A collection of information technology, consulting, and business knowledge
Category: Organizational Behavior
Organizational behavior (OB) is the study of the way people interact within groups. Normally this study is applied in an attempt to create more efficient business organizations. The central idea of the study of organizational behavior is that a scientific approach can be applied to the management of workers. Organizational behavior theories are used for human resource purposes to maximize the output from individual group members.
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.
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
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.
A person can, through inaction, lose the ability to influence a situation forever.
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 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 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 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.
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-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:
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.
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
New Products and
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
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
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
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