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The ONE Question To Ask Customers

Larry Freed really tees off on Fred Reichheld and the Net Promoter Score concept on his blog, calling the book a fraud. I think Larry is too harsh — but I would assert that “likelihood to refer” is not the ONE question to ask. I’ll propose a different question, but first want to share some […]

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What's The Value Of An Email Address?

In response to a post about how to calculate the value of an email address, Benry comments that the value can’t be determined simply by looking at email marketing campaign results, because We use email to market to people, but also to support communication or to enable sales staff to converse with [customers] in the […]

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ING Direct's Emotional Connection With Customers

I have believed for some time now that financial services firms had to earn customer loyalty by making emotional connections (just like we do with our own personal relationships). In a Forrester report I wrote in September 2004, I said: To earn the loyalty of customers, banks must do more than offer the best rates […]

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Constructing Marketing's Key Performance Indicators (KPIs)

Been listening in on a conversation between Gary Angel and Eric Peterson regarding web analytics KPIs. Eric says: Key performance indicators should be included or excluded from a hierarchical reporting strategy…based on the likelihood that the indicator will spur some type of action in the organization when the indicator unexpectedly changes…[although] the action the organization […]

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Whose Product Review Do You Trust?

It seems like every day someone comes out with a survey that shows that the most trusted source of opinions are our friends and family. My reaction: Duh. This has always been true. Web 2.0 didn’t cause this — it only enabled the sharing of opinions. One recent source of this data point is Forrester […]

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Retailers Must Improve The Cross-Channel Customer Experience

Allurent recently released results of a survey which found that 41% of consumers — up from 28% in 2005 — said that a frustrating online experience would make them less likely to shop that retailer’s physical store. Nearly six in ten said that a frustrating online experience negatively impacts their opinion of the retailer. According […]

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Evaluating Database Marketing Vendors — 10 Questions That Might Not Be In The RFP

I see a lot of RFPs for database marketing assistance. While most go into lots of detail about the requirements the firm has, I’m often struck by what’s not included. Here are 10 questions that should be asked: 1. Operational efficiency. “Can you provide us with specific examples of how you’ve helped firms achieve ongoing […]

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Why Wesabe Matters

I realize that I’m a little late in commenting on Wesabe, the money management community (?), which launched this past November, but… It’s a shame that most banks will ignore this site. A former colleague of mine said “…interesting concept, but I don’t see how they make it into anything real.” Reading about Wesabe reminded […]

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Response To MarketingNPV's Predictive Analytics Predictions

If I’m the first person to point you to Pat LaPointe’s MarketingNPV site, go there and spend a few hours perusing the great content on that site. On his blog, Pat posted his predictions for the “Path of Predictive Analytics.” I wanted to share some of those predictions, along with my thoughts on them. Pat […]

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If You Want To Win A Marketing Award, Use A Calculator

An article in Chief Marketer called How to Win (More) Marketing Awards: Practical Help from a Real-Life Judge offers some advice on how to win an award, even if you’re not the “best marketer on the planet.” Here’s reason #1: Most entries are riddled with mistakes and slapdash efforts. [S]ponsoring organizations…get 1% of entries in […]

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Investing Beyond The Four Walls Of Marketing

There are some common complaints I hear senior execs voice about marketing: Marketing is too insular — they’re not out there with customer service and sales trying the better understand the customer”, and “Marketing doesn’t tell us where we should be investing to deepen our customer relationships.” If this frustrates you, I can understand why. […]

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Nationwide's Super Bowl K-Fed Ads: How Consumers Will React

Nationwide is previewing their Super Bowl ads with Kevin Federline on its site. When millions of viewers see it during the Super Bowl, here’s how they’ll react: “That was cool, but what the hell is an annuity? Hey, any more beer in the fridge?” Financial professionals are fond of saying that insurance products are sold, […]

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Other Uses For Personalized Billboards

News of the personalized billboards that Mini Cooper is testing got me thinking of some other firms that might use this new medium: Ron Shevlin, your current bank balance is $1.17. Get a payday loan at Sonic Cash. Ron Shevlin, your STD tests are in, contact us immediately. Lahey Clinic Thank you for your continued […]

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Affluent Baby Boomers Don't Want Financial Education

Interesting study from Cogent Research on affluent baby boomers was featured in today’s Investment News. Key data points: More than one-third of the 4,000 investors who were born between 1956 and 1964 with investible assets of more than $100,000 surveyed in the study said they don’t work with an investment adviser. 57% of the respondents’ […]

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Google's Faulty IT Innovation Logic

Google’s general manager of enterprise business, Dave Girouard recently told the Mass Technology Leadership Council that: “the insane complexity of technology is leading companies to spend 75% to 80% of IT budgets simply maintaining the systems they have already.” And what should they do instead, Mr. Girouard? Simply ignore — or better yet, throw away […]

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One Loyalty Program's Impact On A Bank's Customer Relationships

The Aite Group recently published an excellent report on reward/loyalty programs in financial services. I can’t share their analysis and forecasts here, but they did give me permission to share the following chart, which shows the impact that Banco Popular’s loyalty program, Premia, had on the depth of their customer relationships. [Note: The point of […]

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Today's Financial Services Customer

That’s her on the right. Satisfied with the firms she does business with — but not loyal to them.

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The Unrealized ROI Of Blogging

Forrester recently published a report on the ROI of blogging and a follow-up case study focusing on the ROI of General Motors’ FastLane blog. According to Forrester’s calculations, GM’s first-year ROI on the blog was 99%. The primary contributors to the top line: 1) $180,000 in customer insight, which was estimated by assuming a cost […]

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Bank's Ad Spending Effectiveness

AdAge reported that Miller Brewing is shelving its Man Law ads. Apparently, Man Law #1 is “advertising must boost sales.” If that’s so — and who am I to challenge Man Law — then some banks may have to re-think their ad spend. Using data compiled by TNS and published in American Banker (pw req’d), […]

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The Unseen Barrier To Marketing Innovation

Following my post on sense-and-respond marketing, I exchanged emails with Steve Haeckel, who coined the term “sense-and-respond” as a business concept in the mid-80s. One comment from Steve sheds light on why many innovation initiatives (which includes building a sense-and-respond marketing capability) are doomed to under-deliver, if not fail outright: The legacy managerial framework systematically […]

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