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Article Image: Management Religion Versus Management Science

Management Religion Versus Management Science

In response to my post about the study he and his collaborators did regarding the connection (or lack thereof) between the Net Promoter Score and growth, Tim Keiningham commented that: Managers adopted NPS with the presumption that it was grounded in solid management science.” My take: That’s not necessarily true. It should not be a […]

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Article Image: Improving The Return On Financial Services Marketing

Improving The Return On Financial Services Marketing

The authors of a strategy+business article estimate that the financial services industry spends more than $10 billion each year on marketing — approximately $8.5 billion of it on advertising. The authors contend that financial services firms can: Boost their marketing effectiveness by 15 to 25%….by putting in place tools and processes that will measure marketing […]

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Article Image: Financial Services eBusiness Execs Are Pulling The Wool Over Their Own Eyes

Financial Services eBusiness Execs Are Pulling The Wool Over Their Own Eyes

In a recent Forrester report, eBusiness execs from 57 financial services firms were asked what percentage of their firm’s customer service interactions take place online. Half of the execs said more than 25%, the average was 35%. Unless many of the execs surveyed are from online-centric firms (e.g., ING Direct, E*TRADE), this number seems suspiciously […]

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Article Image: Denigrating Customer Engagement

Denigrating Customer Engagement

A recent article in Ad Age claimed that: New research from Omnicom Group’s OMD may move the seemingly fuzzy concept of engagement beyond the realm of academic debate by proving it really does move sales. The research indicated that not only does consumer engagement with media and advertising drive sales, but it also can drive […]

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Article Image: Should You Blog? What Jakob Nielsen Got Wrong

Should You Blog? What Jakob Nielsen Got Wrong

Well-known usability expert Jakob Nielsen, writing in his weekly Alertbox, said: I recently served as a “consultant’s consultant,” advising a world leader in his field on what to do about his website. In particular, this expert asked me whether he should start a weblog. I said no. I recommended that he should instead invest his […]

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Article Image: How To (Legally) Break Your Cell Phone Contract

How To (Legally) Break Your Cell Phone Contract

Are you stuck in a 2-year cell phone contract? Want to get out of that contract so you can go get yourself an iPhone? Well, listen up, because I’m going to tell you how to get out of your existing contract — legally. Here’s what you do: Get out your bill and find the customer […]

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Article Image: Web Analytics: Not Dead Yet

Web Analytics: Not Dead Yet

In a article titled “Web Analytics Is Dead!“, Nick Sharp of WebTrends wrote: Web analytics as a standalone discipline is no longer relevant to today’s marketers. We see web analytics evolving into marketing performance measurement (MPM). The problem marketers have today is that they don’t have visibility into their online marketing activities. MPM overcomes these […]

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Article Image: Biting The Hand That Feeds Me

Biting The Hand That Feeds Me

I really appreciate the free WordPress blog I have. It’s been incredibly reliable, and the user (er, blogger) interface is better than…the other two blogging platforms I’ve used. So with that opening compliment, I’m going to knock them for something they’ve done three times. If it had happened once, I would have ignored it. Twice, […]

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Article Image: It's Not That They Don't Have Brains

It's Not That They Don't Have Brains

I recently chastised the Pew Internet and American Life Project for taking an overly negative, sensationalist view on email. It’s now released a study that shows strong broadband adoption among low-income households. I have no problem with the study. What I do have a problem with is this quote from a Pew research director: It […]

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Article Image: The Challenges To Raising The Bar On Banking Innovation

The Challenges To Raising The Bar On Banking Innovation

The title of a recent American Banker article claims that financial firms are “behind in innovation.” It quotes James P. Andrew of Boston Consulting Group, who said the financial services industry… …could do even better if it raised the bar on innovation. Financial services execs shouldn’t take their foot off the gas when it comes […]

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Article Image: Bayer FCU becomes ‘INOVA’

Bayer FCU becomes ‘INOVA’

Dallas W. Bergl, President and CEO of the credit union, said, “We feel our name needs to reflect the future of this credit union at a time when we are seeing significant changes to our core sponsor group. As Bayer Corporation continues to make changes to their operations, we wanted to make sure our members […]

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Article Image: The Great Customer Advocacy Hoax

The Great Customer Advocacy Hoax

The Journal of Marketing recently published a study titled “A Longitudinal Examination of Net Promoter and Firm Revenue Growth” that is gaining currency among us NPS bashers. The authors conclude that: We find no support for the claim that Net Promoter is the single most reliable indicator of a company’s ability to grow. We found […]

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Article Image: Who’s Online? It May Surprise You

Who’s Online? It May Surprise You

Speaking on a panel at Forrester’s Finance Forum yesterday, Andrew Salesky, SVP of Client Web Services at Charles Schwab said: Everyone thinks that the younger the consumer, the more likely they are to be online. We find that the more affluent they are, the more likely they are to go online.” This is a lesson […]

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Article Image: On Customer-Centricity

On Customer-Centricity

Is your company customer-centric? No? Join the club. According to 317 surveys released this week alone, anywhere from 97 to 98% of executives polled said their firms weren’t customer-centric (the other 2-3% didn’t understand the question). This isn’t good news. According to the leading lights of the consultainment world, the key to business success today […]

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Article Image: What Makes A Blog Credible?

What Makes A Blog Credible?

Part 1: The Data I was searching for a research study I had seen years ago, when I stumbled upon one conducted by BJ Fogg and his colleagues at Stanford’s Persuasion Technology Lab (love that name) about the factors that determine consumers’ perceptions of what makes a Web site credible. The study found that there […]

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Article Image: Just One Post (Dot Com)

Just One Post (Dot Com)

Seth Godin writes: A lot people have blogs. But most people don’t. I think you should. Even if you only have one post in you.” Problem is, if you create a blog for just one post, who’s going to see it? What those UniBloggers need is a centralized blog called JustOnePost.com. Anybody who doesn’t already […]

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Article Image: Online Banking Research (Or Reporting) That Makes You Go Huh?

Online Banking Research (Or Reporting) That Makes You Go Huh?

An article in Online Media Daily reports on a research study which found that people who bank online spent more than double the average online shopper’s expenditures during the previous six months. The article concludes that …an uptick in online banking rates might thus help revive e-commerce” (Note: It’s not clear if the authors of […]

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Article Image: The Boy Who Cried Wolf

The Boy Who Cried Wolf

According to a Pew Internet & American Life Project study, the volume of email spam is growing, although fewer people say it’s a “big problem” for them. The study found, however, that: Spam continues to degrade the integrity of email. 55% of email users have lost trust in email because of spam.” My take: The […]

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Article Image: Even More Thoughts On Customer Lifetime Value

Even More Thoughts On Customer Lifetime Value

Adelino started the discussion with a post on customer lifetime value modeling. Jim Novo continued it here. I’ll add a few thoughts. In measuring or modeling customer lifetime value, marketers need to: 1) Incorporate measures of risk. As Adelino states, CLV boils down to a single number. But there are a number of variables and […]

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Article Image: A New Google Category

A New Google Category

We’re going to need a new Google category soon. Google currently enables topic-specific searches within books, scholarly journals, government sites, and — most recently — public source code. In addition, image searches have been a personal favorite. But with the gaining popularity of sites like Swivel and Many Eyes, we’re going to need a new […]

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Article Image: Blogs And Banks

Blogs And Banks

Jupiter Research recently published a report called “Blogs and Banks: Prioritizing Blog-Based Marketing Initiatives to Gain Maximum Effect” ($). In addition to advising banks to advertise on third-party blogs, the report recommends that banks: Create a blog as part of a young consumer-focused marketing initiative. Explore the creation of community-focused blogs. Use blogs to promote […]

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Article Image: Off-Topic: Britney Spears' New Album

Off-Topic: Britney Spears' New Album

Britney Spears is asking her most die-hard fans to help her name her new album. While I hardly qualify for membership in that elite circle, I won’t let it stop me from weighing in. Here are my candidates: Appetite For Destruction Straight Outta Compton Off The Wall Blonde On Blonde Maggot Brain American Idiot Disintegration […]

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Article Image: This Amp Goes To Eleven

This Amp Goes To Eleven

In a DM News article called “Marketers can seal the deal with new high-tech envelopes”, the CEO of the Envelope Manufacturers Association said: Next-generation technologies will make the envelope even more versatile and powerful. These include electronic ink [which] can turn envelopes into tiny billboards. The face of mail is going to change dramatically as […]

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Article Image: Fallacious Thinking On Banking Channels

Fallacious Thinking On Banking Channels

Alan Gemes, a VP at Booz Allen Hamilton, was quoted in Finextra as saying: Banks are failing to capitalise on the enormous potential of key growth channels such as online and mobile sales forces, because the performance of these channels does not meet customer needs and expectations.” What’s wrong with that statement? No, “capitalise” is […]

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Article Image: A Tale Of Two Strategies

A Tale Of Two Strategies

The Gainesville Sun tells of a woman who’s fighting her credit union over fees she was charged for not using the CU’s telephone banking system, not having her transaction slip ready at the drive-through window, and for coming in more than four times a month. Meanwhile, another credit union rolls out its “Signature Membership” program […]

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Article Image: Bank Cross-Selling: Taking Money From One Pocket And Putting It Another?

Bank Cross-Selling: Taking Money From One Pocket And Putting It Another?

The Kehrer-ENSI Financial Institution Investment Program Benchmarking Study has measured disintermediation — the percentage of a bank’s investment sales funded by its own deposits — since 1991. The most recent study (2005) found that 34% of the funds used to purchase bank investments came from deposits of the same bank. That was up from 33% […]

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Article Image: Off-Topic: Rejected Titles For The Sopranos

Off-Topic: Rejected Titles For The Sopranos

While I’m on the subject of The Sopranos, the following is a list of titles HBO considered, but (obviously) rejected: The Tenoraltos Carm And Tony’s Excellent Adventure There’s Something About Tony Mister Congeniality I Love Tony Who’s The Boss? Tony Soprano’s Series Of Unfortunate Events Honey, I Snuffed The Kids Brokeballs Mountain The Nutty Godfather […]

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Article Image: Management Lessons From Tony Soprano

Management Lessons From Tony Soprano

The Sopranos run has ended. Easily one of the best television shows of the past 40 years (as long as I’ve been watching), it’s more than just great entertainment. The show also provided lessons for executives in today’s (more) legitimate business organizations: When it comes to people, do what’s right for the firm, not your […]

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Article Image: Moments Of Truth

Moments Of Truth

My sympathies go out to Elana at Forrester who had her wallet stolen recently. She recounts her experience on her blog. Her prescriptions to financial services firms are right on. Here’s what I’d add: Financial services firms must identify the moments of truth.” Customer loyalty to financial firms is driven by the stories customers tell […]

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