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What We Follow Friday

Welcome to What We Follow Friday! The internet is teeming with new data, interesting stories, breaking news and so much more every single day and it’s easy for the important information to get lost in the noise. That’s why we’re sharing some of our favorites from around the web with you every Friday.

Here’s what we’ve picked this week:

The Potentially Super Creepy Future of Wearable Tech in the Workplace
“Wearable data-tracking devices used at work and at home could help to boost employee productivity, according to research from Goldsmiths, University of London. And the possible future uses of such devices in a workplace setting might just be worthy of a sci-fi novel.”

Branding 101: We Respond Emotionally to Numbers
“Radiolab recently examined the emotional power of digits when guest Alex Bellos, who writes and lectures on mathematics, discussed a global survey he conducted–on favorite numbers. What he found, among 30,000 responses from across the world, is that we have a universal tendency to anthropomorphize numbers.”

Now You Can Print a House in 24 Hours, Plus 13 Other Weird 3D Printed Things
“Printing in metal, plastic, nylon and a hundred other materials? No, it’s not science fiction, but fact. 3D printing – the ability to produce objects on demand at a relatively low cost – is a top trend once reserved for prototypes and toys that is set to explode into the consumer marketplace.”

12 Thing Incredibly Happy People Often Do
“Do you have a friend who always seems so happy? Have you ever thought, “how do they do it?” How do they stay positive even when life seems impossible? People who are generally happy have a set of habits that they do daily that puts them in their happy place.”

Every Job in America, In 1 Graph
“There are roughly 137 million jobs in this country. About two-thirds of those jobs are in private-sector services; the remaining third are split between goods-producing jobs (mainly manufacturing and construction) and government work (mostly at the state and local level).”

If you come across an article you think we should be reading, tweet it to us, post it to our Facebook page, or leave us a comment at the bottom of the page!

 

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What We Follow Friday

We’re bringing back What We Follow Friday on the blog. The internet is teeming with new data, interesting stories, breaking news and so much more every single day and it’s easy for the important information to get lost in the noise. That’s why we’re sharing some of our favorites from around the web with you every Friday.

Here’s what we’ve picked this week:

7 Deadly Sins of Financial Management
“Financial management is the beating heart of every single business. Money pumps in, money pumps out, and it’s critical to ensure you’re following the right regimen to maintain the health of the organization.”

What You can Learn From the Bad Boys of Entrepreneurship
“Zac Bissonnette talks about bad people that became successful entrepreneurs, why entrepreneurs can’t take their own advice, and the best pieces of career advice that he learned in the research for his book.”

The Brilliant Business Theory Behind Wu-Tang Clan’s Disruptive Plan
“When you consider the concept of differentiation, you might be tempted to think of it only in terms of end products for consumers: The qualities and traits that distinguish brands of cars, deodorants, and sports drinks from each other. But there’s another way to think about differentiation. It’s to ask yourself: How might my company differentiate itself from its competitors before the product reaches customer hands?”

The Evolution of Recurring Revenue
“Building a recurring revenue stream is a proven way to grow business and disrupt entire markets. Most people associate modern companies like Netflix and Hulu for disrupting their respective industries with a recurring offering but they weren’t the first.”

[Infographic] These are the Weirdest Things Thousands of People Google Every Month
“Google is obviously an amazing informational resource, summoning all the secrets of the universe in less than .2 seconds. It serves as an oracle, unto which we project all our desires, fears, and mild concerns. Although each of us has our own protective battle to fight over anyone in our family groups discovering what’s in these histories, that information is still out there in the world. And as it turns out, some rather weird searches are shockingly common.”

If you come across an article you think we should be reading, tweet it to us, post it to our Facebook page, or leave us a comment at the bottom of the page!

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Latest Tech Advancements Promote Remote Work

One factor that has certainly driven the growth we have seen in remote work in recent years is the advancement we have witnessed in technology. It is clear that recent technology advancements have made it easier to communicate and manage work without being located at the work location. However, exactly how has technology changed and what are some of the implications for remote work? Looking through the lens of the 4 Cs, we can take a closer look.

Communication

In the early days of remote work, communication was limited to phone and text-based email.  However, more advanced communication technologies, such as cell phones and web cameras, make it easy to send messages, data, and files anywhere and at anytime. These technologies also allow us to move beyond audio and text-based means of communication, so that we can transmit non-verbal cues, images, and videos.

Connectivity

Connectivity is so much easier and faster due to advancements in the areas of broadband, vpn, wireless, wi-fi, and LAN’s. For example, it has been estimated that currently 90% of households with a computer subscribe to broadband services. Broadband penetration has increased rapidly – only five years ago, this figure was at 65%. These connectivity advances increasingly allow us to work from anywhere, and the greater bandwidth supports more data rich forms of communication.

Collaboration

The creation of tools such as wiki’s, social networking sites like LinkedIn, remote desktop access, web-based applications such as GoogleDocs, and workflow systems make it easier for workers to collaborate from more locations. These tools not only allow workers to share information but also to collaborate on a work product simultaneously, in real-time.

Content Management Systems

These systems enable organizations to easily share, access, manage versions, secure and re-use content. Some examples include Document Management Systems, knowledge repositories, Content Management Systems, Digital Asset Management, and cloud computing.

In summary, technology advances have led to richer forms of virtual communication, improved connectivity, easier and more productive collaboration, and better management of content. Together,  these improvements are a big reason why we have seen such rapid growth in employees working outside the confines of the traditional office.

 

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A Multichannel Mobile Dependency

Most of the time my mobile device is physically in my hand or within a quick reach away. When I work out or go running, it is faithfully strapped to my arm. When I drive it is sitting patiently in the center cup holder. I acknowledge that it often sleeps next to me. And I am not alone with my mobile dependency.

It’s no surprise that contact centers want to know how to successfully support interactions from the mobile platform. 63% of recently surveyed contact center leaders say mobile is a competitive differentiator and 72% consider it a necessary service platform. Research also shows that when a mobile user is contacting customer support, they often have higher expectations than if they were coming into queue from chat, email or a landline. In fact, 42% of surveyed leaders claim this is true!

One really important nuance? URGENCY. Think about it. When you need to contact customer support from your mobile, you are probably in the middle of something that requires ASSISTANCE. NOW.

You could be shopping for those almost sold-out concert tickets while standing in line at Starbucks, or attempting to make last-minute anniversary reservations at your wife’s favorite restaurant while sitting in a meeting, or trying to rebook a missed flight while still idling on the tarmac. Perhaps you simply need to access your bank account to see if you really can afford that gorgeous pair of shoes you just found on the Gilt sale that’s ending in 3 minutes.

Regardless, you need to get answers now! Not in 10 minutes, and certainly not in 8 business hours. And you need to be able to access customer service from your device without interrupting the primary activity you are also engaged in. That’s another one of those vital mobile nuances.

Now consider being without all the amazing things your mobile device does for you every day. Imagine waking up one morning and your fancy phone couldn’t map out directions, retrieve email, access Scrabble, or log your pre-marathon training runs. That’s exactly what happened to me when I was in the Philippines for a project. I had prearranged with Verizon to have international data activated, but unfortunately when I arrived, the only thing my iPhone could do was place phone calls and receive text messages.

My epitomical multichannel device had left me momentarily one-dimensional.

Verizon may have a leg up because they are in the mobile space, but they do know mobile customer service. I had received a free welcome text message upon landing in Manila, which is the only reason I was able to quickly reach Roaming Support. I clicked the number and was immediately routed to an amazing agent that was determined to figure out my problem.

We used every troubleshooting mechanism available to us in my limited state, including a video SMS, texted screenshots, and several callbacks from him after changing settings and restarting my phone.

The agent was patient, funny, and competent. He gave me back the mobile device I loved, and in turn I shared some love back.

When I received a text message the next day requesting a CSAT survey response, you can be sure I completed it.

Just this morning I received a proactive automated reminder call from Verizon that a payment was due. I self-service paid directly by pushing a button and immediately received the receipt via SMS. I think it was the ease of the process that completely eradicated the pain of the payment.

Multichannel, mobile support done right.

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Insightful Big Data Conversations

Many executives have read the articles touting that 90% of all data has been created in the past several years. While this news is exciting for data junkies like me, I think it opens the door to a new set of conversations executives and CEOs must have as Big Data and analytics become increasingly accessible and abundant. There are two conversations executives need to have to ensure they are on the right path toward data insight rather than data overload.

“Can we use Big Data to help drive better decision making?”  

According to McKinsey & Company, the productivity and profitability of firms that use Big Data and analytics is 5-6% higher than those of peer firms. However, the best analytics dashboard in the world means nothing if frontline employees do not use it to make informed decisions. It’s important to assess current skills, culture, and decision-making processes while planning any Big Data strategy.

“What data do we have and what data do we need?” 

Many executives mistakenly think the data they have in-house is all they will need. In most cases, data from outside sources add contextual insights that are simply nonexistent otherwise. The focus should be on the quality and relevance of each data point to address business challenges.

While Big Data and analytics can provide a lasting competitive advantage, the most important aspect of any Big Data and analytics initiative rests in the insights gleaned through the data. Once you have the insights, you can focus your attention on making those insights actionable.

 

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The Rise of the Millennial Consumer

Millennials (those born between 1980 and 1995) are the fastest growing consumer group and in 2013, they accounted for 60% of the population.  They’re responsible for $1.6 trillion in consumer spending each year. And this is all just before they enter their wealth accumulation phase!

I had the opportunity to discuss this topic on a panel at LA Tech Week with a group of fellow millennial colleagues in an effort to find the best practices on how to connect to this group in this digital and dynamic world.

How should we connect with Millennials? What are we missing?

  • Good design (both online and offline) is no longer a differentiator, it’s an expectation. Good design is your gateway to entry. If you don’t have a solid online presence, you don’t have a solid brand.
  • Millennials are experience seekers first and foremost. They’re collaborative consumers, digitally synchronized and highly entrepreneurial. They are so entrenched in brands that they swap and fluidly move in and out of them. Being able to bring them back to yours is key!
  • Acquiring consumer preferences through consistent communications before, during, and after their experience is also critical. Use social media tools and in-person interactions, then store these findings in a CRM system. Taking this time with the consumer and offering good customer service creates favorable experiences which will win the attention and loyalty of millennial consumers.

Why are Millennials important for luxury brands?

  • Millennials are the most brand-savvy consumer group in the world. They are just starting their wealth accumulation phase and are willing to engage with brands in collaborative ways as long as the brand is ethical and transparent to them.
  • This group can’t be defined by any single medium. With an insatiable need to be connected and continually validated for their level of “insider status”, Millennials are their own medium.
  • Millennials have a reputation among peers as a trusted source of good advice. They not only buy products and services, they also recommend them to others. They gain access to their extended networks, maximizing marketing dollars.

When it comes to their digital behavior, what should we know?

  • Millennial consumers love to curate their lives in visually rich ways. Hence the rise of visual culture as it relates to the way in which they put their lives together via Instagram, Twitter, etc, and then spit them out for their friends and followers to see. Audiences respond to this with comments and likes. Just as brands have become people, people have become brands.
  • Digital marketing does not inherently mean exposing a luxury brand’s exclusivity to risk. In fact, digital marketing offers perhaps the most elegant opportunity to control and enhance a brand’s exclusivity. It’s what I call “prestige technology.”
  • The defining behavioral characteristic with respect to digital media of Millennials is interconnectivity.
  • Value collaboration: they want to work with brands to create and innovate products.
  • Millennials crowdsource information from peers even while they are shopping at retail.

How Do We Adapt Current Marketing Practices?

  • Compete for relevance (not attention): With advances in technology constantly accelerating, you can’t simply keep reacting to technology. What you can do is think about how you will use new and existing platforms to deliver a new, meaningful approach.
  • Transcend gender, focus on non-gender-specific aspects to strengthen overall brand appeal.
  • For men: Market to commitment and achievements, not sex appeal.
  • For women: Stimulate the senses—offer convivial experiences that tap into heightened sensory powers. 
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Prediction for 2014: The Internet of Things

Recurring revenue is highly disruptive and rapidly changed the face of business in 2013. Adobe and Audi are among the big names that have jumped onto the subscription model, and we’re sure there are more to come. What’s next for 2014? A logical partner to the subscription model which promises to grow by millions of data points each day –– the Internet of Things.

The Internet of Things

Customer preference and usage data grow at a near alarming rate and companies are struggling to catch up. So what is it? And how do you prepare your organization for it? McKinsey & Company:

More objects are becoming embedded with sensors and gaining the ability to communicate. The resulting information networks promise to create new business models, improve business processes, and reduce costs and risks.

Cisco’s chief futurist Dave Evans published an infographic to explain the increase in “things” connected to the Internet.

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The Art of the Pivot in Agile Marketing

What does the MVP (minimally viable product) really mean and what do you look for in your company to know when you really have a market ready product? Click here to view The Art of Pivot in Agile Marketing video.

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How Agile Marketing Can Transform Your Marketing Strategy

Gone are the days of monolithic ad campaigns built by weathered advertising executives and backed by bloated budgets. Today, we are crafting marketing strategy in the age of programmatic ad buying, rapid-response social media and target markets that we can finely and dynamically segment across any device (smartphone, tablet, TV and desktop, for example).

The catalyst for that change is technology. It’s empowering marketers — including those in higher education — with a multitude of channels, methods and behavioral data to transform their tactics and strategies.

So, in the throes of all this change, what does it take to engage, inform, and convert students?

The concepts of Agile Marketing and Data-Driven Marketing are becoming increasingly popular in response to the rapidly changing marketing landscape. Marketing teams are scrumming, sprinting and pivoting with a renewed energy to improve speed, transparency and adaptability of their strategies. The ability to make smart decisions quickly and repeatedly has shown that it is not just limited to the software industry, but is applicable to all industries; including higher education and learning organizations.

With the rigor of modern marketing and the need to react with agility and strategy, who wouldn’t want to empower their teams to get their ideas out into the market faster? After all, who can forget Oreo’s fast thinking on Twitter during the blackout at the 2013 Superbowl.

It wasn’t in Oreo’s marketing plan, but they saw an opportunity to reach a mass audience with an incredibly timely message. And they gained a lot of positive attention for it; the tweet was retweeted 15,000 times and they gained 8,000 Twitter followers, 20,000 Facebook followed and a 95 percent increase in followers on Instagram. Some suggest Oreo is still riding the wave (nearly a year later) from that one simple tweet.

While more and more organizations around the world are adopting the agile marketing methodology and benefiting from higher efficiency, faster response and greater creativity, there are two key areas to be aware of when applying this methodology to your organization.

1. Outcomes over Speed

Matt Heinz of Heinz Marketing put it best:

“We have to be careful that we don’t let all this great activity that we’re getting done because of Agile Marketing lull us into thinking that we’re accomplishing our goals just because we’re moving so much from the Sprint backlog column into the done column.” [1]

2.  Don’t Just Do Agile, Be Agile

A major challenge of agile marketing, especially for educational institutions, is the resistance to change. In 52 percent of organizations surveyed by VersionOne, agile marketing failed due to the inability to change the institutional culture, followed by 39 percent failing due to general resistance to change.

Agile and Agile Marketing isn’t a golden solution, but it is giving learning organizations the opportunity to analyze data and apply it quickly to their student recruitment, retention, and learning outcome efforts.

Guest Post on The Evolllution

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References

[1] Jim Ewel, “How Not to Do Agile Marketing,” Agile Marketing, March 2, 2013. Accessed at http://www.agilemarketing.net/bad-agile-marketing/

 

 

 

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Emerging Killer Applications for Big Data

Charles W. Eliot, the former president of Harvard University, once noted, “All business proceeds on beliefs, or judgments of probabilities, and not on certainties.” So, since according to Eliot there is no certainty in business, decision makers need to rely on guesswork or probabilities, and of the two, analytics and probabilities will surely give better results.

Big data promises to provide insights that traditional data and analytics can’t achieve, but many companies become so excited about the idea of finding a hidden nugget that nobody else knows that they forget to focus on a potential solution to a particular business issue. The challenge is identifying whether big data is sufficient by itself to generate the desired insight, or whether existing data or combined data could achieve comparable results that lead to better decisions.

Two recent use cases demonstrate the value of big data in providing insight that traditional data alone could never achieve, and they’re likely to become the “killer applications” of big data.

1. Quantitative trend spotting & early warning systems

Recent research published in the Journal of Marketing Research has shown that using big data from Google Insights for Search along with syndicated data and POS/scanner data can identify emerging trends in asthma drugs, grocery items, and wine, among other products. This insight enabled analysts to quickly identify trends without having any specific domain expertise or input from professional trend spotters — an incredible advancement in trend identification.

2. Marketing mix efficiency analysis

Other researchers combined traditional data and big data to show the value of social media marketing, a notoriously slippery metric. They showed that 25 percent of the sales variance over the amount explainable by advertising and media expenditures could be directly attributed to company-facilitated Facebook conversations.

Traditional marketing mix efficiency analysis is based on the relationship between sales and marketing spend, but big data helps identify other variables such as daily or weekly searches, social media mentions, and requests for information that the company can correlate to weekly sales and marketing expenditures.

 Using these additional variables helps explain formerly unexplained model variances and provides more insight that the company, and Chief Marketing Officers, can use to help demonstrate that marketing efforts are influencing consumer behavior and how they may lead to sales over the longer term.

Big data and these killer applications are providing probabilities and insights that are coming much closer to the formerly unattainable certainties that Eliot alluded to, and business is better as a result.