range of opportunities to increase user experience as well as ROI. One warning – make sure your mobile site or app is well optimized to ensure a smooth, seamless and convenient transaction.
Wrapping up
Mobile commerce seems to be a powerful tool that is becoming even more powerful given the current pandemic situation. Overall, it’s faster, easier, more accessible, and familiar to everyone who uses a smartphone. Don’t let this opportunity pass you by and take care of your mCommerce to increase your sales.
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Is there an NPS advantage we cannot deny?
If everyone used NPS in the way it was originally intended to, it could represent a decent tool, although still not my top pick. Unfortunately, we have seen many businesses measure NPS incorrectly, doing more harm than good to the CX profession. Therefore, I often campaign against using NPS as a part of a feedback…
The post Is there an NPS advantage we cannot deny? appeared first on Customer Experience Magazine. -
Salesforce Admin FAQ (15+ Questions Answered)
The job profession of a “Salesforce Admin” was relatively unheard of 10 years ago, but with the meteoric rise of Salesforce’s cloud computing products, it has become a popular career choice. You might have arrived at this page as your company has just purchased Salesforce,… Read More
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How-To: Create a Prefilled Form for Nonprofit Donation Drives with FormAssembly
Prefilled donation forms can improve your donation drive results and remove steps for your donors. In this post, learn the steps to creating a prefilled form. Continue reading →
The post How-To: Create a Prefilled Form for Nonprofit Donation Drives with FormAssembly appeared first on Automation Champion. -
What are the new trends in CX during COVID-19?
What are some new trends or some new things different companies and businesses are doing to enhance their customer experience during COVID-19? That is, how do they make the customer journey seamless and delight customers? Something like how Waitrose had introduced bookable shopping slots. Is there something new or specific like a new service or maybe an experience?
submitted by /u/Cultural_Zucchini_69 [link] [comments] -
BT partners with Cisco to deliver smooth hybrid working
With hybrid working being a new norm, enhancing voice and collaboration solutions for customers became a must for digital businesses. The CXM team reports on a new partnership between BT Wholesale and Cisco Webex, and their journey through the era of hybrid working. BT, the UK’s leading telecommunication provider, is strengthening its support for Wholesale…
The post BT partners with Cisco to deliver smooth hybrid working appeared first on Customer Experience Magazine. -
Retail Email Marketing Reinvigorated
Your guide to connecting to – and retaining – customers with inspired retail email marketing for ongoing success!
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How to Conduct a Market Opportunity Analysis
I have most of my best ideas at 3:00 AM or in the shower. But turning those shower ideas into a business opportunity requires further investigation. That’s where market opportunity analysis comes in.
While you and your team may have many new business ideas you want to explore, you don’t have time to head down every path. Some of those paths may even end up being dead-ends.
How do you choose which ideas to pursue, and which ones to let go of? Market opportunity analysis can help you narrow down your options to the ones with the greatest potential.Who should conduct a market opportunity analysis?
That answer is, “everyone.” All sizes of organizations will benefit from better understanding the industry in which they’re operating or approaching. Whether you work in B2B, B2C, government, or non-profit organizations, defining and analyzing the market will help you make better decisions.
This kind of analysis can help you grow your existing business, pivot into new markets and opportunities, or expand into the periphery of your current market.
There are many reasons to take the time and examine the full range of options before forging ahead. Here are five important benefits you’ll get from market analysis.
1. Make better long-term strategic decisions.
Your business is impacted by many external factors. Without taking the time to examine the current market trends, you’ll be flying blind.
A market opportunity analysis can provide the insight you need to see into the future. What will the market look like in a year? Five years? 10 years? What forces are acting on the market today? How is the demographic of your target audience shifting?
2. Evaluate product or service demand.
You may have invented the next Google Glass: a great product with tough, niche demand. A market assessment will show the potential for selling your product or service. This analysis will help you evaluate if expanding into a potential new market is worthwhile for your company.
You may find that there is no existing market for your idea, leading to a “Blue Ocean Strategy.” “Blue oceans,” explain authors W. Chan Kim and Renee Mauborgne, “denote all the industries not in existence today — the unknown market space, untainted by competition. In blue oceans, demand is created rather than fought over. There is ample opportunity for growth that is both profitable and rapid.”
While that might be the case, you might also fail to create the market, or need to spend time and energy educating customers on the value of your new idea.
3. Identify potential marketing strategies.
The four P’s of your marketing mix are price, place, product, and promotion. Through the process of a market opportunity analysis, organizations can gain a deeper understanding of who their target customers are, what they want, and how they make their decisions.
After assessing the current market, you’ll be able to price your product effectively and know which promotion strategies will work best. Are there partnerships you should pursue? Will direct sales or inbound marketing work best?
4. Uncover areas for further research.
When you start to better understand the market, you may identify even more new opportunities to explore. As the saying goes, “You don’t know what you don’t know.” You may discover a new government initiative that encourages sustainable businesses.
A customer research project may identify a new pain point that you didn’t realize existed. The benefit of knowing your marketplace really deeply is that you’ll be ready to leverage any new opportunities that pop up.
5. Identify and navigate potential roadblocks.
A SWOT analysis looks at the strengths, weaknesses, opportunities, and threats of a potential strategy. Identifying the weaknesses and the threats to your market opportunity is key to your success. No business idea is perfect. But knowing where you might run into trouble before you even begin can help you plan ahead and mitigate those risks.
Examples of Market Opportunity Analysis
Before we get into the step-by-step instructions of how to do your own analysis, let’s look at the results of two very different case studies. The purpose of both of these research projects was to identify new opportunities, however, they were done in two different industries: elderly care options and the automotive industry.
1. Say Yeah! ElderCare Case Study
Consulting agency Say Yeah! conducted a market opportunity analysis for a company looking to expand its business model into the elderly care industry. They started by mapping the customer journey for an adult child caring for their elderly parent, along with all the decision points they encounter.
By examining market forces — such as government subsidies, the changing demographics, and all the options older adults have — Say Yeah! was able to uncover several different options by which ElderCare could increase their profits.
Notably, they recommended ElderCare expand its referral business to include retirement homes, in-home care, and other social services.
“Their initial business premise is validated: by shifting the industry to a subscription-based model, led by an online marketplace, this business could carve out a significant piece of profit in the elder care industry by providing far more value to retirement homes at less cost.”Image source
2. Ipsos Business Consulting Automotive Case Study
A global automotive conglomerate was interested in the growing electronic vehicle (EV) market, specifically three-wheelers in India. Ipsos conducted a study of the EV market through customer interviews, business model analysis, and government research. At the end of the study, they provided recommendations around charging station locations, leasing vs purchasing options, and other infrastructure requirements.Image source
How To Conduct a Market Opportunity Assessment
1. Identify potential opportunities.
Your first step is to lay out the potential opportunities you want to investigate. What segment are you hoping to expand into? What type of customer are you hoping to attract? Are you looking to acquire or partner with another business? Have current events created a potential opportunity?
Knowing whether you want to expand, pivot, invest, create, or reposition your offerings will inform the next steps of your market research.
Once you’ve identified market opportunities, you’re ready to start researching their potential.
2. Understand the customer.
In every opportunity, the customer will inform your success. Does this product meet their needs? Do they have the purchasing power to make this idea profitable? How do they make their purchasing decisions? The second step in the analysis is to really, deeply understand your potential customers and their needs. This research may include any of the following tools:Customer interviews
Customer journey map
Surveys
Demographic data3. Research competitors.
Next, you’ll want to understand who all the players in the existing market are. Competitor research can help you understand how big the market share is, how existing products are positioned in the market, and how crowded the market is. Here are some questions you might want to ask:What is their value proposition?
How is their product offering different from ours?
Who are their partners?
What do their reviews say about their product or service?
Are there any gaps we could fill?
How likely are new competitors?4. Consider external factors.
External factors are always shaping and changing the marketplace. The acronym “STEEP” can help us dive into the five main forces we need to be aware of.
Social
How is culture changing the market? For example, more employees working from home during the pandemic has opened up an entire sector of the market that didn’t exist before. Jumping on trends can be a lucrative strategy unless the trends disappear too quickly.
Technical
What new innovations have influenced the market? Can you apply this technology in other ways or in new industries?
Economic
What is the current economic climate like? Will you be able to get a loan if needed? Do your customers have disposable income? How does the market forecast look for the next year? Five years?
Ecological
What impact does this idea have on the environment? Can you improve the sustainability of the product or service?
Political
You may be pleasantly surprised to learn that your local government is offering grants, tax breaks, or other incentives for businesses in your industry. Alternatively, you may find that there are regulatory roadblocks in your way that you’ll need to account for in your analysis.Image source
5. Be aware of internal forces.
Finally, dive into your own business’ capabilities. Do you have the skills, workforce, technology, and financial resources to invest in a new product? If you’re launching a very innovative product, are you going to be able to hire people with the necessary skills? What new departments or teams will you need to create to manage this new opportunity?
Make better decisions with market opportunity analysis.
Not every idea is worth pursuing — but many are. With market opportunity analysis, you’ll learn which business strategies will help you grow, along with their potential risks. Don’t launch your next product or service without doing your homework.