Co-creation in the business-to-consumer (B2C) environment is nothing new. Many services — ranging from hairdressing to care for the elderly through architecture and interior design — have long involved close collaboration with customers and clients and long been ‘marketed’ partly through word of mouth. It has, however, been given new impetus — and a higher […]
Read More… from Co-creating with Customers: More Pros than Cons?
Consumers often have a choice between products that are convenient or easy- to-use and products that offer greater functionality but are less convenient. When making a purchase that involves a longer time frame, consumers are likely to choose functionality. They are willing, for example, to take the time to learn the sophisticated software that will let them digitize the […]
Read More… from How Price, Time and Functionality Affect Customers’ Choices
Strong relationships and social ties between clients and individual executives can be something of a double-edged sword in business. There is always the danger of client defection when the ‘linchpin’ leaves. The risks tend to be greatest in ‘human capital intensive’ businesses such as advertising, law and consulting, where there is often a close connection […]
Researchers from New York University’s Stern School of Business and Carnegie Mellon University studied the effects of product rankings in three areas: the direct impact of rankings on consumer behaviour the relationship between rankings and product ratings the important of customized rankings. The research team of Anindya Ghose and Panagiotis G. Ipeirotis, both of Stern, […]
Read More… from Search Engine Ranking: Consumer Behaviour and Revenue
There has been a growing trend in recent years for suppliers to differentiate their products through services, rather than solely through products. Consider the case of Apple, whose market share has consistently come under assault from cheaper tablets and touch screen phones competing with their iPad and iPhone. Nevertheless, it has managed to stay ahead […]
Read More… from Servitization: Implications for Sales and Marketing
What drives customers’ attitudes and behaviours? This is the golden question for marketing executives, who often rely on data from surveys, focus groups, interviews, etc., in the hopes of trying to understand how to better influence their customers. But according to Emma Macdonald, Hugh Wilson and Umut Konu?, these types of data suffer from a […]
There are two basic types of loyalty programs: frequency rewards, through which customers earn points or credits to be redeemed (a free hotel room after so many stays); and customer tier programs, in which customers receive the benefits that come from climbing to a higher status of customer (e.g. accumulating enough purchases to become a […]
Read More… from Frequency Reward Vs Customer Loyalty Programs
The declining level of trust in businesses and corporations, from both customers and employees, is well documented. As companies seek to maintain or rebuild the trust of their stakeholders, they must focus on issues of character, in terms of integrity as well as benevolence toward others, and competence, measured by such criteria as ability and […]
Read More… from Building Trust: The Role of Stakeholders’ Personal Values
Businesses need to adopt a multichannel mindset when interacting with their customers, because customers use multiple channels and expect relevant, consistent experiences across all of them. This research seeks to identify the key issues, challenges and opportunities that surround multichannel delivery and provide some best practice insight and principles on the elements that are key […]
Read More… from Multichannel Strategies for Better Customer Experience
This is the age of multichannels. Companies today are selling their wares through the Internet, catalogues and bricks-and-mortar stores. Not all channels, however, are cost-effective, especially given the low-cost opportunities offered by moving customers to the Internet. What happens when a retailer eliminates one of its channels? Will customers comfortable with that channel migrate to […]
