“With the battle for eyeballs, hearts and minds being as it is, none of us get a lot of chances to mess up,” wrote Darren Goldsby, Hearst Magazines UK’s chief digital officer in Huffington Post last month.
Did you know that given the chance, if it suddenly offered financial services half of your customers would defect to Amazon tomorrow? According to Qubit’s latest consumer research, a company famous for big brown boxes, big discounting and big warehouses would take half of your customer base in a heartbeat.
Last year only 20% of charitable donations came from online, which contrasts sharply with the wider trend of increasing online activity across all industries (Econsultancy, 2015).
The average attention span is now just eight seconds – down from 12 in the year 2000 (The Independent, May 2015). This is less than that of a goldfish, and has profound implications for businesses of all kinds. For publishers, it means that when someone searches or browses online, there is less time than ever to grab a reader’s attention.
Vitality: Largest disruptor on the block.
Vitality is on a mission to change health and life insurance for good - and they’re getting noticed for it. They are showing the industry that you don’t need to be a small start-up to be disruptive. They have flipped the traditional health insurance model from only interacting when a customer needs cover, to one where they interact daily, changing the focus from illness and risk, to health and wellness.
At the height of the Space Race, billions were spent in a race to the finish line, with both sides innovating as fast as possible and gunning for victory.
Once upon a time, expecting a barista to know your coffee order before you walked into the coffee shop depended upon a relationship built up over many coffee breaks, and a lot of caffeine.
Customer retention is not a new problem. However, with big data solutions and new marketing technologies, there are now innovative approaches that can be taken to solve the problem. As a result, many companies are seeing their retention marketing budgets rise as personalisation and optimisation efforts start to drive impressive ROI in this space. Some say it’s seven times more expensive to acquire a customer than to keep one; whether or not that’s true, it can’t be argued that acquisition costs are increasing and more focus needs to be directed at keeping current customers on board.