What is Power?

Writing and The Written Word

First and foremost, power is personal. Our perception of a situation has much to do with our ability to affect a situation. Therefore, power is each person’s ability to influence a situation. When a person has no ability to influence their situation (even, if as a result of an inaccurate personal belief), they have no power.

Definition of Power

Power is each person’s ability and willingness to influence a situation.

View original post

The Law of Power

Writing and The Written Word

The Law

The fundamental law of power is that it is situational, multifaceted, dynamic, and perishable.

Power is Situational

Power is without a doubt situational, a person who is very politically powerful, but having no wilderness knowledge or skills, find themselves alone in the middle will have less ability to save themselves, than an experienced woodsman.

Power is Multifaceted

Power has many attributes (social influence, mental reference, innate ability, and situation), which aggregate to provide the total of your power at in given time and in any given situation

Power isDynamic

As a person’s situation changes, their ability to influence the situation can be increased, decreased, and/or lost. Also, facets of power are not static but are morphed by change.

Power isPerishable

A person can, through inaction, lose the ability to influence a situation forever.

View original post

Management Principles – You can’t Manage what you don’t Measure

Writing and The Written Word

Management and Measurement

You can’t manage what you don’t measure is an old management adage that has been used for many years and while most attribute it to Peter Drucker, some claim that the quote was first used by Dr. W. Edwards Deming, although it is a bone of contention whether or not the quote is used in the correct context.

Irrespective of who said it first, I have always agreed with the principle. Coming from a corporate background where this is one of the management principles often used, I was surprised to learn that there are those that strongly disagree with the statement. This group argues that there are many things being managed at work that aren’t measurable, from the confidence we instill in a new, young manager, to the quality of new hires.

The argument is made that quantity is easy…

View original post 722 more words

A 720-Degree View of the Customer

The 360-degree view of the consumer is a well-explored concept, but it is not adequate in the digital age. Every firm, whether it is Google or Amazon, is deploying tools to understand customers in a bid to serve them better. A 360-degree view demanded that a company consults its internal data to segment customers and create marketing strategies. It has become imperative for companies to look outside their channels, to platforms like social media and reviews to gain insight into the motivations of their customers. The 720-degree view of the customer is further discussed below.

What is the 720-degree view of the customer?

A 720-degree view of the customer refers to a three-dimensional understanding of customers, based on deep analytics. It includes information on every customer’s level of influence, buying behavior, needs, and patterns. A 720-degree view will enable retailers to offer relevant products and experiences and to predict future behavior. If done right, this concept should assist retailers leverage on emerging technologies, mobile commerce, social media, and cloud-based services, and analytics to sustain lifelong customer relationships

What Does a 720-Degree View of the Customer Entail?

Every business desires to cut costs, gain an edge over its competitors, and grow their customer base. So how exactly will a 720-degree view of the customer help a firm advance its cause?

Social Media

Social media channels help retailers interact more effectively and deeply with their customers. It offers reliable insights into what customers would appreciate in products, services, and marketing campaigns. Retailers can not only evaluate feedback, but they can also deliver real-time customer service. A business that integrates its services with social media will be able to assess customer behavior through tools like dislikes and likes. Some platforms also enable customers to buy products directly.

Customer Analytics


Customer analytics will construct more detailed customer profiles by integrating different data sources like demographics, transactional data, and location. When this internal data is added to information from external channels like social media, the result is a comprehensive view of the customer’s needs and wants. A firm will subsequently implement more-informed decisions on inventory, supply chain management, pricing, marketing, customer segmentation, and marketing. Analytics further come in handy when monitoring transactions, personalized services, waiting times, website performance.

Mobile Commerce

The modern customer demands convenience and device compatibility. Mobile commerce also accounts for a significant amount of retail sales, and retailers can explore multi-channel shopping experiences. By leveraging a 720-degree view of every customer, firms can provide consumers with the personalized experiences and flexibility they want. Marketing campaigns will also be very targeted as they will be based on the transactional behaviors of customers. Mobile commerce can take the form of mobile applications for secure payment systems, targeted messaging, and push notifications to inform consumers of special offers. The goal should be to provide differentiated shopper analytics.

Cloud

Cloud-based solutions provide real-time data across multiple channels, which illustrates an enhanced of the customer. Real-time analytics influence decision-making in retail and they also harmonize the physical and retail digital environments. The management will be empowered to detect sales trends as transactions take place.

The Importance of the 720-Degree Customer View

Traditional marketers were all about marketing to groups of similar individuals, which is often termed as segmentation. This technique is, however, giving way to the more effective concept of personalized marketing. Marketing is currently channeled through a host of platforms, including social media, affiliate marketing, pay-per-click, and mobile. The modern marketer has to integrate the information from all these sources and match them to a real name and address. Companies can no longer depend on a fragmented view of the customer, as there has to be an emphasis on personalization. A 720-degree customer view can offer benefits like:

Customer Acquisition

Firms can improve customer acquisition by depending on the segment differences revealed from a new database of customer intelligence. Consumer analytics will expose any opportunities to be taken advantage of while external data sources will reveal competitor tactics. There are always segment opportunities in any market, which are best revealed by real-time consumer data.

Cutting Costs

Marketers who rely on enhanced digital data can contribute to cost management in a firm. It takes less investment to serve loyal and satisfied consumers because a firm is directing addressing their needs. Technology can be used to set customized pricing goals and to segment customers effectively.

New Products and Pricing

Real-time data, in addition to third-party information, have a crucial impact on pricing. Only firms with a robust and relevant competitor and customer analytics and data can take advantage of this importance. Marketers with a 720-degree view of the consumer across many channels will be able to utilize opportunities for new products and personalized pricing to support business growth

Advance Customer Engagement

The first 360 degrees include an enterprise-wide and timely view of all consumer interactions with the firm. The other 360 degrees consists of the customer’s relevant online interactions, which supplements the internal data a company holds. The modern customer is making their buying decisions online, and it is where purchasing decisions are influenced. Can you predict a surge in demand before your competitors? A 720-degree view will help you anticipate trends while monitoring the current ones.

720-degree Customer View and Big Data

Firms are always trying to make decision making as accurate as possible, and this is being made more accessible by Big Data and analytics. To deliver customer-centric experiences, businesses require a 720-degree view of every customer collected with the help of in-depth analysis.

Big Data analytical capabilities enable monitoring of after-sales service-associated processes and the effective management of technology for customer satisfaction. A firm invested in being in front of the curve should maintain relevant databases of external and internal data with global smart meters. Designing specific products to various segments is made easier with the use of Big Data analytics. The analytics will also improve asset utilization and fault prediction. Big Data helps a company maintain a clearly-defined roadmap for growth

Conclusion

It is the dream of every enterprise to tap into customer behavior and create a rich profile for each customer. The importance of personalized customer experiences cannot be understated in the digital era. The objective remains to develop products that can be advertised and delivered to customers who want them, via their preferred platforms, and at a lower cost. 

There is nothing like writing

Writing and The Written Word

There is nothing like writing to force you to think and get your thoughts straight.

Warren Buffett

View original post

Poem – A Smile

Writing and The Written Word

Let others cheer the winning man,
There’s one I hold worthwhile;
Tis he who does the best he can,
Then loses with a smile.

— anonymous poem, found in The Book o Virtues, ed. by W. J. Bennett

View original post

Quote – your life’s work

Writing and The Written Word

Whatever your life’s work is, do it well.

—Martin Luther King, Jr.

View original post