Digital Medium – Page 2

Digital Engagement

Current digital offerings provide generic experiences and if there are forms of personalized content, it often suggests content or offers that are inappropriate or simply uninteresting. This is because brands attempted to provide personalisation without considering clients’ social identity, personality, underlying motivations and contextually relations. Digital makes this tangible for personalisation. What makes it even more challenging is the scale and velocity of the digital ecosystem(s) that makes it hard for businesses to understand what are the value-driven service offerings and to whom they are serving to. Although a few may begin to create rich online experiences building on emotional value-based connection with targeted personas, many are still leveraging outmoded approaches of segmentation and category targeting.

Understanding of the target client must be at the core of every great brand. In order to nurture, service, and retain client loyalty, the understanding of the clients must permeate throughout the whole organisation.

Drawing on decades of research models to understand and predict human behavior, one leading model known as “Big5” also known as “OCEAN” which represents: openness, conscientiousness, extraversion, agreeableness, and neuroticism. The intent is to assign a percentage score of each of these attributes to any individuals, thereby being able to develop the persona and the analytic insights.

It is vital to note that personalisation capabilities are about aligning the right product or service to the right client at the right time and situation. Business must take into account the different personalities of their clients in order to ensure personified experience. Context is king.

Failing to understand what makes people engross and comfortable with a particular brand or message tends to leave businesses competing in price which is ultimately a race to the bottom. The challenge of achieving this level of understanding requires businesses to continuously give up on margins as they try other means of attracting clients (e.g fee discount)..

It is evident that the missing link of clients’digital journey has been developing client understanding. Discerning the personality traits of clients and the motivation behind their digital behavior (“He is online even if he is offline”) is the key to a more personalized and relevant client journey promoting the overall brand experience. Investing in personalisation to encompass the entire client journey ensures greater client loyalty and integrating into the digital ecosystem of people who genuinely like the product(s), service(s) and/or brand.

The challenge is to understand the journey to achieve such personalisation especially in the digital ecosystem where clients’ are unknown, anonymous or inaccurate digital persona(s) are associated to an individual interacting via various digital mediums. The essence to achieve personalisation requires trust to be established or else you will never uncover and understand the true client ( see “Be your digital self …”). Personalisation must consider context with the appropriate timing.

Adoption to new technology and mediums along with new data sets are required in real-time and at massive scale in order for businesses to attain insightful information on the personalities and behavior of clients. This enables genuine personalisation in every aspects from service to product offerings..

Big five personality traits

November on FINthinkers

November 2017 was the first month for the FINthinkers blog. Below is a short summary of what covered so far

Change

Our blog started with Change is inevitable looking at diverse types of change ranging from evolution to revolution. We also touched on Conway’s Law which states that organizations designing systems are constrained to produce designs which are copies of the communication structures of these organizations. Following Conway’s law companies need to change the organization to create the systems required to stay relevant in the new normal. In Next stop – FinTechGiants ? we look at the available dimensions to outperform others and at the relevant structures which each company has. Many companies seem to apply a Tur Tur strategy to change looking giant from far away but very small if one gets closely.

Client Experience and Brand

Noisy Channel(s) to Channel-less highlights the need to think from the client’s perspective. No client talks about channels but we all like to have seamless and ubiquitous experience to reach the desired outcomes. So brand’s digital behaviour becomes vital when services are transparent in a digitally augmented world.

Security

Homomorphic Encryption started a series of posts on security and related topics.

We hope that the posts inspired you to think about the topics. The nest posts will follow soon … thanks for reading.

Importance of a brand’s digital behaviour

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As the digital landscape and mediums expands, the ways people experience and expectation of a brand’s digital behaviour have significant grown higher and become more complex.

Brand is the holistic sum of customers’ experiences, composed of visual, tonal and behavioral brand components, many of which are shaped through interactive mediums. The complexity of the digital landscape introduces the challenges of overcoming digital distrust and must be preserve by fostering digital engagement, showing empathy, and working with transparency and authenticity.

The emotional impact of a brand is the strongest and most reliable assets. A brand must radiate their core emotions on every digital platform at any touchpoint

Constant brand value reassessments by staying relevant requires keeping your digital behaviour up to date. Understand through assessing customer behavior and moving fast and being smart about every decision regardless minor or big.

Digital behaviours differs between generations (Millenials, Gen Xers and Boomers) and a brand needs to clearly understand its customers ( or intended customers) and its value proposition. For example millenials have the highest social networking penetration of any generation and they account for most in consuming digital content through various mediums ( eg digital video)

Change is the new constant is also relevant in the digital behaviours of customers. The dynamic rate of change will significantly increase and the need to monitor and understand the different becomes very important in a time dependent manner.

This introduces the shift from persona profiling to behavioural segmentation. Persona behavioural segmentation focuses lesss on who the individual is and more of his/her distinct actions in regards to the product or service. The need to correlate the emotional aspects become signifcantly important. Knowing whether a particular product or service becomes more relevant due a strong emotional impact. Or are consumers posting emotional responses that shows the receptiveness to a certain brand offering? Does it relate to certain moment(s)?

Persona profiling base on simplistic and static demographic data points are no longer sufficient and are poor predictors of actual persona behavior. The goal should be to get rid of generalised segmentation and replace it with data enabling hyper-personalised products and services offerings in order to maintain the relevance of a brand’s digital behaviour.

Noisy Channel(s) to Channel-less

From single channel to omni channel the intent was to enable enterprises to seamlessly engage with their clients across them, improve client experience by ensuring context and history are in all channels seamlessly. To date there are 3000 apps available for download from the Apple App Store. Do we really need an exuberance of micro capabilities of each app across different channels in order to interact/ fulfill our daily lives? And if so how many are truly interconnected and contextualised? Or should the importance be of maintaining the social-connectedness from the events happening around the client’s ecosystem in order to ubiquitously interact and communicate? Channel-less is simply a window into the core client experiences.

With the exponential increase in the sophistication and proliferation of technology current communication are just not adapted to the client’s needs. Some require an intensive publishing cycle and don’t provide the necessary features as offered by other platforms. At the same time multitude of information sources makes it difficult to fill them all. Rather than adding more channels creating subsets of it, enterprises should think about orchestrating the experience base on the client’s interaction.

Defining personalized touchpoints for the client represents the journey a client engross in association to the brand which reflects precious insightful moments of truth. Regardless of channel(s), the interaction(s) be it via a channel or an IOT appliance or VR or AR, the interaction(s) should continuously be able to recognise and support the concurrency in which a client can be interacting through multiple mediums at the same time or span across but it is as if he/she is interacting as one.

In the forseable future digital assistant(s), which are permeable and omnipresent, will share and perform the responsibilities of the physical client. Acitivities will be perform by many digital assistants representing the client taking place concurrently in the various interaction mediums. E.g. a client maybe in front of a digital device performing a transaction while at the same time his/her digital assistant discusses wealth planning with a financial advisor while another is engaged with other administrative activity. Or be be it starting an activity through one interaction and finishing the same activity in another.

Simplicity is the key to remain flexible and able to rapidly change as the next wave of digital disruption takes hold. What the client wants is to connect/interact seamlessly in their ecosystem. It is not about a channel(s) it is is about providing and making the connection seamless and ubiquitous.