Analytics powers the ability to better communicate with your customer, improves the customer experience, and ensures you remain profitable.
Keeping customers happy informed and engaged is the age-old problem facing marketers. Couple that with the myriad of new communication channels now available and it can be a complete headache.
According to Andreas Heiz, customer intelligence leader Middle East & Africa, at SAS Institute, in order for marketers to better ‘market’ to and engage with customers, they need to first break down their business intentions before making strategic plans to approach the customer.
“You need to carefully define what you want to do as a business and what you hope to achieve, outside of just making money,” states Heiz. “Lets look at the basics, most people want to win customers, retain them, maximise the value of the outbound and inbound conversations with them at every touch point, as well as minimise risk to the business and then optimise the company’s goals. Whether that is to sell more units, engage more sales tools or optimise the value chain.”
Embrace the market
But in order to achieve the above there are some basic business rules that need to be taken into consideration. Looking at the market, as it now stands, we can see that the CRM manager of the past has been replaced with the CEM or Customer Experience Manager. This person is armed with the task of acknowledging and embracing changing market indicators and factors such as economic climate, buying patterns, customer loyalty challenges and ever evolving customer touch points.
“The notion that loyalty is given is gone, customers investigate the products they want and need themselves, they no longer just call one service provider and settle on a service from them because they are loyal to the brand,” adds Heiz. “What this translates to, for the marketer, is that promotions and engagement is now less about selling and more about interaction. Bearing in mind that social media is fuelling this decision making process as well.
“Yes it makes it more difficult for us. We need to be cognisant of the fact that we can’t lump people into the same cookie jar or genre anymore – everyone and everyone’s needs truly are unique. And the customer will do his best to find and source what best suits his desires.”
The bottom line in this evolving paradigm is that everyone today, no matter how much we want to believe that it is connected, is in fact disconnected. Customers approach everything through different channels, from the web to a face-to-face interaction, and each of these channels often provide and promote a different message.
What one needs to aim towards is streamlining the message from these interactions, into a single voice or message. One that communicates one offering, one service, one product with standard features – the experience needs to be the same no matter the channel.
“This is easier said than done as the existing solutions available today simply cannot keep up. They all offer the information we need, but they do so by way of independent silos of customer data that are not linked, and from which we cannot pull or extract the full potential of the data they house,” warns Heiz.
Research conducted by the Loyalty Effect highlights that 33% of companies are experiencing higher costs to sell services and retain customers. This indicates that a lot of time and resource is being thrown at the customer engagement model with no guarantee for success. Heiz says that customers who accept that they need to have a natural conversation with their clients are currently the most successful, particularly those that embrace and leverage real-time decision-making.
Giving customers what they need
“Don’t fall into the trap of focussing on the needs of your product managers or sales people. Traditionally the manager who shouts the loudest gets what he is asking for and the emphasis on the customer is lost,” says Heiz. “Look at the data for the facts, rely on your business model for the answers and go back to what you want to achieve as a business, only then will you be servicing your customer and not your product manager.”
According to Heiz the model and approach is not difficult. “Marketing is not based on clairvoyance, it is a science that relies on tools such as marketing optimisation, customer engagement models, analytics and real-time decision-making,” he states. “It is based on the notion of a corporate cockpit that navigates through customer information by way of planning, monitoring, simulation and control. We need to use technology to enable us to see where we are going and how what we do impacts the customer.
“We need to optimise the decisions we take and we can do this by collecting information from data systems, optimising it, and then acting on it by sending an email or engaging through a phone call. Once we have interacted with the customer we can visualise the experience and draw conclusions from it by analysing and monitoring its success. As a business you need to change from being an oil tanker to a jet plane – you need to move quickly and be agile. You will only achieve this by investing time and thought into the decisions you make about customers. It is that, or be content to sit at a roadblock and let your competitors pass you by,” ends Heiz.
Bonang Matheba Announced As 2018 AWIEF Awards MC
AWIEF has announced multi –award winning radio host, TV presenter and style icon, Bonang Matheba as the 2018 AWIEF Awards MC and host.
Bonang Matheba, affectionately referred to by fans as Queen B, has firmly positioned herself as Africa’s most sought after entertainment personality and SA’s number one social media darling.
With just three weeks from recognising, honouring and celebrating women entrepreneurs and business-owners in Africa for their innovation, excellence and contribution towards economic growth and social development, AWIEF has also announced songstress, BUCIE as the music entertainer for the night.
40 Finalists out of more than 1350 nominations were revealed for the AWIEF Awards last month. Winners will be announced at The Westin Hotel in a five-star gala dinner on 9th November 2018.
Tickets to the awards evening are selling fast. To secure your seat, please click here.
Things Schools Need To Stop Doing To Grow Entrepreneurs
Here are 8 things that would make a significant impact on generating enterprising behaviour.
It is no secret that the current structure of the education system was designed in an entirely different age to achieve economic outcomes that are no longer viable due, in large, to the rapid innovation and adoption of technology.
But if we are to hope to help President Ramaphosa implement his vision for entrepreneurship as stated in the SONA 2018 address as, “The establishment through the CEOs Initiative of a small business fund – which currently stands at R1.5-billion – is an outstanding example of the role that the private sector can play. Government is finalising a small business and innovation fund targeted at start-ups,” we need to change how and what schools are teaching for this to be realised on a large scale.
Here are 8 things that would make a significant impact on generating enterprising behaviour:
1. Stop teaching kids using one or two teaching methods
Typically, teachers have defaulted to talking, reading and some visual aids to impact knowledge to learners and those children that don’t learn using these primary methods are at a disadvantaged and are often labelled as challenged. There are at least 6 different ways in which people learn, and entrepreneurs often fall into the lesser known ones. By blending methodologies that include interpersonal, kinaesthetic and intrapersonal with the more traditional ones, entrepreneurs will learn more effectively.
2. Stop Rewarding Conformity
Maybe it comes from a fear of anarchy or lawlessness, but the stringent rules that exist in schools punish children for exhibiting individualism and reward children for staying in line. Quite literally. This unwavering adherence to the rules without question, breeds thinkers of the same calibre and releases into the world children that cannot function without set structures that they must conform to when they actually need to be creatively problem solving in order to make a mark for themselves.
3. Stop Measuring Memory
How well a child can retain the dates, figures, theories or equations does not indicate the measure of a child’s intelligence. It only indicates how well their memory works and how adept the learner is at recalling what they have read or been taught. Remembering, according to Bloom’s Taxonomy, is a lower order thinking skill. Instead, let’s measure critical thinking, interrogation of ideas, application of thinking across contexts.
4. Stop Being a Teacher
When the world relied on a central person as the curator of knowledge, the world needed teachers. They were idolised and hailed as a custodian of growth and development due to the fact that they knew more about their subject than anyone else in society.
Today, the internet is the purveyor of information, a teacher if you will, and children no longer need to be taught the information but what to do with it. So long as children can read, the job of person at the front of the class is to educate not to teach.
5. Stop Running a Factory
From the uniforms to the desks to the bell that signals the start and end of lessons and the allotted amount of time dedicated to eating and going to the bathroom, schools are churning out citizens primed for factory work. The production line mentality has been conditioned into our children so much so that with the entry of technological automation and the removal of the human element in these mundane, routine tasks, we make them immediately redundant to the world.
6. Stop Labelling Every Disruptive Child as ADHD/ADD
As an educator myself and now an entrepreneur, I recognise the exhausting and relentless burden that our school-based teachers bare. They are weighed down with administration and parental expectations all whilst trying to navigate an education system that is increasingly deficient. Any child that does not learn in the usual manners and requires more attention or additional stimulation by non-traditional teaching methods.
If, as a country, we are dedicated to changing the current economic outlook not just for ourselves but for those that will inherit this legacy then the systems that shape our thinking must be changed too. Entrepreneurial thinking and action is discouraged and punished in our current education system and only once children leave behind the 12 years spent at school can they begin to unlearn this way of mental conditioning and become active citizens.
Chivas Venture Calling On South African Start-ups To Win A Share Of $1 million
South African applications for the Chivas Venture 2019 Now Open!
Today Chivas Regal announced the launch of the Chivas Venture 2019 – a global competition that gives away $1 million in no-strings funding every year to the hottest social start-ups from around the world.
The Chivas Venture provides a global platform for innovative enterprises that are using business to solve an array of social and environmental issues – and today marks the opening of the South African applications.
Since the competition’s launch in 2014, Chivas Venture-supported enterprises have enriched the lives of more than 1 million people in over 40 countries, across six continents.
Just as Chivas blends together whiskies to create award-winning Scotch, the Chivas Venture champions entrepreneurs who blend profit and purpose. Chivas’ belief in blending ambition with generosity, and in using success to enrich the lives of others, was instilled in the 19th century by founding brothers James and John Chivas. Today that philosophy is kept alive not only through award-winning Scotch, but also through initiatives including the Chivas Venture.
Richard Black, Global Marketing Director for Chivas, said:
“At Chivas we believe that blended is better – in life, business and Scotch – and the 100 finalists we have supported to date have proved this, finding the right blend of profit and purpose in their ventures. Since taking part, finalists have reported saving 8 million trees from deforestation, providing 24 million litres of safe drinking water to those in need, and funding 75,000 days of education for women and girls – and that’s just a few examples. The Chivas Venture is continuing to have a global impact and we are proud to be investing another $1 million for 2019.”
Applicants in each participating country will compete in local heats, with the South African winner flying to the United Kingdom to take part in an exclusive Accelerator Programme. Hosted by The Conduit – a new London establishment that serves as a home for a diverse community of people who are passionate about social change – the intensive training programme will give the global finalists the chance to hone their business and pitching skills.
Following the Accelerator Programme, the allocation of the first $100,000 of the fund will be put into the hands of the public with three weeks of online voting. The Chivas Venture 2019 will then culminate in a series of high-stake pitches at the Global Final in Europe, where the finalists will battle it out for the remainder of the $1 million fund.
Radley Connor, Marketing Manager for Chivas Regal SA says, “The Chivas Venture is an amazing platform for South African social entrepreneurs to attract investment and gain global exposure. The competition rewards and celebrates individuals whose purpose is to make a positive difference to society. If you have a great idea, that meets the requirements, we encourage you to enter.”
In 2017, innovative South African water company I-Drop water placed third in the global finals, walking away with close to R1 million in funding. Since winning, founder James Steere has received interest from investors globally.
Clement Mokoenene is the 2018 South African winner and the creator of the Vehicle Harvest Energy System (VEHS). His business is able to generate electricity at a much lower, affordable cost than coal-fired power stations which South Africa currently relies on. The system works by installing an overlay on the existing road to extract the pressure and transferring it to the side of the road, similar to a wind turbine. Mokoenene says a 1km highway stretch could generate enough energy to supply the entire South Africa.
To apply for the Chivas Venture 2019 and find out more about why blending profit and purpose is better, visit the Chivas Venture website.
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