9 10, 2015

Will the Ad Revolution Be Televised?

By | October 9th, 2015|Agile & Innovative Organization, Media, Thought Leadership|0 Comments

Television advertising faces a critical moment of transition. Digital media and, in particular, digital video channels are becoming first options for consumers—and for marketers that increasingly expect television to deliver targeting and measurement capabilities similar to digital. Bain’s most recent research on marketing trends finds that marketers now say television performs worse than digital in the areas they care most about, including targeting, measurement and engagement. Of greatest concern? Digital advertising is even challenging TV’s once unassailable area of dominance: audience reach. This research also marks the first time we have seen a decline in TV’s appeal when we asked marketers which media comprise their five largest advertising channels (see Figure 2). Major brands are shifting ad dollars away from TV faster than most people [...]

7 10, 2015

Bought Not Sold: Marketing and Selling to Digitally Empowered Business Customers

By | October 7th, 2015|Customer Strategy & Marketing, Modern Marketing, Thought Leadership|0 Comments

"Our customers have gotten way ahead of our sales efforts. Too often, in fact, we’re not even getting invited to the dance!" It’s a common lament among CMOs and heads of sales for business-to-business (B2B) firms. These executives face two major challenges. First, the wealth of information available from online sources has given customers more power. Buyers perform more than two-thirds of their decision-making research online before they even contact a vendor. A company’s digital footprint now serves as its showroom and helps determine whether it makes the short list of vendors long before it even knows a customer is in the market. Yet while the websites of traditional B2B companies often overflow with product features, they offer few perspectives about how the products actually [...]

12 08, 2015

Go big and get smart: Boosting your digital marketing effectiveness

By | August 12th, 2015|Customer Strategy & Marketing, Modern Marketing, Thought Leadership|0 Comments

If you’re trying to maximize the performance of your digital marketing campaigns, experimental design goes far beyond the traditional champion/challenger approach known as A/B testing. What limits A/B testing is the fact that you can test only a few variables at any one time, so you have to do many tests in order to determine the best combinations. Experimental design massively increases the variables that digital marketers can test simultaneously—product offers, website design, merchandising, messages, incentives, interstitials displayed before or after an expected content page, calls to action, and so on. The effect of all these variables can be determined by testing just a few combinations and then using mathematical formulas to model the impact of all the possible combinations. Experimentally designed marketing campaigns have [...]

15 07, 2015

Global Digital Insurance Benchmarking Report 2015

By | July 15th, 2015|Digital Transformation, Financial Services, Thought Leadership|0 Comments

Most established companies in the insurance industry have been slow to adopt digital tools and business models, relative to other industries, such as retail, media, travel and retail banking. Meanwhile, a growing number of tech-oriented start-ups and young firms continue to chip away at insurance markets. These disruptors range from Insure The Box, a telematics-centered auto insurer in the UK, to Oscar, a health insurer in the US, known for its intuitive website and price transparency. They have tuned in to latent customer demand for digital alternatives. Many of the disruptors also aim to address customers’ frustration with traditional pricing or premium structures. Customers have warmed to, and sometimes led, the charge for these alternatives. Bain & Company’s 2014 survey of more than 158,000 consumers [...]

17 06, 2015

Three rules for building the modern retail organization

By | June 17th, 2015|Agile & Innovative Organization, Retail, Thought Leadership|0 Comments

Most retailers recognize the importance of combining the best of digital technologies and physical stores to profitably create a seamless and consistent customer experience across channels (see the Bain Brief “Leading a Digical® transformation”). There’s a good reason for this. Their most valuable customers are engaging with them across all channels: store, mobile, social and online. Some retailers find that these omnichannel customers spend two times to five times more than customers who buy in only one channel. But many retailers tell us it is difficult to build the right organization to deliver on their omnichannel strategy. It’s easy to make mistakes that have disastrous consequences. Consider the rough path taken by an early leader in omnichannel. The retailer recognized the need for highly aligned [...]

10 06, 2015

Rebooting IT: What separates digital leaders from the rest

By | June 10th, 2015|Information Technology, Next-Generation IT, Thought Leadership|0 Comments

If you were to build an IT organization from scratch today, you would build it very differently from the one you’re working with. You would build an IT organization tuned for speed to market, one that delivers the digital capabilities that customers want: more personalization, greater transparency and convenience and a seamless omnichannel experience. You would build one with a modular architecture that relies extensively on cloud-based delivery models. You would also build tools and processes to analyze vast amounts of data so you could develop effective products and services. Of course, few companies have the luxury of starting from scratch. Instead, almost all large enterprises are working to update their existing IT organizations so they can do far more than they could just five [...]

4 05, 2015

Customers’ trust about personal data can’t be bought

By | May 4th, 2015|Advanced Analytics, Customer Experience, Thought Leadership|0 Comments

With more companies offering up customers’ personal data for sale, governments are moving to intervene more deeply. In the U.S., for example, the Obama administration has proposed a wide-ranging bill intended to provide Americans with more control over the information that companies collect about them. In Europe, proposed data protection rules are being rewritten to reflect individual nations’ agendas. There’s a real danger that multiple country rules might undermine the internet’s openness. They might also limit user access and create expensive duplicate infrastructures. So companies must get ahead of the threat. Yet many companies still miss the point: In a digital age, this is all about earning their customers’ trust. The thoughtless click of the “agree” box isn’t an agreement in any meaningful sense. It [...]

8 04, 2015

Adding to cart: Digital’s impact on consumer goods in India

By | April 8th, 2015|Consumer Products, Customer Strategy & Marketing, Modern Marketing, Thought Leadership|0 Comments

India stands on the cusp of dramatic growth in Internet and e-commerce activity. While Internet penetration today is only a third of that in the other three BRIC countries (Brazil, Russia and China), we anticipate rapid growth over the next few years, with more than 650 million Indians online by 2020—which would make India second only to China in projected Internet users. Many of these users will be women and “digital natives,” born during or after the introduction of digital technologies. As a result, the retail environment and shopping practices of everyday Indian consumers will change in ways that older generations might find hard to imagine, creating tremendous opportunities. By 2020, these Internet users will generate more than US$50 billion in total online sales. As [...]

8 04, 2015

The five disciplines of customer experience leaders

By | April 8th, 2015|Customer Experience, Customer Strategy & Marketing, Thought Leadership|0 Comments

Providing a great experience for customers has become a credo for many companies today. They realize that a great end-to-end experience will attract and retain customers, as well as engage the enthusiasm and creativity of employees. Customers still want a wireless plan, auto insurance policy or a mortgage with the right features at the right price, but increasingly they also expect at least a convenient, and possibly special, experience surrounding the product or service. And they want interactions to be seamless across physical and digital channels. Bain & Company analysis shows that companies that excel in the customer experience grow revenues 4%–8% above their market. That’s because a superior experience helps to earn stronger loyalty among customers, turning them into promoters who tend to buy [...]

11 03, 2015

Further, faster: Mastering digital reinvention in retail banking

By | March 11th, 2015|Digital Transformation, Financial Services, Thought Leadership|0 Comments

The spread of digital technologies poses a double-barreled challenge for retail banks: transformation of the existing business and reinvention through development of new business models. Most banks focus on the former. But compelling evidence suggests that most banks won’t thrive, or even survive, in the coming years unless they pursue both at the same time. The bulk of reinvention now occurs outside retail banking, in firms that address customers’ financial hassles and attack lazy profit pools. Customers’ traditional needs to borrow, save and make financial transactions remain much the same. But their rapid adoption of digital tools and expectation of using the channel convenient to the moment have prompted many banks to try to fuse the best of their digital and physical assets, and thereby [...]