After months of development following a long period of customer consultations we are happy to announce that WellClient has onboarded it’s first group of founding members!
Wellclient is the easy to use software that makes it easy to manage administrative tasks, increase engagement with clients and generate more revenue from a healthcare business.
As I look back over the past 15+ years I have been working within the Internet space, I never could have predicted the changes that have come about as a result of this amazing technology. From the first early days of just trying to get connected using SLIP/PPP, to the birth of multimedia content and now the rise of the social web, I feel really blessed to have contributed, even in small way, to how the Internet has changed the world.
Over that time, I have learned a ton! From innovative product and service concepts, to how brands are engaging customers, the pace of change has been incredibly invigorating. In my practice, I have focused on Customer Experience and Innovation with a particular emphasis on the social web. I’ve tried to delve into not only social media tools, but how attitudes have changed within companies as they look at how their business fundamentally interacts with their customers.
I began my company with the goal of “bringing companies closer to customers.” And I like to think that I’ve been able to do that by understanding our clients’ objectives and constructing solutions that help them more effectively interact with their internal and external stakeholders.
But what do you do when you are given a fantastic opportunity to work with a terrifically talented and hard-working team at a great company? As hard as it is to leave what I am doing now, I feel the time is right for me to join the Corporate Development team at LoyaltyOne (AirMiles). This move makes perfect sense for me at this time; I don’t feel that I am leaving anything behind because I am taking all the skills and resources I’ve developed and applying them to a new set of challenges.
At this stage, I won’t be taking on additional clients or projects, but I will, of course, remain engaged in this industry and involved in all the pioneering groups that continue to move it forward. And, I promise to continue to learn and contribute with everyone who has made this medium the great, ongoing experiment in communication and interaction.
Starbucks recently introduced a new line of instant coffee that they claim is as good as their regular ground coffee. To prove it, they are conducting blind taste tests in store head-to-head with their Pike’s Peak blend to show customers that it can stand up to the most discerning coffee palate.
So yesterday when I was in Starbucks for a meeting, I stepped up to the plate – would I be able to tell the difference? The pressure mounted as the server poured both samples into the small cups. As I tasted both the reality set in – I haven’t had instant coffee in over 20 years! It took Starbucks’ claim that their instant coffee was significantly better than what was on the market to at least get me to try. They claim:
“The magic is in a proprietary, all-natural process that we spent years perfecting. We microgrind the coffee in a way that preserves all of their essential oils and flavor. No other coffee company takes this step, and it makes all the difference.”
I confess that I had seen this statement before I took the test: in fact, without seeing that they were doing something different, I probably would never have even bothered to try it. But I saw numerous posts on it on Twitter so I decided to see if the claims were true.
But what got me thinking was why Starbucks would even bother? For the past 20 years they have been trying to get us into the store for an “experience” centered around premium priced drinks. Does instant give them additional credibility in the home/office or does it take away from the experience they are trying to create in the store? I’d be interested to hear your thoughts on this new direction!
By the way, I was able to pick out the instant. It tasted pretty good almost like french press coffee but will I be buying a package? Probably not, when it only takes me a minute more to make a good pot of coffee using the press.
We are pleased to announce that Brandsential now offers business model construction and analysis services to its clients. “We realized that our clients were asking for this service to satisfy their internal and external objectives and ensure that resources were deployed in a cost-effective manner,” says Jeffrey Veffer, Partner.
With more and more companies starting to realize that product and service innovation is the way to sustained success, model construction and analysis is certainly part of the product innovation process. With Brandsential’s understanding of customer needs and the product development process, clear actionable steps are put in place as part this process.
This is a great list of brands that are focused and using social media to support their goals. What I found interesting is their criteria for deciding the best:
- All of these are very focused, while they bring lots of benefits, they’re really designed to do one thing and do that well
- They put the product or service directly at the center.
- They are completely customer focused, they aren’t designed to do things that the company may want e.g. build community, evangelists etc. they are designed to serve customers.
- They are utilities much more than they are communications.
- Simply put, they make it easier for customers to do more business with them.
I really like the last one- with these new technologies its easy to lose focus on the customer and making things easier is one of the best things about technology.
How many Fortune 1000 companies have a Social Media Strategy? Better yet, how many of those will fail in the next year? These are questions worth asking as the future success of these campaigns depends on separating the buzz from what provides lasting value to brands.
Along these lines we wanted to share what we’ve been hearing lately from our clients. They have heard that their competition is using Social Media and are interested in the potential, but during these times they are coming back to the same question: “How does Social Media help me: grow my business/increase sales/cut costs?”
Of course this is eminently justifiable as the benefits have to be tangible and understandable to executives in order to get approval to move ahead in concert with other initiatives that are currently underway.
Here’s what we have learned (so far):
And don’t fret if it doesn’t immediately take off. No matter what anyone says, nobody has this totally figured out yet…
There is a great article from Geoff Ramsey-CEO, Co-Founder of eMarketer on how it’s important to stay balanced during these difficult times. In it he mentions five key ways to keep on track and avoid seeing every article or news report as additional evidence that we are heading towards an inescapable catastrophe.
What is interesting is that these five ways pretty much mirror in sequence how people deal with other stressful situations in their lives. I believe we are still in the early part of this sequence as business owners and consumers try to make sense of all the statistics and negative news which bombards them every day.
But the critical element in this sequence is moving beyond the paralyzing fear which has gripped the markets and realizing that this will turn around and everyone out there has an opportunity to creatively reshape how we do business. I was at a great talk at the University of Toronto’s Rotman School of business last night and the speaker Geoffrey Helt reiterated that we are in a transformation right now and as painful as this is at the moment (especially with everything else going on in the economy) will result in new models and ways of conducting business.
We can help to get past this by decreasing the flow of negative news (#2) and promoting the opportunities (#3) inherent in this shift. Turning down the volume allows you to refocus that energy and hear emergent trends in the marketplace.
Finally leveraging data and investing in the future gives you a starting point for investigating how to move ahead. Just remember to balance what is coming in with a grounded sense that standing still won’t work for long; the agile competitors are already looking at opportunities and trying things to carve out a path to new revenue sources and better customer experiences.
Many executives find themselves facing difficult decisions these days in light of the challenging economic conditions. Short-term results are often scrutinized closely by the market as a way of determining a company’s financial health and direction. Although this can be a viable way of judging whether corporate strategy is translating into market success, what often happens is that short-term thinking permeates the organization leading to a starvation of resources for longer-term initiatives like new products and services.
One can see this happening at large companies in different sectors as they announce cutbacks in spending on innovation to meet customer needs. As the former CTO of Cisco notes, America is facing an “Innovation Crisis,” and needs to find “new ways of funding fundamental research.”
She cites the fact that Bell Labs announced late last year that it was discontinuing basic science research to “align the research work in the Lab closer to areas that the parent company is focusing on.”
The problem is that with these expense reductions, there is a tendency to pull back customer facing programs in order to conserve cash and “reduce” risk. As in an earlier post, I maintain that this may actually be a riskier strategy over the long term as competitors who continue their innovation program will be in better shape once the economy returns to normal growth.
Arguably, innovation can be seen as an “assembly” of tools, techniques, or assets to meet those deep customer needs. But without the foundation of basic research, it is very difficult to source assets to put into a solution. Of course there are grey areas within both fields, but I believe these days it is becoming increasingly difficult to justify investments in basic research which makes partnerships with universities an interesting way to explore getting access to more fundamental work.
In my opinion, innovation (which I define as meeting stated or unstated customer needs) is different than basic research or invention. While both are important, it is harder to make the case in today’s corporate environment for basic research, which is why I believe that many corporations are reducing their investments in these areas to (hopefully) concentrate more on innovation and getting more value from their existing assets. Keep in mind that the best way to use these assets is understanding the needs and taking a simple (but not dumb) approach to serving them.
In this economic climate, we at Brandsential work towards this goal by using “Value Extraction;” to leverage what’s inside the company to satisfy deep customer needs. And as I’ve said before, now is a perfect time to develop and innovate with these existing assets to make sure the company is well positioned to lead the market once the economic climate improves.
Here is a great parody (really?) of a conversation between an advertiser and a consumer. Its not about the goals of the advertiser, but understanding the needs of the consumer.
I love the part where the advertiser says, “Did you miss the billboard in Times Square? That was like a 200 ft tall declaration of love.” Not exactly a “dialogue.”
As we become more entrenched in recession, many companies are thinking that any spending is risky to the health of their companies and are battening down the hatches to cut expenses wherever they can. However, this behavior may actually be contributing to a long-term decline in competitiveness in their industries compared to companies that actually spend strategically during a recession on Innovation to accelerate growth.
An article by McKinsey suggests that companies that invest during a recession actually do significantly better than their peers who choose to cut back. They studied about 1,000 mainly US corporations from 1982-1999 and identified attributes that industry leaders (top quartile performers) or challengers (those that moved into the top quartile) possessed. Including a contrarian approach to M&A (top performers actually increased M&A during periods of uncertainty), they had quite a different strategy when it came to spending.
Successful challengers actually spent significantly more cash than their more conservative peers during a recession. But what is most striking is their approach to expense spending: with greater focus, these challengers spent more on selling, general and administrative (SG&A) than those competitors that lost market share. In addition, relative to their competitors these successful companies more than doubled their spending on R&D during the recession.
The reward for this approach showed as market conditions improved after the recession as the successful companies’ market-to-book ratios were 25% higher than their unsuccessful competitors.
As part of responsibly managing a company, leaders have to look beyond current conditions
and see that a careful scrutiny of expenses is necessary to assess if all parts of the organization are moving in the right direction. But leaders have to be sure that they are not taking on more risk by failing to invest in the right areas now, to pay benefits later.