What I Learned This Week, 9.7.12

This one is late, late, late!  But I am still posting.  Still learning.  So here are a few items I learned this week.

1. Others Share My Views on Groupon: I knew I was not alone.  I also saw daily deals as a trend, and not a platform.  Companies have goals of growing profitable, returning, and loyal customers.  While Daily Deals drive trial, they do very little to meet the long term objectives of many companies.  My friend here agrees.

2. Responsive Web Design is Coming: Responsive Web design is much more than optimizing a site for a mobile device – responsive design optimizes web pages by how you are viewing it, on a tablet, a smartphone, even the size of your browser window.  Responsive web design is coming – and it’s a truly customer friendly feature.  Learn more about responsive web design here

3. Coke is Selling Convenience: Coke is getting ready to launch Dasani Drops.  I find this fascinating because of the price concept here.  These drops are probably 4 oz at most, and sell for $4.00 each, a huge premium from the $1.89 cost of a 20 oz. drink.  My guess is they cost less to make too.

True – Coke is not the first player here – but I find it innovative and amazing that a category can be reinvented, often selling convenience over an actual product (Flavor in your purse).  Other companies have been in this space for years (think cereal bars) – but it seems soft drink companies are finally catching up, and will profit from your water even if its not theirs.

Chris Lovett

 

BMGT 411: Assignment #2

Class,

Please respond in the comments section for assignment #2.

Article 2 Review Due and Presentation

  • Topic: Pick a company you feel has great customer loyalty, and find an article that gives examples of how they engage with customers and keep them loyal

Thought starters

  • Have you looked for articles on Google Scholar?
  • What about companies that use loyalty cards?  How does this keep customers loyal?
  • Think about the marketing tactics that engage with customers like direct mail, email, and in store events.  What does your favorite company do to keep you coming back?

Chris Lovett

BMGT 311: Assignment #2

Class:

Please post your comments here for assignment #2:

Topic: What are some good examples of using secondary research to solve a marketing problem?  What are some good resources.

Thought starters:

  • Social media could be a form of secondary research
  • Have you looked for articles on Google Scholar?  It is a great for resources

See you next week.

Chris Lovett

The Future of Self-Service Banking

The ATM experience has for the most part gone unchanged since the first ATMs were introduced in the 1970’s and rolled out widely in the 1980’s and 1990’s.  While the technology inside the machines has changed as technology has improved, the experience around using the ATM has largely gone unchanged.  You wait in line behind other people, there is a lack of privacy, and you often feel rushed in completing your transaction.

IDEO, a firm centered around human design, took a look at the automated banking experience with the Spanish Bank BBVA.  The goal was to make the experience more personal, and humanized.  One thing IDEO does really well is observe current human behavior, and recommend a new way of doing things to improve the process.  Looking at current ATM customers, IDEO developed a new prototype ATM based on what they learned.

The design is centered around  core concepts:

Privacy: The ATMs have been rotated, to provide the customer with more privacy as the line for the ATM is to the side of the customer, vs directly behind them.

Simplicity: One slot for cash and receipts helps eliminate confusion.  I am guessing the checks would go in here as well.  The system also uses touch screen technology, which ties into the design elements of todays smartphone’s and tablets, so customers would feel comfortable about using the system.

Personalization: The system recognizes the user, and allows them to choose from their most common ATM transactions.  It also visually shows them on one screen the most relevent information (Accounts, balances, etc).

Tangibility: All of the transactions are visualized – with the transition of virtual and reality being very seamless.  This transition, in my opinion, would make a customer very comfortable when banking at a machine, as they could almost feel the transaction happening in real-time.

Delight: All of this combined could help create a very humanized approach to automated banking – maybe even a little entertaining.

Overall – I like the concept.  I agree it would work best in an inside environment, and may require much more of an investment for walk up ATMs outside of a branch.  Overall though, I would feel more comfortable with this type of banking experience, especially when making deposits or more complex banking transactions.

Fast Company also profiled a bank of the future in Brazil, with innovative features like the ATMs listed above and touchscreen surface tables.  It looks like the future is today.

What do you think?

Chris Lovett