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The Bot That is Getting Rid of Buyer’s Remorse

31 Oct


Business People using the phone at coffee shop

Buyer’s remorse is a phenomenon that any company would be happy to get rid of. It is a highly illogical response that nonetheless costs companies in a huge way by reducing its potential number of loyal customers.

Fortunately for the business community, there is currently an API based bot that may have an answer to some aspects of buyer’s remorse. Many customers who make a purchase and immediately find a cheaper alternative somewhere else may experience buyer’s remorse if they feel as though they overpaid. A new technology that is based on an API from Mastercard makes the price comparison journey much easier for these consumers.

Earny is the name of the app and it is making quite the stir in the B2B marketplace. The main function of the app is to scan the recent purchases of a consumer against inventory that retailers currently hold. Putting these two lists up against each other gives the consumer a quick way to find savings that would otherwise have gone missing. If a consumer is confident that he is getting the lowest price, there is less chance of buyer’s remorse.

Earny goes a bit further than psychological stroking, however. By using the app, consumers actually become privy to the current price of goods and the inventory of competitors in real time. The result is a very real improvement in price comparison technology. The implications of this new technology are massive.

First of all, the market can definitely expect copycat APIs to appear very quickly. With price comparison APIs all backed by the major credit card companies, will there be any room for price differences in the market? Companies will be forced to justify any increase in price, which will certainly make it harder to market on anything except price.

Secondly, apps like this may actually invite an informal type of collusion into certain marketplaces. Consumers are not the only ones who can use Earny and its cousins – companies can use the app just as easily. Savvy companies will be moving their prices in real time to match the best prices on the market. Smaller industries may begin to imitate the future’s market because of the speed with which prices can now be accessed.

Third, companies who try to make profit based upon the ignorance of the customer will have a great deal to answer for. The post purchase communications between a company and a customer are incredibly important when trying to upsell or resell to that customer. Suddenly, the level of communication will become much more sophisticated. The consumer now has the same amount of information as the industry insider.

In large scale markets with low profit margins, the introduction of apps such as Earny represent a changing of the guard. This is why you must keep your ear to the street – to stay ahead of innovations like this. Savvy companies are already shoring up their prices and customer service lines to deal with any backlash from the introduction of this new technology. You should definitely do the same, especially if you have loyal customers that you are planning to keep.

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The 5 Immutable Laws of Reputation Management

6 Apr

 

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A search on Google doesn’t just bring up your website anymore. It brings up your site, your Facebook profile, and every single review site that has comments about your brand. To protect your reputation online, never forget these five immutable laws:

1. Listen first.

Problems can sneak up on you if you are not listening to what your customers are saying online. People expect to hear back from a brand within a few hours when they detail a problem on social media. If you aren’t listening, you can’t respond.

Listening first also gives you an idea of the conversations people are having on a specific platform and the etiquette there. Many brands have made embarrassing mistakes by jumping into a conversation before they understand what it is about.

2. Keep a cool head.

No matter how unfair, inaccurate, and wrongheaded a negative comment is, do not go on the defensive. Look at it from the point of view of other posters: the complainer is just a customer expressing their mind. You are the big, powerful brand. When you respond negatively or angrily, it makes you look mean and bullying.

3. Know when to answer and when to stay quiet.

A number of brands have found great benefit to doing their customer service right in their social networking channels. Not only do they get to rescue a relationship with a customer; they get the chance to demonstrate their high levels of customer service to everyone who reads the interaction.

There are also times when comments from a brand can do more harm than good. As we described above, answering when you are angry and defensive is never a good move. It is also a good idea to keep out of sensitive subjects. Brands who have attempted to use these in a promotional manner have seen it backfire.

4. Remember that the customer is in charge.

We are well past the time when brands controlled the conversation. In the modern digital world, everyone has the ability to have their say. Do not attempt to delete negative comments. Things that are posted online have a tendency to live forever; you never know when someone has screencapped something for posterity.

5. Provide excellent service.

The most fundamental aspect of reputation management involves doing everything you can to earn a sterling reputation. See the same complaints from a number of customers? Do your best to address these issues so that future customers have a better experience.

Public sentiment can be hard to manage. However, by working to be responsive and helpful online, you can better ensure that the people who find you there will be happy with what they see.

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Lead Attribution & the Customer Journey (Part 1)

2 May

Use the Data Available to You to See the Whole Picture

Lead Generation

CoreyMorrisGuest Contributor:
Corey Morris, Digital Marketing Director

Lead attribution and the customer journey. Yes, these are two of the most commonly used buzzwords in digital marketing right now. This is not a lazy blog post to latch onto what others are saying and to give you a fluffy, rosy version of how you should be considering both the customer journey and lead attribution to make your digital marketing drive results 10x over what you got last year. This blog is to make sure we’re all on the same page and using the data available to us to help make these topics attainable and realistic before we get too “pie in the sky” with our conceptual thinking.

But first, we must answer this question: what is lead attribution? Lead attribution is the practice of giving credit to the source who provided the lead. For example, if you are running a PPC campaign in Google AdWords and that person comes to a landing page on our site and completes the form, then they are a conversion—consequently, that lead gets attributed to PPC via AdWords.

This example sounds like typical and solid tracking; however, it could also be short-sighted when we’re talking about “last-click attribution.” By counting this lead as a lead specifically for AdWords PPC, we’re potentially not considering the other potential ways the user might have found us—and the other ways they interacted with our content before coming back. In this case, PPC is getting the credit.

The customer journey can be defined as the process a user takes to go from their initial step in researching, all the way to the point of conversion. If we’re using the Google AdWords PPC landing page form completion example noted above, then we’re also talking about how that same individual (yes, they’re a person, despite all of our “persona talk” about site visitors and users) ultimately decides to fill out a form, which is recorded as a conversion.

The challenge in all of this is that we don’t often work to connect the dots to attribute a lead to all the channels that had a role in the conversion— not just the one that received the last click. It can be tricky as it often isn’t linear or very trackable; however, that doesn’t let us off the hook. We have some data at our fingertips that helps us start the process of working toward building a system. If you have Google Analytics, then you have a tool that has two reports you should start looking at as your first step.

The first report in Google Analytics to get familiar with is the Multi-Channel Funnels Overview under the Conversions section. If you have conversion goals set up in your account, then you’ll have data in this report by default.

You can use the checkboxes to update the Venn diagram to mix and match, so you can understand how the different channels were involved in user journeys that ultimately led to a conversion. You can also see how many total assisted conversions there were.

The second report to take a look at is the Assisted Conversions report (also under the Conversions section in Google Analytics).

There’s a lot more you can do in this report. At a basic level, it shows a breakdown of assisted conversions, which are channels that were part of a user journey but didn’t get the last click or direct conversion at the end of the journey. If you have values set for your conversion goals or have eCommerce tracking on in Google Analytics then you also can see dollar values for each channel, which can be incredibly helpful in measuring the cost of your efforts against revenue generated. You can customize the data in this report by changing the number of days in the window prior to conversion as well as look at the value of first interaction versus last click.

Bonus: If you want to take another step and get into more advanced territory, take a look at the Attribution Model Comparison report in Google Analytics. There are some fun ways to compare models and see how the data and your perspective on conversions might change. We’ll get into this and go deeper with the next post in this series.

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IBS 2016: Innovation Starts at the End of the Channel

4 Feb

Why I’m Demanding a Disruption in Building Products Development

Trendsetters

It seems like every meeting I have been in over the last few months has the same common theme. When asking any building materials manufacturer what they want to be famous for, the one word I hear over and over is “innovation,” or being an “innovator,” or being “innovative.”

No matter the iteration of the word, they’re saying the same thing: they want to come to market with products that chart the path for the industry. The question is: what is anybody doing to really accomplish that? Just stating the word does not change the product development process or disrupt the industry with new and truly innovative products.

That’s why while I was at the 2016 International Builders’ Shower (IBS) and Kitchen and Bath Industry Show (KBIS), I was delighted to run across a company doing exactly that. Cosentino® is a building products company that develops stunning quartz and stone options for kitchen and bathroom surfaces. One of their products, Silestone®, is a beautiful high-end surface made of 94% quartz.

But what makes this product so innovative is not just the advanced bacteriostatic technology or its incredible resistance and durability, or even its numerous designs; it’s the way Cosentino develops those designs.

Through the support of their Silestone Trendspotters, a diverse group of top designers from across the country, Cosentino creates new looks every year inspired by some of the most cutting-edge and forthcoming designs in the market. How do they accomplish this? Cosentino goes straight to the other end of the channel to talk to the people using their product (and, presumably, their competitors’ products), and then gets their insights to develop a product that will set the course for tomorrow’s trends.

Let’s be clear: these designers aren’t just choosing colors. Manufacturers everywhere bring in a designer or two to pick out colors; that’s nothing new. The Trendspotters is a team of designers from all different places across the country, from different points in their careers (some veterans, some up-and-comers), from different styles and backgrounds, from different philosophies and clienteles.

Cosentino made a bold move in picking them, flying them to Italy, and turning them loose to work with engineers, product developers, and others on the manufacturing team to create a product they collectively thought reflected where design is headed. The magic of this is in how fearless Cosentino was in being open to the opportunity of what could be made when this diverse team of forward-thinkers got access to their resources, intelligence, and the inspiration of Italy.

Here are two of the new looks from the Etchings collections created this year by the Trendspotters:

  • Ink EtchInk: This jet black design is a classic, clean, and simple showstopper in most decor. By complementing the boldness of the Etchings design with a timeless shade, homeowners can feel confident their choice won’t go out of style any time soon.
  • AquaTint EtchAquatint: Look familiar? Our Art Director, Stephanie Voss, wrote a blog last year about how calming blue hues like Pantone’s Serenity will influence the building products industry in 2016. Proof pudding.

This approach to product development and design is brilliant precisely because it seems so obvious—but it’s not. Not everyone in building products is doing this. In fact, a lot of manufacturers either base their designs on focus group input or simply create designs based on studies published through standard trade outlets. Both options have their place, but are also inherently reactive—not always the best option for companies who seek to be innovative.

But who better to tell building products manufacturers at the top of the channel where design is going than some of the top designers in the country? By using these designers’ “on the ground” knowledge, Cosentino’s Silestone product is poised to set the tone for other designers and consumers in the coming years.

It takes time, energy, patience, investment, and courage to utilize an approach like this—an approach that empowers someone outside of your company to not only influence product design, but to create it. But that is true innovation. It’s listening, it’s using resources, it’s collaborating, and it’s understanding the channel on every level and using those insights to better your product and better the entire industry. Using focus groups and studies is also necessary for understanding today’s trends, but setting tomorrow’s requires further channel insights—exactly what Cosentino is doing with its Trendspotters.

I’m certain that this new line is going to be a hit, but I’m even more certain that the process will open the building products world to even more innovative creations.

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Palate Cleanser: Why Building Products Marketing Matters

24 Nov

Now More Than Ever, Marketing Still Matters to the Bottom Line

Bruce Case

Those of us who have been in the building products industry for many years know that when times get tough, marketing can be one of the first things to get cut. The simple, undeniable truth is that B2B marketing is often underrated, and sometimes under-appreciated—but still effective and important to sales strategy in 2016 and beyond.

I recently came across a video from the 2015 Remodeling Leadership Summit and Big50 Awards ceremony, in which Bruce Case, the President/CEO of Case Remodeling, discusses the importance of marketing to his business. It’s a simple little palate cleanser, but worth watching. Here are a few quotes I pulled if you don’t have time to watch the whole thing:

“The marketing plan is the lifeblood of the business…[yet] a lot of people are tempted to cut that expense. But then that begins the ‘death spiral’ because the calls stop. In today’s world of social and digital marketing, you can do it in creative and less expensive ways.”

  • On the importance of marketing.

“What we’re really trying to do is drive people to our website, use the website, get people educated, and then get them come to us.”

“We need to look to where we’re going to be in five years. With Houzz and Porch, things are going to be vastly different in five years. And it’s trying to figure out how we’re going to be in the wave, not in front of the wave so the wave crashes over. Look at other industries. Taxis were bowled over by Uber in a short time.”

  • On why the building industry needs to always look ahead and innovate. As marketers, we will get pushback on this, but he’s right—it’s not enough for us to address current challenges; we have to be that much smarter and look ahead to tomorrow’s challenges as well. Sounds exhausting, doesn’t it?

Those were just a few of my favorite quotes from the video, but check out the whole clip here. (Don’t worry—it’s only about two minutes.)

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