Manish Grover's Blog, page 2
December 20, 2015
The Big Paradox of Cloud Adoption in Financial Services
A recent multinational study by the Cloud Security Alliance showed that financial services firms are improving adoption of the cloud. The top 3 reasons stated for cloud adoption in financial services were: Flexible infrastructure capacity (68%) Reduced cost for provisioning (63%) Reduction in TCO (57%) The top 3 wish-list items […]
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December 1, 2015
Transtrackcon – An alternative to Blockchain technology?
The world, especially financial services, has been abuzz with the discussion of how Blockchain is set to transform everything. However, is this discussion draining away management attention from other important things that are set to disrupt these industries? Do we need to tackle the adoption of Blockchain in a different way? What is […]
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October 25, 2015
The ingredients that analytics needs to create customer engagement
In a research on consumer behavior, professors at Harvard found (1) that people who bring reusable bags to a store tend to spend more on organic food, and also spend a little […]
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October 19, 2015
Using Predictive Analytics in Real Time – Way of the Future
Predictive analytics and big data are critically important today both for customer engagement and operations. As competition heats up in the age of mobile and connected devices, we need to innovate rapidly to present the right offers in real time, and also improve customer engagement. This means we need to use predictive analytics in real time, rather […]
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Using predictive analytics in real time – Way of the future
Predictive analytics and big data are critically important today both for customer engagement and operations. As competition heats up in the age of mobile and connected devices, we need to innovate […]
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September 27, 2015
Connected customer experiences – Now HorizonbFit!
Promotions and customer experience are crossing new frontiers! The latest is Horizon Blue Cross Blue Shield of New Jersey launching a loyalty program that rewards people if they exercise regularly. Preventative healthcare […]
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September 22, 2015
September 2, 2015
A new(er) way to look at innovation in customer experience
Customer Experience design is often considered to be at the point of interaction. That’s why we see so much process analysis, and so many customer service training being conducted for […]
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May 6, 2015
Internet of Things – Rules, rules and more rules!
The Internet of Things holds fascinating possibilities. Connected homes, better healthcare, proactive equipment maintenance, smarter shopping, contextual customer service, and the list goes on. In Thingalytics, Dr. John Bates provides very interesting examples from all walks of live about how the phenomenon of connected things is poised to change how we live our lives and do business. It’s a must read book for anyone interested in the Internet of Things. More and more devices – cars, home appliances, medical devices, industrial equipment etc. – are being enabled to transmit data. This data is being collected and analyzed to derive correlations and help make the many interesting and even lifesaving use cases possible. Wouldn’t we all want to see healthcare costs reduce because the machines are able to exchange information and do what many people manually did before in a fraction of the time needed before? Won’t it be great to be reminded by a virtual doctor that we need to follow the plan & instructions better? How about our ovens taking over a complicated recipe, and our cars driving us in full comfort without us having to even key in the destination? There are so many fascinating use cases possible in every walk of life. A lot of this intelligence is about rules: if this then do that. We build more complicated rules as the amount of data and the decision variables increase. As we mature, we can also move on to predictive analytics by deriving inferences about the future from what happened before, which […]
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April 11, 2015
The Question of Loyalty
Every business needs loyal customers. Loyalty means customers choose to buy products from us rather than our competition. Promotions and discounts are universally followed to garner this loyalty – incentivizing customers to buy from us through cash value rather than creating any long term differentiation. Sometimes, and much more effective, these offers are a means to get customers to try out or test the long term differentiation claimed. In “Free: the Future of Radical Price”, Chris Anderson provides several examples of how discounts have generated opportunities to better engage customers. Is “Free” or discounted prices really the right way? What do customers want? Do discounts really generate loyalty or do they just train customers to expect more for less? Useful Nonetheless A promotional campaign strategy has great uses. Some of them are: Low hurdles to adoption – initially free with a paid upgrade (e.g. LinkedIn, PayPal, software Products, etc.) Providing a trial period for customers to experience the product or service (ISPs, fitness centers, etc) Spurring demand through promotions and often pre-empting competition (CPG) Cross sell subsidies or loss leader strategies (Google, Facebook, CPG etc.) Others The real question Our question is: How do we get customers to be loyal “despite” price premiums, and especially when it comes to a long term & profitable relationship? Years ago, working with some of the best in the loyalty field, I got introduced to these basic elements. Much has evolved since then of course and here are some foundational elements: Aspirational value: Can we set goals that our customers would aspire or journey […]
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