Tag: Thought leadership

Singapore – When it comes to marketing strategies, thought leadership content may not be looked to as the most reliable, with its nature not necessarily one to be said as a ‘hard sell’. 

For one, thought leadership content banks on the bulk and credibility of content rather than, say, the impact and swiftness of creative copy. Thought leadership would also of course at the onset, require thought leaders, and this alone takes a process to establish or develop; however, when it comes to chief information security officers (CISOs) as consumers, the persuasion of thought leadership may be stronger than it is given credit for. 

According to research by Code Red, a global PR-communication security network, which surveyed 52 IT security decision-makers in Singapore, about 46 percent of CISOs in the country claim to have used thought leadership content when making a final decision to appoint a cybersecurity company. 

Furthermore, even if a deal has already been agreed on, thought leadership remains a paramount guide, with 38 percent of the surveyed CISOs increasing their business with an existing supplier because of strong thought leadership. 

According to the study, 83 percent of CISOs in Singapore would pay a premium to work with cybersecurity vendors that are simply thought leaders. 

Indeed, cybersecurity companies have a lot to learn from this insight. Not only is it an effective tool in building trust among potential customers, it’s that it also presents as a reliable way to manage retention among consumers, showing to be influential in every stage of the customer buying life cycle among CISOs.  

The effectiveness of thought leadership may be owed to the sophisticated nature of both the consumer and the vendor of this situation, with cybersecurity naturally being a complex product. The study just further proves that cybersecurity vendors ought to treat such type of content as a whole funnel tactic, rather than just top-line awareness. 

Studying further on how CISOs locate trusted thought leadership content, the research found three key approaches they use: independent research using keywords, reviewing content shared by friends or family, and reading trade media publications. 

“This ‘trusted triangle’ is the gateway between thought leadership and its target audience,” said Code Red. 

The study found that 73 percent of CISOs in Singapore measure credibility based on whether the content provides detailed information on the subject that they are interested in, with the same volume of respondents – 73 percent – confirming that IT and cybersecurity trade media is their preferred format of content.

Robin Campbell-Burt, CEO at Code Red, comments on the findings, “Thought leadership is a fundamental prerequisite for successful marketing campaigns, and the report findings are testament to that. Establishing yourself as an industry thought leader is no mean feat as it takes effort and persistence, but those who commit themselves to this marketing approach will gain an important competitive advantage and build value for stakeholders in their own business.” 

Retailers across the globe were already facing challenges engaging with the increasingly digital consumer when the global pandemic hit. The sweeping lockdowns and movement restrictions only made the problem worse. Analysts predict that more than 100,000 stores will shut down by 2025 in the United States alone and retailers across the globe are experiencing disruption in the way they’ve connected and engaged with consumers in the past. 

The only way to thrive in this environment is to take a connected retail approach through omnichannel engagement. Retailers can no longer remain purely online or offline players and need to stay in step with customers across multiple touchpoints. This also means brands need to rethink their engagement and communication strategies to acquire, engage, and retain customers in this context. In the process, they must ensure that every touchpoint delivers a consistent, convenient, and continuous experience to the customer.

According to IDC, an omnichannel experience can improve the customer’s lifetime value (LTV) by 30% and customer retention by 90%. These experiences are vital to recognize user behavior across multiple channels. They also magnify user actions to grow ‘micro-conversions’, the ‘wow’ moments that nudge shoppers towards a purchase, such as following a brand on social media or adding an item to the cart or wishlist. At the same time, connected experiences can highlight critical user moments to lower drop-offs.

For example, if you were in a physical store and couldn’t find the staff to help you with questions about an item, eventually you might put it back on the shelf and leave. The same can happen online if brands are not present for these moments. Finally, connected experiences allow for relevant, personalized communications across channels and a boost to LTV through loyalty programs.

A connected experience is more than just having multiple channels of communication. Gartner defines a connected experience as one during which customers can shop without any channel limitations. Customers can choose their preferred channels for purchase; how they’d like to pay; and how they’d like to obtain the items. 

How can retailers create this kind of unified experience and transform brick and mortar customers into digital ones? 

Before retailers start implementing a connected customer journey, they need to have a clear blueprint of how to implement it and assess preparedness. A one-size-fits-all approach could fail. A connected experience strategy can be divided into three stages: crawl, walk, and run. 

Crawl: The most basic stage where foundation building happens. This is where brands and retailers understand the things that work best for customers such as typical user events and the triggers for them. The key objective in this stage is to initiate communication with customers. An example of this in practice could be sending a personal message to thank someone for following you on social media and sharing a link to your website. 

Walk: With the triggers identified and messaging refined, the next stage is to connect the dots across channels. Steps in this stage are creating separate messages for acquisitions, retention, and engagement across each channel; knowing what action you want the customer to take and selecting the trigger for it (e.g., a push notification); and developing an alternate plan in case the customer proceeds in a different direction. 

Run: This is when retailers begin to focus on long-term relationships. You should now be in a place to better leverage data to trigger personalized campaigns. If you are seeing strong engagement, now is also the time to introduce a loyalty program and collect feedback post-purchase. Examples of these activities could be focused campaigns for special occasions; unique offers and incentives based on past purchases; or offering promotions that can be redeemed at nearby stores.

Once you know how to build a connected customer journey and the stage you are in, the next step is execution using engagement workflows. It’s crucial to have workflows mapped across the customer journey, i.e., from micro-conversions (link clicks/page visits) to macro conversions (purchase). 

Retailers need to carry out a series of activities to engage customers throughout their journey, from the time they register on an app or website to the time they add items to a wishlist or complete a purchase. However, the journey doesn’t end here. The process must be repeated for each new or existing user, every time they become active on your app or website. 

Best practices for creating engagement workflows include analyzing micro, ‘intent-rich’ moments to create connected journeys; segmenting by tags, events, and actions; creating workflows by deploying user event and activity conditions, and setting touchpoints using the most suitable channels for each customer segment and the point they are at in their purchasing journey. 

With some insight into how to create workflows for the different stages that customers might be in, it’s time to implement. Before retailers begin, they should keep the following in mind for the best chance of success:

Set KPIs and goals based on workflow rationale: No two customers are alike. If one is in the onboarding stage, another is in the retention stage, so each workflow will need to be measured by different key performance indicators (KPIs). For example, your goal for onboarding customers could be to increase first-purchase transactions. On the other hand, your goal in the engagement phase could be to nudge customers to purchase again. The goal for the customer advocacy workflow could be to collect more feedback from customers. Focused KPIs for each of these goals will allow for better planning.

Delegate to team members: Although the marketing workflows automate processes, some functions should be delegated to team members to improve the campaign’s outcome. For example, different team members can monitor different campaigns and deliver actionable insights on how to meet goals. When team members know exactly what they need to focus on, there is less confusion and more clarity about how to achieve the desired outcomes of the campaign.

Revise workflows with a similar rationale: Remember to review campaigns periodically – weekly, monthly, and quarterly- to measure performance. Customer needs may change during the process of implementing the workflow and you can revise your workflows to integrate any new insights that you gain that could improve the outcome of your campaigns. You can also do an A/B test to know if a campaign performs well before implementing the workflow completely. However, ensure that the revised workflow does not disrupt the customer experience in any way. As is the goal with all customer interactions, it should be hassle-free and frictionless. 

The digital era has placed even more emphasis on the customer experience. Gone are the days of customer service with a smile. Today, retail customers want clear communication and control of their shopping experience. For retail brands, this means that there is more pressure than ever before to deliver crisp, rewarding, and connected experiences. Taking a comprehensive approach to your digital outreach strategy and investing in the tools that streamline this process will ensure your success in the near term and beyond.

This article was written by Saurabh Madan, general Manager for SEA and ANZ at MoEngage.

MoEngage is an insights-led engagement platform built for marketers and product owners looking to bolster their customer engagement. With AI-powered automation and optimization, MoEngage enables brands to analyze audience behavior and engage consumers at every point of the purchasing journey.

The internet and social media transformed the way we do business where conducting transactions online has become the ‘new normal’ for buyers and sellers. However, there are manufacturers and distributors who are still reluctant to list their products and services in online marketplaces which is now a necessity due to the COVID-19 pandemic.

The pandemic may have forced some companies to set up their own e-commerce operations or sell their products in marketplaces. But most marketplaces they know are designed for retail and are not capable to handle business-to-business transactions. Purchasing officers want the best prices for their procurement requirements, but you can’t attract them with rebates, vouchers, or free delivery.

We’ve been talking to manufacturers and distributors who shared with us the common reasons why they remain reluctant in getting listed in online marketplaces. Below are their common responses:

• They don’t want to upset their existing clients.
• They have a tight-knit distribution channel.
• They already have a dedicated sales team.
• They are afraid of the competition.
• They don’t want to disclose prices.
• They think it’s costly.

They don’t want to upset their existing clients. Some manufacturers would argue that they don’t need online marketing because they already have a strong business relationship with their clients for the long term. They think that disrupting the process might break that relationship. Marketplaces, on the other hand, can improve that relationship by providing more transparency and efficiency.

They have a tight-knit distribution channel. Like the relationship manufacturers have with their customers, they also have a close relationship with their logistics provider that runs like clockwork. Marketplaces can be configured to select which logistics provider they prefer and can offer tools that can provide more efficiency in the supply chain. While B2C marketplaces have a few logistics partners, B2B marketplaces are more flexible and can be integrated with any logistics partner selected by the supplier.

They already have a dedicated sales team. Sales representatives are a channel for customers – but it’s not the only channel. Distributors can easily expand their reach by bringing their business online. And even before potential customers would meet with sales rep, they will do some research online.

They are afraid of the competition. Marketplaces are a great tool for competitor research. Manufacturers shouldn’t be afraid to be compared with their competitors. Buyers now are more informed and will be able to tell which suppliers have the best products with better prices.

They don’t want to disclose the prices. B2B companies have a different pricing model which can vary for each customer. Unlike retail marketplaces like Lazada or Shopee where prices have to be shown, B2B marketplaces are better at handling wholesale pricing and can be negotiated.

They think it’s costly. Traditional marketplaces can be costly because they rely on commission and transaction fees. Modern marketplaces are shifting to a subscription model that provides suppliers better tools at a lower cost.

This article was written by Jeff Clarenz Turla, Co-founder and CTO of Burket.

Burket (business + market) is a platform to connects buyers and suppliers, digitizes procurement, and facilitates business-to-business (B2B) transactions.

Customers are now finding the call of the ordinary as most trustworthy and genuine as opposed to celebrities who attracted brand limelight of the era gone by.

Imagine you go to a shop to try a new coffee variant recently launched by a fairly well-known brand. You come home, try it and are overjoyed with its taste and aroma. What is the next thing you do? Make another brew or share your joy with your family? Perhaps both.

For most consumer brands, the simple act of sharing your experience about a product for its quality, sales service, or price point makes case for a massive marketing opportunity. It is not new to realize that people do business with people and buy products from brands they trust. So when you give a high-five to a brand, the noise moves across the room, making others tempted to trust your first-hand feedback and buy the same product on their next visit to the supermarket. The distinct way to grow any business is to make your customers chatter about your product.

Voice of the common man

Think gossip is negative. Well, indeed it is not. It is as crucial as our voice on things that matter. In the seeds of gossiping lie humanity’s power to bond with others socially, influence decisions, foster life-long friendships and create powerful communications. This was unique to homo sapiens that allowed the species to cooperate with strangers and helped them gain an edge on the animal kingdom.

Gossip is one of the unheralded foundations of our species and its survival, concludes Yuval Noah Harari in his best-seller Sapiens: A Brief History of Humankind. Consumers were always leaders of opinions, sometimes in whispers and at other times aloud.

The times we are going through provides a very fertile ground for consumers to use opinion to manoeuvre market trends. The numerous social media platforms give consumers access to share their gossip with the world at large, influencing purchase decisions and changing the purchase funnel from linear to circular.

An active customer is uniquely positioned to give brands social proof on their superior product or service, getting more interested customers and benefiting the brands with good returns. These customers or brand advocates are in no way forced to speak highly of any brand and this gives them true power to speak what is best in a brand.

The strength of such brand advocates lies in their authentic enthusiasm to endorse a brand and it is because of these truths that people trust their reviews and pay close attention to words. Eight in ten customers (83%) believe that trust is the first emotional metric that influences brand loyalty, according to the 2019 Deloitte study ‘Exploring the value of emotions-driven engagements’. Just as the world’s strongest brands are built upon a few core sets of truth, the same thing can be said about powerful brand advocates.

Times of trusted advisors

Traditionally, brand advocates have always been popular superstars with a mass appeal. But changing consumer sentiments showed a shift towards user-generated authoritarian content that has appeal to a targeted audience, making way for the rise of internet celebrities–they are none other than you and me with expert knowledge of industry product types and ability to spin a convincing tale of her own experience with the brand.

The power of storytelling in marketing cannot be emphasized any further. New-age influencers are compelling storytellers pushing the brands they endorse by the sheer force of their belief and the fan followers they possess. They are not just loyal to brands but actively champion their products to influence the buying habits of others. And that is why influencers are the most valuable customers that a company can have.

These are the same people who got an opportunity to broadcast their water cooler conversations on their social media handles. Not all of them have a follower count in millions but what they lack in reach, they make up with their intimate personalization of the brand. When these netizens recommend a product on Instagram, their words seem as genuine as those from a friend.

Call for meaningful conversations

These digital natives have emerged in interesting times. They are nudging brands to take a step back and focus on quality and service of products to drive conversations rather than mindlessly putting their money in large-scale paid marketing campaigns.

Brands are forging strategic partnerships with influencers to change buying habits of whole communities. But once brands orchestrate the social talks, it shakes the very foundation of trust and authenticity that had actually made these netizens’ murmur effective.

To have customers become cheerleaders, brand managers are tasked with finding innovative ways to delight buyers and nudge them to become advocates. It is only when advocates create buzz out of a genuine desire to underline a brand’s product or service can they be called truly trustworthy.

Asif Upadhye director at SPRD
This article is written by Asif Upadhye, director at SPRD.

Stories.PR.Digital is a public relations firm in India that provides brands reputation management, thought leadership, and corporate communications, as well as content, media tracking & digital influence.