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Customer Loyalty: Why Is It So Important? [Infographic]

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It is always a good day when a new customer buys your product for the first time. It is even better, however, when that random customer becomes a loyal, faithful brand advocate. 

Why is customer loyalty so important? We now know that it costs six times more to acquire a new client than to retain an existing one. It is not only about money, though. The way you build and manage loyalty will ultimately uphold the success of your business strategy in the long term.

"Long-term" is the key: Loyalty is not a short-term task. In an age when customers demand more integrated, fulfilling brand experiences, it is utterly wrong to believe that customer retention can be reduced to a traditional loyalty card and random rewards.

The idea of rewarding shoppers for a single purchase may boost your sales in the short term, but it is only by engaging them within an amazing customer journey that you will stay relevant in the long term.  

Loyalty, in fact, is not just about products or services. It runs hand in hand with emotions, the result of a constant effort of consistent, positive experiences that involve emotions and lead to satisfaction and advocacy.

This is the very reason why customer loyalty has a strong cause and effect connection with the digital customer experience. Today, with the spread of mobile devices and the pervasiveness of social networks (and word-of-mouth), the focus shifts on the quality of the customer journey. Thus, loyalty has become the real deal for innovative companies.

Loyal customers are not born, they are made. It is what you do (or not do) that determines how many loyal customers you have, and how loyal those customers really are. Never underestimate the power of happy customers; they will always be worth the time and money you have spent to make them happy. 

Retention is about adopting a proactive approach to understanding what customers need, and deliver real-time answers. And remember: When you retain a single customer, you are retaining their entire lifetime value. 

To sum up the whole story about the importance of customer loyalty, we have chosen an eye-catching infographic by Magnetic North.

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Topics: Digital Customer Experience customer engagement Mobile

2016 Internet Trends Report: 5 Key Takeaways

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One of the fastest ways to learn what is going on in the tech world is to read Mary Meeker’s annual report. The 2016 Internet Trends Report comes in the form of a 213 slides presentation, covering a wide range of topics from the eternal battle between iOS and Android to the emergence of new markets and customers.

Below you will find the full 2016 report. Here we will focus on five major takeaways, based on eye-opening stats and facts, that will help you better understand what lies beneath the forces of the digital transformation.

The most evident quality of Mary Meeker, a partner at venture capital firm Kleiner, Perkins, Caufield, and Byers, is the ability to provide a complete overview of the threats and opportunities that will guide the evolution of technologies, markets and organizations.

First things first: In 2016 we have reached 3 billion global Internet users. Today, 42% of the world population is online, using desktop computers or - preferably - mobile devices. The smartphone has become the first screen, the primary reference for our daily activities.

It is not all roses, however. The report records a slowing both in connectivity growth (+9% versus +9% year on year) and smartphone adoption (global smartphone shipments from 28% to 10% year on year). The biggest hurdles to the spread of technology right now are the infrastructure issues and the incentives to get online.

If we had to sum up the consequences of all trends described in the Internet report, these would be the most critical for all businesses

  • Digital customers have taken center stage, demanding new approaches and personalized contents, mobile first.
  • Digital competition has become a worldwide affair, with your fierce competitors likely coming from emerging countries.
  • Digital customer experience has replaced products as the most critical business differentiator in digital markets.

Put these trajectories together, and you will find one key rule to overcome the challenges of the digital transformation: To engage and monetize digital customers, and stay top of mind, you must deliver meaningful (contextual, innovative, personalized) customer experiences in every moment of truth.

With adoption rates going flat, the experience becomes even more important to build a distinctive presence through customer engagement. Customers’ decisions are mostly based on the expectation that they can get what they want with ease and speed, wherever they are and whatever device they are using.

When people are connected 24/7, they expect that you can assist and engage them across the entire customer journey, online and offline, on any device.

ANDROID BECOMES THE STANDARD

As said, the smartphone adoption growth is slowing. This is true both for iOS and Android, a sign that the market is saturating, and the emerging countries can’t compensate. Looking at a broader picture, though, there is a huge difference between the two rivals.

Meeker finds, in fact, that over the past six years iOS has seen just a 2% increase in market share, while Android has exploded from a 4% presence in the industry (2009) to 81% (2015). Projections say that this pattern is going to continue in the next years, with Android becoming the standard for digital business projects.

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THE INTERNET NEEDS A REVAMP

This is the continuation of what we have seen last year: The Internet growth is facing a steady slowing, and this time this is not due to external factors (macroeconomics trends like the financial crisis) but structural factors. The Internet needs a complete revamp, as it continues to ramp as a retail distribution channel (10% of retail sales).

The Internet of Things, messaging apps (Messenger For Business), social commerce, real-time user-generated broadcasts (Facebook Live) and artificial intelligence assistance (Chatbots) reinvent the Internet to appeal the new breed of digital customers.

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MILLENNIALS DICTATE THE RULES

We talk a lot about this new generation of customers called Millennials. While we wait for the Generation Z - those that are now less than 20 years old - to acquire purchase power, Millennials right now are your digital customers. Today, commerce is changing rapidly for this generation, and also brands need to evolve with it.  

Millennials make the most powerful force on markets, with a spending power destined to rise significantly in the next 10 or 20 years. Submerged in a mobile ecosystem, they have different core values and expectations. Their behaviors help change marketing and retailing channels, together with the evolution of technology.

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RETAIL WILL CHANGE FOREVER

When technology and customer behaviors evolve, the retail industry evolves accordingly. What we face today is the strong, increasing intertwine of technology, media, and distribution, so that physical retailers become digital retailers, and digital retailers become data-optimized physical retailers.  

The pervasiveness of the Internet activates the reinvention of the store (at the micro level) and the disruption of the industry (at the macro level). Products and brands are both bolstered by always-on connectivity, hyper-targeted marketing, personalization, and the power of visual.

COMMUNICATION WILL BE RE-IMAGINED

Last but not least, we want to talk exactly about the power of visual. The 2016 report confirms that visual usage continues to rise: Video and images are way more relevant than any other content, when you want to engage digital customers. This trend will be more and more decisive when the Generation Z will be properly shaped.

Already today the online engagement translates into visual engagement (Facebook, Snapchat, Instagram, Facebook Live, Periscope, messaging apps). This leads to an evolution in the way brands communicate and engage digital customers: New channels, new touchpoints, new advertising models.

Most important, we are moving towards a new paradigm in the human-computer interaction. A paradigm that is driven by voice. Typing text into a search bar is becoming old-fashioned. In five years, at least 50% of all searches are going to be either images or speech (Chatbots, anyone?). So we will say goodbye to the Internet as we know it.

 

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Topics: Digital Customer Experience Mobile Internet of Things customer engagement

WWDC 2016 - macOS, iOS 10, tvOS: Everything Apple Announced

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On the same day in which Microsoft has announced the acquisition of LinkedIn, Apple claimed the attention of the entire tech world with the WWDC 2016.

As usual, Apple’s developers’ conference arrives few weeks after the Google I/O, renewing the eternal rivalry for the heart (and wallet) of the customers. How did it go? Did Cupertino overshadow Mountain View? Here’s everything you need to know about the WWDC 2016.

The first impression we get, scrolling down the list of the announcements, is that Apple is rapidly moving toward a seamless integration of its family of devices. This will allow the users to switch from one device to another more easily. Just to name two examples, Siri is coming to desktop computers, and so Apple Pay, that will soon work on Safari.

Besides the big changes, however, we have also seen a bunch of incremental updates and redesigns, from the new notifications and lock screen interactions for iOS to an Apple Maps that eerily looks like Google Maps.

The list of changes and improvements coming to Apple's operating systems and devices is rather long, but Tim Cook broke the keynote down into four areas: iOS, OSX, watchOS, and tvOS. Developers will get access to the previews right away, while mere mortals will have to wait till fall.

APPLE WATCH

The arrival of the watchOS 3 will bring the Apple Watch to a whole new level as it will load the apps seven times faster than before, thanks to background refreshing and a massive use of the memory. Customers will also see two other very welcome updates: the new “Dock” interface to jump from one running app to the other; and “Scribble”, a new way to respond to a message, simply drawing the letters with a fingertip instead of using a traditional keyboard.

APPLE TV

With the launch of the new tvOS, the Apple TV will also grow up, thanks to new features that will expand its range and better integrate the TV with the entire Apple’s ecosystem. One example: if you download an app on your iPhone, and that app has an AppleTV version, it will download automatically. More, you will be able to access the different apps with a “Single Sign On”, and you could use Siri voice search to find content, even within third party apps. Last but not least, with the new OS the iPhone will become an improved remote control.

MACOS

After fifteen years as OS X, the OS for Mac simply becomes macOS. The first macOS in Apple’s history will be called Sierra, will hit the shelves next fall, and bring a slew of new stuff. Few examples:

  • Your Mac will recognize you when you are sitting in front of it and automatically unlock.
  • You will copy something on your computer and paste it on your iPhone or iPad and vice versa.
  • Siri will move to the macOS following the Chatbots mania, and will help you carry out your daily activities or execute complex duties.
  • Apple Pay will not be confined to the mobile world anymore, and you could use it to make purchases via Safari browser.
  • The macOS will help you free up space on your hard drive, automatically backing up and removing copies of the data you have not used in a long time.

IOS 10

Apple’s smartphone will also debut a new OS, simply called iOS 10 and presented as “the biggest iOS release for users ever.” Is it really? Here are the main features:

  • The redesigned lock screen will have rich notifications, quick interaction with apps, and expanded 3D touch.
  • Siri will get the long-awaited integration with third party apps so that you could ask her for a Uber lift asap.
  • QuickType will become more smart and contextual, to understand what you really want to say.
  • VoIP apps will hook directly in the phone app to create a unified and less annoying experience.
  • Apple’s Maps will move in the predictive direction, improving suggestions and eerily resembling Google Maps.
  • Apple Music and Apple News will get a fresh new look, in hopes of attracting more customers and investors.
  • HomeKit, Apple’s standard for all things home automation and IoT, has not been abandoned and will get an ‘aggregator app’ - called Home - that will bring all the devices into one smart hub.

These and many more updates will reach your device in the next months. Apple’s purpose is to change (once again) how people connect with technology, and ultimately build a more meaningful and seamless customer experience. Which WWDC 2016 announcement excites you the most?

The Verge has compressed the entire 2-hours conference into a 10-minutes video. Check it out:

 

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Topics: Digital Customer Experience Innovation iOS Mobile Apple

Neosurance Wins The Insurance IoT Europe Award 2016 In London

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While we prepare to salute the arrival of summer, we can add a new prize to Neosperience and Digital Tech boards: Neosurance, the scalable and secure Digital Snack Insurance Platform, has won The Insurance Nexus IoT Europe Award 2016.

The award, hosted as a part of the Insurance IoT Europe Summit in London, has brought together the leading companies at the forefront of the connected insurance industry to celebrate innovation and exemplary performance.

The aim of the Summit was to connect the leading insurers with the innovative companies that master technology to shape the future of insurances by connecting people and things.

Submerged in a world gone mobile, we live in symbiosis with devices that gather and analyze information about our habits and behaviors. Our smartphone, smartwatch, activity tracker, the Internet of Things, different sources of data that tell everything you need to know about health.

In a business perspective, these data can be used to predict the quality of our lifestyle, and tailor-cut the products to fit the needs of customers better. Insurance firms must welcome and embrace this evolution, to overcome the challenges of their digital transformation.

The Insurance Nexus IoT Europe Award 2016 attracted over 150 nominations, divided into five categories designed to put a spotlight on the achievements of companies that are “pushing the envelope in digital innovation, customer engagement, and service differentiation.”

Neosperience and Digital Tech, with their Neosurance participated company and product portfolio, have been selected as the leading Insurance IoT Newcomer, whose idea lays a solid foundation for future growth in InsurTech and Insurance IoT.

This award joins the list of recognitions gathered by Neosperience over the last few years, including 2015 Italian and Alpine Corporate Venture Forum Award. Health Insurance Aviva Award. Top Innovation Award Italy - appointed by the President of the Italian Republic to the best tech company. Mobile Marketing GrandPrix. Gartner Cool Vendor. Red Herring Top 100 Global. The most prestigious global awards in the technology world.

 

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Topics: Digital Customer Experience Neosperience Awards Internet of Things