Posts from Industry Trends

News-driven and industry relevant topics. Designed to be a place where a business person might start.

January 5

Recent IxDA discussions of interest

I recently caught up on some interesting IxDA threads highlighted below that may interest you as well. Wishing everyone a wonderful and happy new year!

o1. Firefox Home Tab Challenge

IxDA has partnered with Mozilla Labs and Johnny Holland for a design challenge. The submission deadline is February 14 for a concept video explaining how the new Firefox home tab should work. Anyone interested in forming a Molecular team to tackle this??

02. GLIDE ‘10 Call for Papers

This is a biennial virtual conference sponsored by the National Science Foundation and AIGA UP ST NY dedicated to research on topics related to interaction between designers and global communities. The theme this year is cross-cultural collaboration with indigenous and underserved communities. Abstract submissions are due February 15. Conference takes place on October 27.

03. Google’s Above-the-Fold App

This new app let’s you see in a transparent gradient kind of way which parts of your site is viewable by percentile.

04. Shopping/ecommerce trends

Someone asked the group about what trends people were seeing with online shopping and here were the recommended resources:

o5. Andrew Daniels on uxSEARS

A virtual meeting featuring the UX director of Sears hosted by IxDA Chicago called “The $50 Billion Startup Revolution and How UX Leads the Way”:

November 9

How to Protect Your URL in a Social Media World

Co-authored by Yuval Zukerman, Sr. Consultant, Emerging Interactions, Molecular

Social media has come to play a key role in brand messaging, with the strong two-year climb of microblogging service Twitter adding a new twist: a 140-character limit. This restriction has pushed adoption of a few common ways to cram more message into less space. Apart from heavily leveraging the new language of texting shorthand born of the mobile SMS, the biggest trend in use is employing short URLs to save space while linking to other online content.

Short URLs are hinged on service providers like tr.im and TinyURL that allow people to generate unique links, usually formed of a small domain name followed by a hash and a series of apparently random characters that the service provider responds to with a redirect to the longer target link. For example, the provider tr.im may provide a link of the form http://tr.im/zpBD that points visitors to http://molecularvoices.molecular.com/category/data-and-analytics/, saving us 48 characters to talk about how insightful the latest blog post is.

The advantages to end users are clear enough, but the disadvantages to content providers are not. Cautionary tales of short URL service collapse have been floating around for years, but the message doesn’t mean much to the people socializing those millions of YouTube videos and Flickr photos. The people contributing all that traffic to your site aren’t as concerned as the marketing department with how long the link stays around; the internet zeitgeist waits for no one. As marketing professionals, here are a few things you should know to help you better understand short URLs and why you should consider owning your own short URLs to power your brand.

(more…)

September 21

The future of public relations

When you live in the middle of the digital marketing and media revolution, it is sometimes easy to overlook the problems and changes that many industries are experiencing. Not long ago, Public Relations (PR) was considered the most cost-effective way of getting an organization’s name out to the masses. Here in Boston, there are a myriad of PR organizations, and they are fighting tooth and nail to retain business. I wonder, however, if they don’t see the change that is happening around them. Or perhaps, similar to print media, they see it, but are not quite sure what to do about it.

As I pondered this dilemma, a few possibilities occurred to me. I segmented my thinking in the three ways- short, medium and long term. I also realize that painting in broad strokes affords me liberties that are not true in business.  Oh, the beauty of blogging!

I strongly believe that the goal of public relations has a great deal of value. It is not the value proposition that needs to change, but rather the mechanism/tactics through which it is delivered. Therefore, in the short term, the tactics employed by a classic PR agency must evolve to embrace and leverage social media elements. If you consider the capabilities being offered by many PR agencies today, they still tout old school capabilities like press releases, media tours, messaging, highlighting executives, by-lines etc. These are all well and good, but how many of us read a press release? And if I wanted to learn about an executive, I expect to hear what that person has to say on YouTube or perhaps read it on their blog. A PR agency does not have to change the overall strategy, It simply has to  incorporate these social media elements and tactics.

In the medium term, there may be opportunities for intersection of PR and digital marketing. To this point, digital marketing has been focused around traditional marketing through digital media. The skills and approach that PR experts bring to the table might be key to understand what drives people to organically and virally consume content. Communication strategy has not been the strong suit of digital agencies, but by virtue of being a rapidly evolving space, it may be time for the digital team to drive this strategy. In other words, leverage the experience, approach and thinking that is the corner stone of PR , but apply it to the digital medium and realize that the sum of these parts will be greater than the whole (i.e. PR + digital agency = future)

The long term approach is far more radical. It is anyone’s guess as to where the quickly changing environment will settle. The good people in the print media are having one summit after another to morph their operational and profit models to return to viable businesses. These media outlets have been the main stay of PR – not to mention the bane of their existence. My belief is that the trade of PR relations will begin to focus on experts and consumers. The middle ground of journalists and print publications as we know it will seize to exist. They will be replaced by centers of interest (i.e., think communities or groups), who create and maintain their own ecosystem content creation, commerce, reviews, communities – specific to that interest. This would not only impacts PR, but digital marketing and business in general.

There is a future for PR, but it is irrevocably coupled with the digital medium and digital marketing. The scary consideration is that these PR agencies must act now so that they do not face the same predicament as the print industry.

September 21

Facebook Pages: Woody learns strategy means thinking ahead

Woody, TGI Friday's Spokesdude and burger wrangler

Following up on my recent post about Facebook pages, AdAge has an interesting article about TGI Friday’s efforts. TGI Friday’s set a public goal – to get 500,000 people to fan their spokesperson, Woody, on the site. Supported by a freebie (free hamburgers for Facebook fans), television and online advertising campaign, the campaign was locked and loaded. It’s just that before they even really went out and started spending their media, they had 80,000 fans. It’s just that instead of taking a month, it took them 13 days to reach the target. Half a million free burgers leave a dent on any company’s budget ($2.5 million retail value, assuming the $5 burger price). Now the TV and banners ads are running, increasing exposure.

According to the article frantic calls and discussions ensued on how to handle the explosive success. TGI Friday’s did the right thing, though. Until the end of the month, apparently, they are going to honor their promise and give away free burgers to fans of Woody (who apparently, by proxy, seem to like red and white with articles of flair). What can we learn from this: overall – TGI Friday’s set out right. Getting fans by giving away stuff is the right thing to gain traction quickly. Maybe dipping the toes and seeing if fans need the extra media boost would have made sense. At the very least, it would help to plan for a good outcome, and apparently budget for it. At least they avoided the scorn of what are now tens of thousands of fans who would have been left out in the cold, burgerlss. I am keen to see what they are going to do with Woody and how they are going to sustain interest in absence of freebies. In the meantime, I am going to get my coupon.

September 17

Mint.com + Quicken: Its Impact on How Banks Engage Their Customers

I had been an active user of account aggregation services for years before switching to Mint.com several months ago. I could not have been happier with the services, ease of use and functionality provided by Mint. From my first login, I knew it would not be long before Mint.com was acquired. Their business model, the value of its customer information and the level of customer loyalty they have generated could not go unnoticed.  My only hope was that it was not acquired by a bank that would turn its services into its own marketing platform (you know there were several suitors).  My wish was granted when Intuit announced it would purchase Mint this week.  But what does this mean for how banks manage and measure customer relationships going forward?

The level of engagement banks have with their customers has been continuously decreasing. As in-branch transactions continue to diminish, banks try to engage customers through other channels such as online banking and mobile. Unfortunately, these channels are primarily transactional, which makes it difficult for banks to engage customers in higher value interactions (cross-selling, etc.). 

Mint.com and Quicken were already negatively impacting the banking industry’s level of customer engagement. With the merger, that impact will only grow. Once Mint utilizes Quicken’s technology and implements bill pay and transfer functionality, banks will begin to lose ALL direct contact with their customers.  Customers will no longer have to log into their institution’s online banking system. As customers get tired of paying for ATM fees, high interest rates, etc. they will use Mint’s “Ways to Save” feature to find a better solution or product. Banking products will become completely commoditized and banks will compete only on price.

Unfortunately, most banks won’t realize the extent of this impact until it is too late. “Engagement” is not a primary measurement for most banks.  They calculate success of a customer relationship based on the number of products owned, average balances, net interest income, tenure, satisfaction and cost to serve.  In some cases, Mint will actually increase the value of customer to a bank. As a customer reduces their use of their bank’s channels, the bank’s cost of service will decrease. Although that customer is more profitable, their propensity to attrite and switch banks increases because they longer have a relationship with their bank beyond fees, interest rates, etc.

Banks need to quickly realize the impact of the merger between Intuit and Mint and develop new and innovative ways to engage their customers (online and offline) or risk becoming a faceless institution that competes only on price.

Technorati Profile

Browse posts by month

Browse by author

We're always looking for rockstars

Come take a look at careers with Molecular