New York SBDC Research Network

Excerpt from an article by Remie Arena To read more, visit  eMarketer "A global survey by marketing platform Hubspot found that among a variety of emerging concepts, cryptocurrencies and their underlying technology, blockchain, leave the most people scratching their heads. Interestingly, though, those surveyed seemed to perceive that blockchain and cryptocurrencies were not one in the same, because while more than one-quarter of respondents called cryptocurrencies overhyped, only 10% said the same about blockchain. Two other emerging technologies that were also fairly widely perceived as being overhyped were driverless cars and artificial intelligence (AI). In fact, the survey found that half of respondents did not expect AI to ever have an impact on their jobs."

Excerpt from an article by Jackie Dana To read more, visit  NameCheap "Every business needs happy customers and clients to be successful. From repeat business to word of mouth, satisfied customers sustain your business and help it to grow. But not every customer or client is going to be happy all the time. Your quest, should you choose to accept it, is to view each complaint you receive as an opportunity to build your business and improve your customer relationships. Let’s take a look at how you can transform your angry customers into your biggest fans and become their hero."

Obtained From:   Marketing Profs Just as the universe comprises a wide variety of types of stars, so does your customer base. And like the universe, where some stars shine brighter, some of your customers are better than others. Now imagine the power of being able to separate your worst customers from your brightest star customers—and find more like your brightest ones! Doing so entails evaluating and understanding what it takes to attract, acquire, keep, and grow your new and existing customers' value. And to find, keep, and grow the value of your customers requires a customer-centric  culture  and  approach  in your marketing. Dr. Peter Fader, author of  Customer Centricity ,  defines customer-centric marketing as looking at a customer's lifetime value and focusing your marketing efforts on the high-value customer segment in order to drive profits. The suggestion here is that by understanding who your current high value customers are, you are bette...

Obtained From: Marketing Profs What does it mean to be an empowered marketer? Let's start with the definition of empowerment. The Oxford English Dictionary tells us it is "The process of becoming stronger and more confident, especially in controlling one's life and claiming one's rights." So what does the word mean when applied to B2C marketers? Marketers today have a million demands on their time. During a typical day, you might send out a few personalized emails, run A/B tests to drive conversions on your e-commerce website, publish some beautiful targeted ads on Instagram, and then analyze the ROI across all your marketing campaigns. And that's just in one day! It's no wonder B2C marketers are feeling the pressure to continually perform. Sound fantastic? It is.That is exactly why marketers need to become empowered—so they can access customer data directly, easily execute complex marketing campaigns, and dive into detailed analytics to prove the value ...

From ImpactBnd : As the outward face of the company, a customer service representative (CSR) is one of the most important players on your sales team. If those on the frontlines have poor judgment when it comes to working with the people that perform end-purchasing, even the most stellar business plan or innovative product can be undone. Anyone who works with customers knows a single negative interaction with a client can overshadow the effects of even dozens of positive ones. It’s the same on the receiving end. If you consider customer service experiences, chances are you recall the time a meal took forever, when it came out it was wrong, and the manager refused to apologize and spilled sauce on you, rather than the scores of times your dinner went without a hitch. Why? Because great customer service is seamless and meant to look easy. However, like a bad magic act, when the tricks fall flat, audiences start to walk out in droves, and the consequences of poor service do no...

From MarketingProfs : What if we thought about customer feedback the way we think about interior design? Around the middle of the last century, the "it" aesthetic was a clean, open look. Free of the ornamentation that ruled other eras—when the value of a building was literally weighed in gold, marble, and limestone—mid-century modern was about airy spaces, natural light, and beauty through simplicity. That aesthetic is having a moment again among design fans, but its lessons can be applied beyond showroom floors and furniture studios. Take customer feedback, for example. Today, marketers can add more flourishes than ever to surveys. They can ask customers questions at the cash register, the online shopping cart, in an email, or via text—or in all these places. They can also pile on as many questions as they want... They have the technology to do it, so why not? As it turns out, there are many reasons why less is more when asking customers for their input. The "d...

From MarketingProfs Legendary Baseball Hall of Famer and Yankees catcher Yogi Berra once said, "You can observe a lot by watching." The humor aside, there's a lot of truth in that statement. As marketing professionals, we should always be observing our customers: Their habits, behavior, and feedback serve as a yardstick for measuring the strength of your company's relationship with its customers. And if you're not watching your customers, someone else—probably your competition—is. One way to understand customer metrics is to compare it to driving your car. When you're behind the wheel, there's a lot happening: You're constantly monitoring the vehicle's metrics, such as speed, engine temperature, and fuel levels, along with observing traffic and road conditions. There's no justification for not bringing the same level of monitoring to your customers. So how can marketing professionals turn Mr. Berra's quip into an actionable plan? ...

Are you collecting customer contact information? Being able to connect with your customers can be extremely beneficial to your new business, especially if you’re keeping a master email list. We asked Janine Popick, the CEO and founder of email service provider VerticalResponse, to explain the top reasons you should collect customer email addresses, and the best ways to get that information. Why you should collect customer emails: Email marketing can increase buying opportunities With a list of email addresses, you can send promotional emails to entice customers to buy from you. Send an email that offers a deal or a discount, Popick suggests. The trick to a good promotional email is to put a deadline on the deal, which encourages customers to act quickly. Without a deadline, your customer can say, “Oh, that’s nice, I’ll have to check it out later.” Odds are, they won’t get around to it. Whether customers shop online or print off a coupon and bring it into your business to us...

The old adage says “you can’t please everyone.” However, when it comes to customer complaints, this is often one time you should try to set things right. Not only that, but a customer complaint can be an excellent way to make your product or service better next time. While the truth is that the customer may not always be right, a customer issue is almost always a chance to improve your business. What can you learn from an unhappy customer, and how should you handle the situation? What can you do when a customer complains about your product or service? Assess the “weight” of the complaint From the very beginning, try to weigh the severity of the issue. While it is important to listen to all customer complaints, acknowledge that some customers will never truly be satisfied. Bplans

One-third of consumers who contact a brand on social media with a customer service issue never get a response, according to a recent report from the Northridge Group. The report was based on data from a survey conducted in March 2015 of 1,017 adults in the United States. Consumers were polled on their expectations and experiences with customer service problems and inquiries in the past year. When consumers do get a response on social media about a customer service issue, the answer comes from the brand within an hour only 38% of the time. Some 42% of respondents say they expect a response from companies on social media within an hour. Read more from MarketingProfs

Customer experience is becoming a huge focus across industries, and technology is playing a starring role in its evolution. Technology is making everything more computerized and automated; nevertheless, customers are feeling more and more that businesses are listening to their individual wants and needs. Why? Let's take a look at some hot trends in customer service. 1. Businesses are focusing on emotional intelligence to better understand and respond to customers Put simply, emotional intelligence is the ability to relate and empathize with others, ultimately enabling positive interactions. Read more from marketingprofs.com

How can we thank our customers for their business this past year and encourage them to stick with us throughout the next? How do this in a more personal, human way than automated thank you emails? Nine entrepreneurs from YEC share their simple but effective ways to show appreciation for their best customers. Read more from BPlans

As 2014 winds down, the results of your retail holiday strategy will slowly come into focus. Hopefully, you're having a merry old time, reaching record heights in sales, customers, revenue, website traffic—all the things that help to make a holiday marketing season bright. However, now is no time to rest on your laurels (or lick your wounds, as the case may be). As every retailer knows, there's no off-season in retail marketing, especially in the online world, where if you're not moving forward... you're automatically falling behind. Even before the ball drops in Times Square to mark 2015's official start in the US, it's critical that you begin cementing the customer gains you've made during the 2014 holidays. If you want to ensure a truly happy new year in the e-commerce space, make sure you take some or all of the following steps. Read more at MarketingProf

From Now I Know : At the end of 2013, the United States Department of Transportation released its monthly ranking of airlines based by on-time performance. It was bad news for Southwest Airlines, which performed poorly, coming in last on the list for two straight months. The methodology used to make this determination was somewhat controversial – the inspector general of that very same agency stated as much – but if you’re an air traveler whose flight was delayed significantly, that’s hardly any solace. But that’s OK. When it comes to apologies and explanations, Southwest has a guy for that. His name is Fred Taylor, and he’s sorry your flight didn't work out as planned. Even if you weren't going to make a stink about it.

All businesses claim to be customer-centric. You'll see signs on the door that the customer is "the center of our business," or "always right," or maybe "our most important asset." We know from experience that only some businesses manage to rise above the noise to give us great "user experiences" and truly "customer centric" service. Today's panel on "All about You Them: The User Experience" at Inc.'s GrowCo conference brought together two women whose businesses not only strive to put the customer at the center, but also their businesses absolutely depend on that occurring. More HERE .

Very few problems can be as frustrating and difficult to address as an unhappy customer. That's because there's no single way to "fix" a broken customer relationship. Every situation -- and every customer -- is different. Success depends on your ability to listen, adapt, evolve, and rise to the challenge. See MORE .

From Step by Step Marketing : Amazon.com, 1800flowers, Zappos, Lands End, and other online retailers all send emails to confirm that orders have been shipped. If you analyze their emails, you will notice that they contain a lot of “extras” that include a word of thanks, a clickable link to package-tracking information, and incentives to click through to visit the company’s webpage and shop again. There’s a reason why these top retailers add these extras to what would otherwise be utilitarian order confirmations. They understand that confirmation emails offer an opportunity to improve the overall customer experience and build loyalty.

Case study from Step-by-Step Marketing : Why Groupon.com pleases even customers who are wrong Groupon.com, one of the fastest growing companies on the Internet, emails its members daily offers to buy discounted deals in their residential areas. One recent deal, for example, offered members in New Jersey an opportunity to buy $40 worth of food at an Italian specialty store for $20. It's a great business concept, but it places unusual demands on Groupon.com's customer service. Here's an example...of taking the long view.

Noted pop culture writer Mark Evanier wrote: I went into the first [sandwich shop], which was not a Subway, and scanned the menu, taking note of a meatball sandwich which was described as containing meatballs, marinara sauce, mozzarella and green peppers, all served up on a french roll. I told him I'd like one of them but without the green peppers. I do not like green peppers and what's worse is that they do not like me. Check out the response!

I found two interesting articles at ConnectIT USA last month. They seem to be two sides of the same coin. In Risky Business: How repeat customers may jeopardize your future , Jeff Mowatt suggests the possibility that "some folks who spend their money with your organization may not enjoy doing business with you at all. As a manager, how do you know that your customers are in fact loyal? Ask. In a round-about way, that is." When you read his example, I'm guessing many will nod with pained recognition. Mark Cox, in Strengthening customer relationships in times of crisis , posits: During times of economic crisis, organizations struggle to communicate unfavorable news, from lower earnings and shrinking market share, to cuts in service and increases in prices. The conventional wisdom is that bad news damages customer relationships and breeds mistrust among consumers. However, a new Simplicity Survey...finds that delivering bad news is an opportunity -- if done in the right ...