What is a supply chain?
A supply chain is a relationship network tree representing a one-way flow of physical value from the production base through branches and sub-branches until finished goods inventory reaches end consumption.
While generalizations never paint a fully accurate picture, generational segmentation has longed proved useful to marketers, especially to gauge consumer loyalty. From Baby Boomers to the growing Generation Z cohort, consumer behavior has steadily evolved to reflect mobile preferences and shifts in loyalty. Read More
Unsure on how to begin to implement a loyalty platform for your customers? Utilize our checklist to get started.
Incentives are imperative to promote loyalty, foster growth, and nurture relationships in B2B marketing. B2B thrives off retention given long sales cycles and high acquisition costs. B2B customers look for channel partners who know their industry needs and can provide value. The goal for a B2B partnership is the exchange of value and, ultimately, growth. Acting as a mentor, thought leader, and guide will foster a more lucrative and sustainable relationship. Read More
According to research by Marketing Land, customers view brick and mortar stores and online stores as a “single lense”.
Despite the ease of online shopping, consumers still crave the tactile experience of physical stores. Both online and brick and mortar stores have their pros and cons.
Pros: convenience, speed, larger inventory, do not have to travel to store
Cons: cannot physically see the items, or try them on, cannot immediately receive the item, need access to Internet
Brick and Mortar:
Pros: Can physically see and touch the items, can immediately buy/return/exchange items
Cons: Smaller inventory, have to travel to store (have the means to travel)
“By offering complementary benefits, as well as engaging customers via mobile, both in-store and online retailer channels can strengthen overall customer engagement and brand affinity. And the best news for retailers taking an integrated approach: higher revenues and profitability.”
– Allan Halms, Marketing Land
For some online-only concepts, corporate executives are realizing that the experience of looking at and trying out a product requires a certain level of physical presence. As an example, online-only mattress company Casper began a partnership with Target earlier this year to maximize its reach to consumers looking for a touch-and-feel experience prior to purchase
On the other hand, some online clothing stores are bringing the dressing room to your home. They mail you hand picked clothes from stylists, then you simply return whatever you do not want.
Many major brands are looking at ways to drive online sales while encouraging the shopper to their physical location through discounts on purchases, free or heavily discounted add-on items and exceptional in-store customer service.
For example, Walmart’s ‘Pickup Discount’ which offers shoppers a discount if they purchase items online then come into the store to retrieve them. Almost half of online purchases from home improvement giant Home Depot are picked up in the store, according to Forbes.
Recently, Amazon began opening physical storefronts to accommodate consumer’s desire for same-day pickup, as well as in-store returns and other perks that keep customers coming back.
Some retailers such as Amazon or Target offer perks that are available no matter how a customer decides to make a purchase. Their cash back or percentages off purchase are offered in-store and online, so customers can shop whichever way works better for them.
Recently, many retailers have struggled to see the type of sales they are used to seeing during peak sales times, such as Black Friday. Both brick and mortar, and online retailers are turning to promotions to draw customers back in throughout the year.
Whether companies are engaging with consumers online or in-store with personalized offers, or letting them know that an abandoned shopping cart item is now on sale in the store, retailers have many options to draw their customers in. Particularly by unifying their channel strategies.
Loyalty is driven by relationships. Consumer loyalty programs are built to nurture long-term and profitable behavior change. It begins with financial or value-driven incentive and is nurtured by established relationships. These relationships are built on a deep understanding of consumer needs, expectations, and pain points.
Though B2B customer relationships are often longer, more complex, and involve multiple touchpoints and interactions, the same basic B2C process applies to businesses as buyers: incentive to purchase, personalized value delivered by the seller to encourage repeat purchase, and a sustained cycle of personalization and value. Customer-centric strategies apply to businesses too. Many B2B organizations are shifting focus from product to buyer, and from price point to customer experience.
Businesses purchase and behave like consumers–digitally. B2C marketers use customer data, machine learning, and artificial intelligence to craft laser-focused messaging, tailored product, and personalized customer service.
Building a Digital Customer Experience
Making adjustments to operational performance can improve the customer experience and lower churn by 10 to 15% according to McKinsey & Company.
Going mobile is no longer an optional adjustment. According to a 2016 Forrester Report, more than 60% of business buyers agree that the mobile channel is critical to their work. A study by McKinsey found that B2B decision makers cited lack of speed in digital interactions with suppliers as their number one pain point, mentioned twice as often as price point.
Use technology to not only improve the customer experience, but also to identify the customer’s needs. Become an expert in the client’s industry and collaborate to improve product quality. Identify customer pain points and develop solutions improving the customer experience and delivery along the way.
In customer service, there is a growing interest in chat bots. The appeal derives from the bots being able to decipher customer concerns at any hour of the day, in a consistent, instantaneous and inexpensive manner. Chatbots can communicate to customers through text boxes, or sometimes by voice.
Brandmovers is proud to announce its partnership with London South Bank University to connect academic and business communities in the UK to provide a real-world, business perspective to the future innovators of digital marketing.
Brandmovers has established a Partnership with LSBU by supporting an Endowed Chair in LSBU’s School of Business. Professor Margaret Bruce has been appointed as Brandmovers Professor of Digital Strategy to develop this Partnership.
This is intended as an advanced knowledge exchange, drawing on multi-disciplinary expertise from across LSBU to address real-world challenges and to provide digital best practices in strategy, marketing, promotions and loyalty. She intends to help to position LSBU and the School of Business as a thought leader in the digital realm. She will address a digital strategy principally based around research, innovation, as well as contributing to teaching and learning, and LSBU’s own practices.
Professor Bruce is an established research business Professor with a track record of leading international projects and delivering substantive output. Prior to joining LSBU she was Deputy Vice Chancellor of Derby University. The opportunity to establish the Brandmovers-LSBU Partnership in the growing digital sector was absolutely unmissable.
Dr. Andrew Mitchell, CEO of Brandmovers states that: “Our goal for this partnership is to connect academic and business communities in the UK to provide a real-world, business perspective to the future innovators of digital marketing. The intention is to transfer academic insights and research to businesses facing digital challenges, and to provide students with the opportunity to participate in the development of digital solutions.”
The Dean of LSBU’s School of Business, Professor Mike Molan notes that: “by drawing on the experience and insight offered by Brandmovers, we can constantly improve student experience at LSBU by providing live briefs, working on cases and with relevant data, which reflect industry changes, as well as internships. This will equip students with the skills needed to work in roles that require digital capability, and where there is a chronic skills shortage.” The Endowment meets with the ambitions of the School to enhance business engagement and innovation and is the first in the School’s history.
Professor Margaret Bruce was influential in bringing the Partnership to LSBU. She was attracted by the University’s enterprising culture, as acknowledged by the recent The Times Higher Entrepreneurial University of the Year award. She expects that this Partnership will help to promote our research and innovation and to establish a thriving hub for digital business and enterprise in the heart of London.