Category Archives: marketing

Errors You May Be Making in Your Customer Experience

Errors You May Be Making in Your Customer Experience

GUEST POST from Howard Tiersky

Maintaining a website or mobile experience with a high degree of usability is essential to maximize business outcomes, and people who are frustrated often take for granted how easy it is in the digital world to simply click over to a competitor. Even worse are cases where determined customers simply cannot figure out how to proceed to complete a transaction, or otherwise achieve their goals.

At FROM, we regularly conduct both in person and online usability tests for our clients to observe “real” users engaging with their digital experience. This gives us enormous insight into where users are encountering frustration, confusion, or other difficulties, and while we are huge believers in robust usability testing as a tool to identify and prioritize which aspects of a digital touch point should be optimized (and really, it’s not terribly time-consuming or expensive), there is a little-known trick that can start to identify many problems. While not as comprehensive as user testing, it’s generally much faster, and therefore, a great place to start!

What is that place? The server’s error logs.

While it may not sound super sexy, your error logs contain a treasure trove of data.

First, the server will typically log if a page doesn’t load properly, errors occur, or if transactions fail to complete. Naturally, usability is hampered if your customers are receiving errors because the system not functioning properly, and yet it’s amazing how often server logs don’t get looked at. And since error logs can generally be viewed by browser and device, it’s not uncommon to find that a new version of Chrome or Edge is causing errors that previously didn’t exist, so this is something that need regular attention. In addition, many systems rely on external cloud services, increasing the points of failure. By monitoring server errors, you can make sure you are aware if your site is “breaking,” a simple but often overlooked part of managing an effective digital experience.

Second, we have errors of user validation, i.e., a user enters an invalid email or phone number, tries to complete a transaction without checking the “terms and conditions” acceptance box, etc. Now, on the one hand, you might say “That’s not my fault, my site worked. It was the user made a mistake!” Bzzzzt. Wrong answer. Especially if there are a lot of these types of errors, or if the number suddenly spikes.

It’s our job to design a solution that makes it unlikely that users will make errors. If they’re frequently overlooking something, or misunderstanding what they are meant to do, it’s a sign we need to look at that screen or field and consider how to redesign it to reduce confusion. It might be as simple as rewriting the instructions or moving a button.

One nuance we like to look for is circular errors. What’s a circular error? It’s when, during a single session, a user sends the same input multiple times and receives the same error. For example, a user submits a page, and the email is determined to be invalid (a logged error.) Then the user submits again, with the same email (and maybe then a third time, again with the same email.) These types of circular errors usually mean the error messaging system in your application is flawed. Perhaps the error text appears at the top of the screen, and the field itself is below the fold, so the user may not even be seeing the error text.

The third type of error is failed search or out of stock messages. The user wants to rent a car with a pickup at 2 am but that location is closed, or the user wants the pants in a 42 waist, but you don’t have any in stock. Or, the user is searching your site for information on bed wetting, but no articles match that term. These types of errors indicate a missed opportunity to meet a customer need, and you should scour these types of messages to consider what steps can be taken to meet commonly requested unmet needs.

All of this is based on the assumption that your site’s back-end code is logging errors properly. This is a standard coding practice, but just because it’s standard doesn’t mean it can’t get omitted, or that certain errors might not have code that logs them. It’s important to check with your technical team; if your site is not logging most errors, or not logging them with sufficient detail, this code can generally be added.

Additionally, you may include logging at different levels of your system, and therefore have multiple log files. For example, the web server may have one log file, the commerce layer may have a separate log file, and your security/authentication layer may have its own log files, and that’s fine. There are great tools that can combine them together and make them easy to analyze, filter, sort, etc.

The logging I’ve been referring to is generally done on the server. However, with each new generation of digital experiences, we push more and more code (including more and more error checking) to the client. Whether it’s javascript (in the case of web pages), or Java code (in the case of mobile apps.) These types of error events can be logged as well, it just requires a separate effort or technology (but it’s well worth it!) You can use analytics packages like Google Analytics to record “events” when certain things (like error messages) happen in the interface.

A one or two-day analysis of error logs can help you focus in on specific, frequently occurring error states that were previously off your radar. Sometimes, it’s still necessary to do user testing to figure out what the deeper reason for the confusion is, but even still, it’s helpful to know where the errors are occurring, so you can focus your testing there. In other cases, it’s easy to guess what’s tripping your users up, once the errors are there to act as signposts.

This article originally appeared on the Howard Tiersky blog

Image Credits: Pixabay

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Innovation or Not – Oklahoma State Football Helmets Seek to Revolutionize NIL

GUEST POST from Art Inteligencia

In the rapidly changing landscape of collegiate athletics, the Name, Image, and Likeness (NIL) revolution is creating both challenges and opportunities. Oklahoma State University (OSU) is taking a bold step to embrace this shift by introducing a unique, possibly groundbreaking concept – integrating NIL into their football helmets.

The Concept

OSU’s idea is straightforward yet revolutionary: use the football helmet as a platform for NIL branding. Instead of traditional school logos or player numbers, the helmets will display personal brand logos and endorsements. This turns every game into a live advertisement for players, directly tying their on-field performance to their marketability.

Key Elements of the Concept

  • Player-Centric Branding: Helmets will feature personalized logos or endorsements chosen by players, subject to NIL agreements.
  • Dynamic Advertising: The design can change weekly or according to the duration of individual endorsement deals.
  • Visibility and Impact: Enhances the visibility of players’ personal brands during high-visibility game broadcasts.

Potential Benefits

This innovative approach could have several major advantages:

For Players

  • Increased earning potential through personalized brand endorsements.
  • Enhanced marketability by combining athletic performance with brand visibility.
  • Empowerment in controlling their personal brand narrative.

For Schools

  • Attracting top talent by offering a unique platform for NIL opportunities.
  • Strengthening alumni and fan base connection through support of player-driven initiatives.
  • Potential new revenue streams through partnerships with brands aligned with athletes.

Challenges and Considerations

However, this initiative is not without its challenges. Key concerns include:

  • Ensuring fair and equitable opportunities for all players, regardless of their profile or position on the team.
  • Navigating NCAA regulations and maintaining compliance with NIL guidelines.
  • Managing potential conflicts between school sponsorship agreements and individual player deals.
  • Addressing potential aesthetic criticisms from traditionalists who prefer team-centric designs.

Integrating QR Codes for Enhanced Engagement

OSU is not stopping at logo-based branding; they are keen on leveraging technology to amplify the impact of their NIL initiative. The next phase of this bold experiment involves integrating QR codes onto the helmets and distributing them at local bars and restaurants.

Details of the QR Code Initiative

  • Helmet QR Codes: Each player’s helmet will sport a unique QR code that fans can scan with their smartphones. This will redirect them to the player’s personalized NIL content, including social media profiles, merchandise, and sponsorship deals.
  • Local Business Partnerships: QR codes will also be placed on tables at bars and restaurants around Stillwater, Oklahoma. This aims to create a seamless connection between the local business community and the athletic program.

Benefits of QR Code Integration

  • Increased Fan Interaction: Fans can engage more deeply with their favorite players by easily accessing content and offers through QR scans.
  • Boosting Local Economy: Encouraging local fans and visitors to frequent businesses supporting OSU athletics helps keep revenue within the community.
  • Augmented Revenue Streams: Creates additional opportunities for NIL deals, as businesses directly benefit from increased foot traffic and fan engagement.

Conclusion

OSU’s innovative approach to integrating NIL into football helmets represents a bold step into the future of collegiate athletics. It exemplifies the evolving dynamics of sports marketing, where athletes are increasingly seen as individual brands. While there are challenges to address, this initiative underscores the importance of embracing change and fostering creativity in an ever-competitive landscape.

Whether this will be a fleeting experiment or a long-lasting transformation remains to be seen. For now, OSU is at the forefront of redefining how college athletes can capitalize on their fame and pave the way for a more equitable sharing of revenues generated by their incredible talents and efforts.

Innovation or not, the journey of NIL in sports has only just begun, and Oklahoma State’s helmets might just be the catalyst for the revolution we’ve been waiting for.

Innovation or not?

Image credit: Oklahoma State University Athletics via ArizonaSports.com

This photo provided by Oklahoma State Athletics shows a QR code on an Oklahoma State NCAA college football helmet, Thursday, Aug. 15, 2024, at Boone Pickens Stadium in Stillwater, Okla. (Bruce Waterfield/OSU Athletics via AP)

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Delivering Customer Value is the Key to Success

Delivering Customer Value is the Key to Success

GUEST POST from Mike Shipulski

Whatever your initiative, start with customer value. Whatever your project, base it on customer value. And whatever your new technology, you guessed it, customer value should be front and center.

Whenever the discussion turns to customer value, expect confusion, disagreement, and, likely, anger. To help things move forward, here’s an operational definition I’ve found helpful:

When they buy it for more than your cost to make it, you have customer value.

And when there’s no way to pull out of the death spiral of disagreement, use this operational definition to avoid (or stop) bad projects:

When no one will buy it, you don’t have customer value and it’s a bad project.

As two words, customer and value don’t seem all that special. But, when you put them together, they become words to live by. But, also, when you do put them together, things get complicated. Here’s why.

To provide customer value, you’ve got to know (and name) the customer. When you asked “Who is the customer?” the wheels fall off. Here are some wrong answers to that tricky question. The Board of Directors is the customer. The shareholders are the customers. The distributor is the customer. The OEM that integrates your product is the customer. And the people that use the product are the customer. Here’s an operational definition that will set you free:

When someone buys it, they are the customer.

When the discussions get sticky, hold onto that definition. Others will try to bait you into thinking differently, but don’t bite. It will be difficult to stand your ground. And if you feel the group is headed in the wrong direction, try to set things right with this operational definition:

When you’ve found the person who opens their wallet, you’ve found the customer.

Now, let’s talk about value. Isn’t value subjective? Yes, it is. And the only opinion that matters is the customer’s. And here’s an operational definition to help you create customer value:

When you solve an important customer problem, they find it valuable.

And there you have it. Putting it all together, here’s the recipe for customer value:

  • Understand who will buy it.
  • Understand their work and identify their biggest problem.
  • Solve their problem and embed it in your offering.
  • Sell it for more than it costs you to make it.

Image credit: Unsplash

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Five Keys to Personalizing the Customer Experience

Five Keys to Personalizing the Customer Experience

GUEST POST from Shep Hyken

Earlier this year, we surveyed more than 1,000 consumers in the U.S. for our 2024 State of Customer Service and Customer Experience (CX) Study. We asked about the importance of a personalized experience. We found that 81% of customers prefer companies that offer a personalized experience, and 70% say a personalized experience in which the employee knows who they are and their history with the company (past purchases, buying patterns, support calls and more) is important. They also want the experience to go beyond people and include the platforms where they prefer to do business.

For a recent episode of Amazing Business Radio, I talked with Elizabeth Tobey, head of Marketing, Digital & AI of NICE, which helps companies apply AI to manage customer experience. The focus of the discussion was personalization. Here are some of the highlights from the interview:

1. Channel of Choice: This is where the modern-day concept of personalization begins. Tobey said, “In a world where people carry computers in their pockets (also known as mobile phones), it’s important to meet your customers when and where they want to be met.” Customers used to have two main choices when communicating with a brand. They could either walk into a store or call on the phone. Today, there are multiple channels and platforms. They can still visit in person or call, but they can also go to a website with self-service options, visit a social channel like Facebook, conduct business using an app, communicate with a brand’s chatbot and more. Customers want convenience, and part of that is being able to connect with a brand the way they want to connect. Some companies and brands do that better than others. The ones that get it right have educated customers on what they should expect, in effect raising the bar for all others who haven’t yet recognized the importance of communication.

2. Communicate on the Customer’s Terms: Tobey shared a frustrating personal experience that illustrated how some customers like to communicate but a brand falls short. Tobey was getting home late from an event. She contacted a company through its support channel on its website and was communicating with a customer support agent via chat. It was late, and she said, “I have to go to sleep,” expecting she could continue the chat the next morning with another agent. But, when she went to resume the conversation, she was forced to restart the process. She logged back into the website and repeated the authentication process, which was expected, but what she didn’t expect was having to start over with a new agent, repeating her conversation from the beginning as if she had never called before. Tobey made a case for technology that allows for asynchronous conversations on the customer’s timeline, eliminating the need for “over-authentication” and forcing the customer to start over, wasting time and creating an experience marred with friction.

3. Eliminate Friction: How could an interview with an executive at a technology company like NICE not bring up the topic of AI? In the story Tobey told about having to start over with a new agent, going through the authentication process again and repeating her issue, there is a clear message, which is to eliminate unnecessary steps. I shared an experience about visiting a doctor’s office where I had to fill out numerous forms with repeat information: name, address, date of birth, etc. Why should any patient have to fill in the same information more than once? The answer to the question, according to Tobey, is AI. She says, “Take all data that’s coming in from a customer journey and feed it into our AI so that the engine is continuously learning, growing and getting smarter. That means for every customer interaction, the automation and self-service can evolve.” In other words, once AI has the customer’s information, it should be used appropriately to eliminate needless steps (also known as friction) to give the customer the easiest and most convenient experience.

4. It’s Not Just About the Customer: In addition to AI supporting the customer’s self-service and automated experience, any data that is picked up in the customer’s journey can be fed to customer support agents, supervisors and CX leaders, changing how they work and making them more agile with the ability to make decisions faster. Agents get information about the customer, enabling them to provide the personalized experience customers desire. Tobey says, “Agents get a co-pilot or collaborator who listens to every interaction, offers them the best information they need and gives them suggestions.” For supervisors and CX leaders, they get information that makes them more agile and helps them make decisions faster.

5. Knowledge Management: To wrap up our interview, Tobey said, “AI management is knowledge management. Your AI is only as good as your data and knowledge. If you put garbage in, you might get garbage out.” AI should constantly learn and communicate the best information and data, allowing customers, agents and CX leaders to access the right information quickly and create a better and more efficient experience for all.

This article originally appeared on Forbes.com

Image Credits: Unsplash

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Satisfied Customers Could Ruin Your Business

Satisfied Customers Could Ruin Your Business

GUEST POST from Shep Hyken

What if I told you that satisfied customers could ruin your business? Most people think satisfied customers are happy and will come back. At least, it appears that way.

Many years ago, I used to begin my customer service keynote speeches with a question:

By a show of hands, how many of you believe it’s important to satisfy your customers?

As you might imagine, just about everyone raised their hand. Then, I shared the findings from a study by Vanderbilt University professors Anthony J. Zohorik and Roland T. Rust. They found that up to 40% of satisfied customers don’t come back – even though they are satisfied! And the reason is that they are just satisfied. The experience was average – not bad, but not great either.

In the competitive world we are in, this makes sense. So many companies and brands are trying to win customers over by delivering a better service experience. It makes sense that “average” or “satisfactory” doesn’t cut it.

In my recent customer service and CX research (sponsored by RingCentral), I included a question that would give us an updated number for this concept. We asked:

If you were to rate a customer experience on a scale of 1 to 5 – where 1 is bad, 2 is fair, 3 is average or satisfactory, 4 is good, and 5 is excellent – how likely are you to return to this company or brand if you rated them a 3?

There were five possible answers: Never, Not Likely, Not Sure, Likely, and Very Likely.

The survey results are worth paying close attention to. In 2024, almost one in four American consumers (23%) will not likely or never return if the experience is just satisfactory.

If you search synonyms for satisfactory, you’ll find words like acceptable, adequate, bearable, and more. By today’s standards, satisfactory is mediocre. And most customers won’t put up with a mediocre experience.

I’ve said this many times before. Our customers are smarter than ever when it comes to customer service and experience. They have learned from the best. Companies like Amazon, Chick-fil-A, Apple, and other customer experience luminaries promise great service, deliver on their promises, and set the bar higher for others.

You don’t have to be an Amazon or an Apple to deliver amazing service. But you do have to meet expectations. If you do that consistently, customers will positively describe their experience with you. They will say your people are always helpful, friendly and knowledgeable. None of that is over the top, but when you put the word always in front of those words, you’re operating at a level beyond average or satisfactory. That’s a big part of what gets your customers to say, “I’ll be back!”

(To get the full report, download The 2024 State of Customer Service and CX Research.)

Image Credits: Pexels, Shep Hyken

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How Eavesdropping Can Unlocked Exponential Growth

How Eavesdropping Can Unlocked Exponential Growth

GUEST POST from Robyn Bolton

It’s easy to get caught up in the hunt for unique insights that will transform your business, conquer your competition, and put you on an ever-accelerating path to growth.  But sometimes, the most valuable insights can come from listening to customers in their natural environment. That’s precisely what happened when I eavesdropped on a conversation at a local pizza joint. What I learned could be worth millions to your business.

A guy walked into a pizza place.

Last Wednesday, I met a friend for lunch.  As usual, I was unreasonably early to the local wood-fired pizza joint, so I settled into my chair, content to spend time engaged in one of my favorite activities – watching people and eavesdropping on their conversations.

Although the restaurant is on the main street of one of the wealthier Boston suburbs, it draws an eclectic crowd, so I was surprised when a rather burly man in a paint-stained hoodie flung open the front door.  As he stomped to the take-out order window, dust fell from his shoes, and you could hear the clanging of tools in his tool belt.  He placed his order and thumped down at the table next to me.

A Multi-Million Dollar Chat

He pulled out his cell phone and made a call.  “Hey, yeah, I’m at the pizza place, and they need your help.  Yeah, they hate their current system, but they don’t have the time to figure out a new one or how to convert.  Yeah, ok, I’ll get his number.  Ok if I give him yours.  Great.  Thanks.”

A few minutes later, his order was ready, and the manager walked over with his pizza.

Hoodie-guy: “Hey, do you have a card?”

Manager: “No, I don’t.  Something I can help you with?”

H: “I just called a friend of mine.  He runs an IT shop, and I told him you’re using the RST restaurant management system, and you hate it…”

M: “I hate it so much…”

H: “So my buddy’s business can help you change it. He’s helped other restaurants convert away from RST, and he’d love to talk to you or the owner.”

M: “I’m one of the co-owners, and I’d love to stop using RST, but we use it for everything – our website, online ordering, managing our books, everything.  I can’t risk changing.”

H: “That’s the thing, my friend does it all for you.  He’ll help you pick the new system, set it up, migrate you from the other system, and ensure everything runs smoothly. You have nothing to worry about.”

M: “That would be amazing.  Here’s my direct line. Have him give me a call.  And if he’s good, I can guarantee you that every other restaurant on this street will change, too.  We all use RST, and we all hate it.  We even talked about working together to find something better, but no one had time to figure everything out.”

They exchanged numbers, and the hoodie guy walked out with his pizza.  The manager/owner walked back to the open kitchen, told his staff about the conversation, and they cheered.  Cheered!

Are You Listening?

In just a few minutes of eavesdropping, I uncovered a potential goldmine for a B2B business – 15 frustrated customers, all desperate to switch from a system they hate but unable to do so due to time and resource constraints. The implications are staggering – an entire local market worth tens of millions of dollars ripe for the taking simply by being willing to listen and offer a solution.

As a B2B leader, the question is: are you truly tapping into the insights right in front of you? When was the last time you left your desk, observed your customers in their natural habitat, and listened to their unvarnished feedback? If you’re not doing that, you’re missing out on opportunities that could transform your business.

The choice is yours. Will you stay in your office and rely on well-worn tools, or venture into the wild and listen to your customers?  Your answer could be worth millions.

Image credit: Pixabay

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Balancing Artificial Intelligence with the Human Touch

GUEST POST from Shep Hyken

As AI and ChatGPT-type technologies grow in capability and ease of use and become more cost-effective, more and more companies are making their way to the digital experience. Still, the best companies know better than to switch to 100% digital.

I had a chance to interview Nicole Kyle, managing director and co-founder of CMP Research (Customer Management Practice), for Amazing Business Radio. Kyle’s team provides research and advisory services for the contact center industry and conducts some of the most critical research on the topic of self-service and digital customer service. I first met Kyle at CCW, the largest contact center conference in the industry. I’ve summarized seven of her key observations below, followed by my commentary:

  1. The Amazon Effect has trained customers to expect a level of service that’s not always in line with what companies and brands can provide. This is exactly what’s happening with customer expectations. They no longer compare you just to your direct competitors but to the best experience they’ve had from any company. Amazon and other rockstar brands focused on CX (customer experience) have set the bar higher for all companies in all industries.
  2. People’s acceptance and eventual normalization of digital experiences accelerated during the pandemic, and they have become a way of life for many customers. The pandemic forced customers to accept self-service. For example, many customers never went online to buy groceries, vehicles or other items that were traditionally shopped for in person. Once customers got used to it, as the pandemic became history, many never returned to the “old way” of doing business. At a minimum, many customers expect a choice between the two.
  3. Customers have new priorities and are placing a premium on their time. Seventy-two percent of customers say they want to spend less time interacting with customer service. They want to be self-sufficient in managing typical customer service issues. In other words, they want self-service options that will get them answers to their questions efficiently and in a timely manner. Our CX research differs and is less than half of that 72% number. When I asked Kyle about the discrepancy, she responded, “Customers who have a poor self-service experience are less likely to return to self-service. While there is an increase in preference, you’re not seeing the adoption because some companies aren’t offering the type of self-service experience the customer wants.”
  4. The digital dexterity of society is improving! That phrase is a great way to describe self-service adoption, specifically how customers view chatbots or other ChatGPT-type technologies. Kyle explained, “Digital experiences became normalized during the pandemic, and digital tools, such as generative AI, are now starting to help people in their daily lives, making them more digitally capable.” That translates into customers’ higher acceptance and desire for digital support and CX.
  5. Many customers can tell the difference between talking to an AI chatbot and a live chat with a human agent due to their ability to access technology and the quality of the chatbot. However, customers are still willing to use the tools if the results are good. When it comes to AI interacting with customers via text or voice, don’t get hung up on how lifelike (or not) the experience is as long as it gets your customers what they want quickly and efficiently.
  6. The No. 1 driver of satisfaction (according to 78% of customers surveyed) in a self-service experience is personalization. Personalization is more important than ever in customer service and CX. So, how do you personalize digital support? The “machine” must not only be capable of delivering the correct answers and solutions, but it must also recognize the existing customer, remember issues the customer had in the past, make suggestions that are specific to the customer and provide other customized, personalized approaches to the experience.
  7. With increased investments in self-service and generative AI, 60% of executives say they will reduce the number of frontline customer-facing jobs. But, the good news is that jobs will be created for employees to monitor performance, track data and more. I’m holding firm in my predictions over the past two years that while there may be some job disruption, the frontline customer support agent job will not be eliminated. To Kyle’s point, there will be job opportunities related to the contact center, even if they are not on the front line.

Self-service and automation are a balancing act. The companies that have gone “all in” and eliminated human-to-human customer support have had pushback from customers. Companies that have not adopted newer technologies are frustrating many customers who want and expect self-service solutions. While it may differ from one company to the next, the balance is critical, but smart leaders will find the balance and continue to adapt to the ever-changing expectations of their customers.

Image Credits: Unsplash
This article originally appeared on Forbes.com

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Why Greedflation Must End and How Consumers Can Make It So

Why Greedflation Must End and How Consumers Can Make It So

GUEST POST from Art Inteligencia

Greedflation — an insidious blend of greed and inflation — has silently been eroding the purchasing power of consumers, escalating economic inequalities, and tarnishing the trust we place in markets and institutions. This practice, where companies exploit inflationary trends to excessively hike prices, detaches from economic principles and delves into unethical opportunism. While inflation in itself, when moderate, plays a functional role in the economy, greedflation skews the balance, enriching the few at the expense of many. Here’s why this must end and how consumers can play a pivotal role in its demise.

Why Greedflation Must End

  1. Economic Inequity: Greedflation exacerbates economic disparities, widening the gap between the rich and the poor. While executives and shareholders prosper, average citizens struggle more to afford basic commodities. This vicious cycle traps lower-income families in a relentless financial squeeze, robbing them of opportunities for upward mobility.
  2. Erosion of Trust: Trust is the bedrock of a functional economy. When consumers perceive that companies are exploiting inflationary pressures to rake in excess profits, trust in those companies and the broader market erodes. This lack of trust can lead to decreased consumer spending, hampering economic growth and stability.
  3. Reduced Consumer Purchasing Power: As prices soar disproportionately, the real purchasing power of consumers dwindles. Households find themselves paying more for the same goods and services, which can lead to indebtedness and reduced quality of life. This reduction in purchasing power compounds the already significant challenges faced by middle and lower-income families.
  4. Market Distortion: Greedflation distorts market dynamics by creating artificial price structures that don’t accurately reflect demand and supply. This conflation of legitimate inflationary factors with opportunistic price hikes undermines true market efficiency and the ability to allocate resources effectively.
  5. Social Unrest: When people feel unfairly squeezed by relentless price hikes, social tension can build. Such unrest not only affects social harmony but can also lead to broader economic and political consequences. It’s a recipe for instability that we can ill afford in a complex global environment.

Identifying specific companies definitively engaging in “greedflation” can be complex, as it often involves nuanced economic analyses and data that may not always be readily available or clear-cut. However, certain sectors and companies have faced accusations and scrutiny over seemingly disproportionate price hikes, especially during periods of broader economic instability. Here are five examples based on public scrutiny and anecdotal evidence:

  1. Amazon: During the COVID-19 pandemic, Amazon faced criticism for significant price increases on essential items such as hand sanitizers, masks, and other health-related products. While some of these price hikes were attributed to third-party sellers on the platform, the company was scrutinized for not doing enough to regulate prices during a global crisis.
  2. Pharmaceutical Companies (e.g., Martin Shkreli’s Turing Pharmaceuticals): One of the most notorious cases of alleged greedflation in the pharmaceutical industry involved Turing Pharmaceuticals, where the price of Daraprim, a life-saving medication, was increased by over 5,000% overnight under the leadership of Martin Shkreli. This incident highlighted how companies could exploit patent protections and market monopolies to drastically inflate prices unethically.
  3. Oil Companies (e.g., ExxonMobil, Chevron): Oil giants like ExxonMobil and Chevron have been accused of leveraging geopolitical tensions and supply chain disruptions to raise gas prices disproportionately, thereby generating record profits during periods when consumers are already struggling with inflationary pressures.
  4. Grocery Retailers (e.g., Kroger, Albertsons): Major grocery chains like Kroger and Albertsons have faced allegations of increasing food prices beyond what could be justified by supply chain issues and general inflation. With essential goods being a critical part of everyday life, such actions appear particularly exploitative.
  5. Telecom Companies (e.g., Comcast, AT&T): Telecom giants such as Comcast and AT&T have been criticized for raising prices on internet and cable services, despite relatively stable or reduced operational costs due to advancements in technology. Consumers often feel trapped because of limited competition in many areas.

While these examples showcase sectors and companies that have faced scrutiny, it’s important to note that conclusive evidence of greedflation can be difficult to establish due to the complexity of market forces and individual company strategies. This underscores the need for informed consumer activism to hold companies accountable.

How Consumers Can Help End Greedflation

  1. Shop Smarter: Consumers wield significant power through their purchasing decisions. By being more discerning and opting for alternatives when prices seem unjustifiably high, we can signal to corporations that unethical pricing won’t be rewarded. Supporting smaller, local businesses and cooperatives can also help counterbalance big players who may indulge in greedflation.
  2. Promote Transparency: Demand greater transparency from companies about their pricing strategies. When transparency becomes a social norm, it’s harder for businesses to hide behind inflated prices. Use social media and other platforms to press for clarity and accountability.
  3. Support Policies for Market Oversight: Advocate for stronger regulatory frameworks and more stringent oversight bodies that can analyze and address unethical pricing practices. By supporting politicians and policies that prioritize consumer protection and market fairness, individuals can influence systemic change.
  4. Educate and Mobilize: Consumer education is crucial. Share knowledge and resources about how to spot and combat greedflation. Community groups, educational institutions, and social networks can serve as platforms for educating others about prudent consumer practices.
  5. Leverage Collective Bargaining Power: Form or join consumer advocacy groups that can collectively negotiate for fair prices and better market practices. Unified consumer voices can be a powerful force for change, pushing corporations to rethink their pricing strategies.

Conclusion

The end of greedflation is not just an economic imperative but a moral one. It’s about creating a fairer society where prosperity is shared more equitably, trust is maintained, and economic stability is preserved. Consumers hold immense power as the primary drivers of market forces. By making informed, conscious choices and demanding greater accountability, we can collectively put an end to greedflation and forge a more just economic future.

As an independent thinker and human-centered innovation and transformation thought leader, I firmly believe in the power of consumers to act as agents of change. Together, let’s take that necessary step to ensure markets function with integrity, fairness, and a sense of shared prosperity.

#EndGreedflation #ConsumerPower #EconomicJustice

Image credit: Unsplash

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Six Steps to Creating a Brand Experience Personality

Six Steps to Creating a Brand Experience Personality

GUEST POST from Shep Hyken

Two weeks ago, I contributed an article that compared the different concert experiences I had with two rock legends, Bob Dylan and Ringo Starr. The title of the article summed up the point I was trying to make: Transactions versus Experiences

I want to take it a step further this week. Last week’s content was meant to get you thinking. Now, I want you to take action on the content. So, here are six ways to create an experience personality that will transform your company or brand from merely providing products and services to doing so with personality:

  1. Your Company’s Personality: I don’t care what you sell. It could be military equipment or comic books. Every company has a personality, and these personalities run the gamut from serious to whimsical. What are the adjectives that customers use to describe you? How would you like them to describe you? These are two great questions to ask as you start to explore your company’s personality.
  2. Communicate Your Company’s Personality: Once you know it, don’t keep it a secret. When you know the perception you want customers to have of your organization, empower your employees to deliver on the personality.
  3. Top-Down Personality: If you want employees on the front line to deliver on the company’s personality, it must be modeled from the top down. In other words, leaders must practice the behaviors they want their employees to practice. The personality comes from the top and makes its way through the entire organization, eventually being felt by the customers.

Shep Hyken Brand Experience Personality Cartoon

  1. Manage Every Moment: I have always been a huge fan of Jan Carlson’s Moments of Truth concept, in which every interaction a customer has with a company is an opportunity for them to form an impression. These interactions include advertising, websites, people-to-people, and more. Find ways to instill the personality into all of these interactions.
  2. Get Feedback: There is only one way to know for sure that you’re delivering on your company’s personality experience. Ask your customers.
  3. Be Consistent: The only way for your experience personality to become a reality is for the experience to be consistent and predictable. It can’t be an engaging experience this time and something other than engaging next time. When customers like the experience personality, they will want to experience more of it! Consistency counts!

As you adopt these strategies, your customers will become familiar and comfortable with the experience personality you portray. Take the time to work through these steps, get everyone on board and in alignment with the personality you want to be known for, and create the experience that gets customers to say, “I’ll be back!”

Image Credits: Pixabay, Shep Hyken

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How to Create a Good Loyalty Program

GUEST POST from Shep Hyken

What is a loyalty program? It’s a program designed to get customers to come back. That’s different than true customer loyalty, but it’s a pretty darn good start. In our 2024 State of Customer Service and CX research (sponsored by RingCentral), we included a section of questions that focused on customer loyalty and rewards programs. Before we get into the findings, let’s look at three examples of some of the best.

1. Amazon Prime: When I Googled the question, “Is Amazon Prime a membership program or a loyalty program?” the first answer came from an NBC News article that included this description: “Amazon Prime is Amazon’s paid loyalty program. …” First, Amazon offers tremendous value for its program, including free shipping, Prime TV and more, which by itself is worth paying for. However, there is also the psychology that if you pay for something, you want to get value from it, so use it. Therefore, many Amazon customers choose Amazon over competitors because they pay for the loyalty program and want to get the most value from it. Of course, Amazon is known for its stellar customer experience, so that combined with the Prime program gives it a competitive advantage over other online retailers.

2. Restoration Hardware: When you pay $200/year for its RH Members Program, you get 25% off all full-priced merchandise and 20% additional savings on sales items. In addition, you get complimentary access to its designers. The RH program is more of a discount program than a true loyalty program, but it does what it’s supposed to do, which is to get customers to come back. Like Amazon, I Googled the RH Members Program to see what others said, and many referred to it as a “Premium Loyalty Program.” And with that premium price, an RH customer expects a premium customer experience, and Restoration Hardware delivers.

3. American Airlines: American Airlines consistently ranks high among frequent flier programs, and The Points Guy rates AA as the best for earning status without ever flying. Using the AA credit card (most airlines have affiliations with credit card companies), you can rack up miles for free trips and status. An Omnisend.com article on loyalty programs included AA as the only airline in its list of 10 Businesses with the Best Loyalty Programs. I’ve been in the AA program since the 1980s and have amassed miles, perks and status. Reaching any level of status on the airline gives you more than perks. Employees recognize when passengers are members of their program and, quite simply put, “They treat you right.”

These are examples of paid and/or free loyalty programs and membership programs. There could be a book written to describe the many versions of loyalty programs. Most are marketing programs, focused on repeat business. There are points, discounts, perks, and now, experiences. Zsuzsa Kecsmar, co-founder of Antavo, a customizable loyalty platform and publisher of the Global Customer Loyalty Report, adds, “Loyalty programs used to be earn-and-burn. You spend a dollar and earn a point. But today’s loyalty programs can do much more with experiential rewards, early access and rewarding other activities outside of purchasing.”

As mentioned, are many versions of loyalty programs. A restaurant may offer a punch card where every fifth sandwich is free. Customers may be willing to pay to be part of a “loyalty program” to get perks and discounts. With all that in mind, here are some interesting findings from our research to help you decide if the effort to create a loyalty program is worth it:

  • 61% of customers said rewards programs were important to giving a company or brand repeat business.
  • 46% are willing to pay more for a company or brand that has a good loyalty or rewards program.
  • 76% are more likely to return to a company that has a good customer rewards program.
  • 57% would choose to switch to a brand that has a loyalty program if another brand did not.
  • 55% have recommended a brand or company to others because of its loyalty program.
  • 39% have made an unplanned purchase just to earn more points or rewards.

If a loyalty program is part of your business model (or if you’re considering it), these findings make the point. The numbers make a compelling argument for developing a loyalty program. The last finding is especially intriguing. Almost four in 10 customers made a purchase just to earn more points or rewards.

Realize that a loyalty program is more often a marketing program. Some consumers become loyal to the program more than to the company or brand. True loyalty is about a customer being emotionally connected to a company, not just to the perks and points in a loyalty program. If you combine an amazing customer experience with a loyalty program, you have a winning combination.

Image Credits: Unsplash

This article originally appeared on Forbes.com

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