Ecolabels and green stickers are labeling systems for food and consumer products. The use of ecolabels is voluntary, whereas green stickers are mandated by law; for example, in North America major appliances and automobiles use Energy Star. They are a form of sustainability measurement directed at consumers, intended to make it easy to take environmental concerns into account when … Read more
The return on investment of artificial intelligence is multifaceted and extends beyond mere financial metrics. While the cost efficiency and operational optimizations are tangible and quantifiable benefits, the enhanced decision-making, personalized customer experiences, revenue growth, and risk mitigation contribute to the holistic value proposition of AI adoption. Innovation that Drives Revenue Growth and Market Expansion … Read more
“Better decisions make a better world. However, improving decisions is a messy and difficult thing.” – The Decision Lab There is a common misconception that most people have well-defined preferences and make well-informed, self-interested decisions based on those preferences. Behavioral economics looks at the differences between what people “should” do and what they actually do … Read more
Lifetime Value (LTV), sometimes referred to as Customer Lifetime Value (CLV), is the average revenue a single customer is predicted to generate over the duration of their account. Customer Acquisition Cost (CAC) is the average expense of gaining a single customer. The ratio of lifetime value to customer acquisition cost helps you determine how much … Read more
Voice of the Customer (VoC) programs are great for capturing, measuring, and, ultimately, improving your customer experience. But how do you take those great customer insights and get them from idea to solution? Ideas to improve or enhance an organization’s products and services can come from many sources. Sometimes it’s the people within the organizations … Read more
Generation Z, is the youngest, most ethnically-diverse, and largest generation in American history, comprising 27% of the US population. Pew Research recently defined Gen Z as anyone born after 1997. Gen Z grew up with technology, the internet, and social media, which sometimes causes them to be stereotyped as tech-addicted, anti-social, or “social justice warriors.” Millennials currently hold the … Read more
As organizations grow in size and the buying cycle gets more complex, maintaining a one-to-one relationship with prospects and customers at every stage of the buyer’s cycle can be quite an arduous task. It takes years to win a customer. Building a positive customer experience is not an overnight process. You have to spend a … Read more
According to Greg Chapman, Founder and CEO of The Pocket CMO, ‘customer segmentation provides a comprehensive understanding of your current and potential consumers that produces a variety of rich data including identifying the financially-optimal targets for your brand.’ Greg shares that: “Profiles are built from data. Personas are built from insights. You don’t market to … Read more
As more organizations move towards a more customer-centric way of doing business, customer journey maps remain an important tool to help companies better understand what’s happening today, and what customers want tomorrow. In an ‘outside-in, customer-centric’ way, customer journey maps serve to discover, codify and share relevant information across the customer lifecycle and help to … Read more
How do you know you’re making the right bets with your ideas? Which bets do your ideas hinge on? These are our riskiest assumptions. They need to be tested before you spend your valuable time and money. With the ‘problem’ in mind, map out the customer journey to identify the riskiest assumption. Armed with a … Read more
“There is a flaw at the heart of the term Minimum Viable Product: it’s not a product. It’s a way of testing whether you’ve found a problem worth solving. A way to reduce risk and quickly test your biggest assumption. Instead of building an MVP identify your Riskiest Assumption and Test it.” – Rik Higham, … Read more
Customer journey maps are a visualization of the journey that your customers go through to understand and engage with your organization. They tell a story from when a prospective customer first heard about you, through first contact and into a (hopefully) long-term relationship. Customer journey maps are a tool for your organization to measure customer … Read more