Today’s banking consumers are used to experiences that reflect their likes, dislikes, past histories, and even their future plans. But not always from their banks. These kinds of interactions are more common when buying an online book, streaming a movie, or planning a vacation. Despite numerous omnichannel initiatives, many banks continue to lag in providing contextual, relevant, and convenient experiences to their customers. And while many customers yearn for personalized financial guidance, a Cisco survey of 7,200 smartphone users and bank customers in 12 countries found that for too many bank customers, the choice is between no advice, or what they perceive to be generic advice delivered inconveniently.
As a result, bank customers often try to attain their most important financial goals on their own, via “friends” on social media, or from non-traditional providers of financial services. Moreover, since the financial crisis of 2007-2008, banks’ brand equity has fallen. Read More »
Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE
Tradeshows and events are practically synonymous with the technology industry – after all our industry produces some of the largest ones in the world. Whether it’s unveiling new products or participating in keynote sessions, today’s conference experience does not begin and end on the show room floor.
Rather, social media is the heartbeat of the event – shaping how attendees, partners, influencers and customers experience the show in real-time.
In my role at Cisco, I’ve seen first hand how the power of social media can drive the tradeshow experience. Whether it’s hosting a tradeshow, such as Cisco Live, or participating in an industry event, here are some social media best practices to consider as you prepare for your next show:
Social in Command
In 2013, we debuted the Cisco Live Social Media Hub – the first-of-its-kind social command center. The Social Media Hub not only monitors and reports on event and industry conversations, but also offers deep insights into how in-person attendees and external audience members engage before, during and after with the show.
For example, since the Hub is staffed with social media engagement experts, graphic designers, analytics specialists and logistics personnel, we can capture real-time data trends and use the insights to guide the development of engaging content and socially shared graphics.
The results have been nothing short of astounding:
- On average, the number of impressions generated per day during Cisco Live US 2014 (#CLUS) totaled nearly 59 million.
- Comparing the use of #CLUS in 2013 vs. 2014: #CLUS was used 35,500 times in 2013 and 47,365 times in 2014; an increase of over 33% year-over-year.
- Two Cisco executives Trended NATIONALLY on Twitter during their keynote with the high volume of social engagement; all organic – no paid.
Recently, we have begun rolling out localized versions of the Hub to support other Cisco Live events around the world, such as Cisco Live Melbourne (#CLMel) in March. Although smaller in scale, the localized versions pack a serious social punch – bringing participants closer to the action than ever before.
Stealing the Social Show
It might be easy for Cisco to be front and center in social conversations at our own events, but how can we rise above the noise and make a social impact at some of the largest tech tradeshows around the globe, such as the Consumer Electronics Show (CES) and Mobile World Congress (MWC)?
Our teams have seen stellar results from engaging live-tweets, the development of real-time content creation, such as videos and graphics for social sharing and more.
For example, as a result of our social media efforts at this year’s Consumer Electronics Show (CES), Cisco received a total of 4,002 conversations, with an estimated 13.8 million impressions! These figures support the fact that strategic and insightful social content can help brands stay top-of-mind in a highly-competitive social environment.
Stay tuned as I share more social media best practices in future posts. In the meantime, be sure to leave a comment and share your thoughts about what makes social media a success at tradeshows and events.
Tags: CES, Cisco, cisco live, digital, social media, social media best practices, tradeshows
Happy New Year and welcome to our first #SocialRoundup. In this new blog series, we will be bringing you more highlights on our social media efforts and best practices. Here’s a recap on what you might have missed since the start of the New Year. Feel free to give us feedback on whether the information is useful.
Cisco at the Consumer Electronics Show (CES)
At this year’s Consumer Electronics Show (CES) in Las Vegas, we developed several creative social assets during show week that helped tell our service provider story and highlight our participation in various conference events. Some of my favorites include an Instagram teaser video and promoting our campaign hashtag, #VideoInCloud, via airplane skywriting over the event center! Check out some of the great work below:
Read More »
Tags: digital, social media, socialroundup
As Cisco’s chief marketing officer, an important part of my role is to build and maintain the trust of Cisco’s customers.In fact, “brand promise” ultimately relies upon the trust consumers have placed in a brand. Customers who are loyal to a brand will trust that the next product or service introduced under that brand will fulfill the brand promise. However, trust can also have more widespread impacts that affect an organization’s ability to compete and to provide the innovative customer experiences required in the Internet of Everything (IoE) era.
This week at the National Retail Federation’s “Big Show” in New York, Cisco released a new study that uncovered some unique insights about shopping behaviors and attitudes among U.S. and U.K. consumers in the digital age. The findings point to the need for retailers to provide “hyper-relevant” shopping experiences that deliver value to the consumer in real time throughout the shopping lifecycle. Hyper-relevance comes with the ability to dynamically compare real-time customer information with historical data, and the resulting insights allow retailers to improve operations and the customer experience. At stake, according to our research, is an estimated profit improvement of 15.6 percent for an illustrative $20 billion retailer that builds agile business processes for turning these insights into value.
Our research shows that consumers are looking for retailers to deliver hyper-relevance via three value proposition categories: efficiency, engagement, and savings. In the area of efficiency, for example, 77 percent of respondents said they would be “somewhat” or “very likely” to use a solution to optimize the checkout process. In terms of savings, 79 percent indicated a willingness to take advantage of in-store offers provided via digital signage, while 73 percent said they’d like to receive special offers through augmented-reality solutions. And, in the area of engagement, 57 percent indicated a desire to learn more about products in the store by using augmented-reality capabilities.
One of the points I found particularly interesting is that consumers are relatively willing to provide certain types of personal information to retailers—such as name, age, past purchasing history, interests, and hobbies—in order to get a more personally relevant shopping experience. But beyond this basic information, there is a “trust cliff,” a steep drop-off in willingness to share certain types of personal information. A significant 16 percent of respondents were not willing to share any personal information at all.
This trust cliff presents an interesting conundrum for retailers. On one hand, our study shows that customers want personalized and contextually relevant shopping experiences. But on the other hand, they are reluctant to share the very information that can help provide these “hyper-relevant” experiences.
Read More »
Tags: analytics, Cisco, Cisco Consulting Services, connected retail, consumer, customer experience, digital, hyper-relevance, Internet of Everything, IoE, National Retail Federation, NRF, privacy, retail, shopping, smart retail, trust
“Mike” may be an avid golfer who enjoys meandering through the sporting goods section of his local retailer. But he would be a very different shopper the morning his plumbing fails and threatens to flood his basement. In such a context, efficiency rules, and it is critical for the retailer to speed his shopping journey — from product research to fast checkout and payment. Friendly, by-name greetings offering prompts for new golf products on Mike’s smartphone would seem irrelevant at best, and intrusive at worst.
Checkout optimization, in-store sensors, augmented-reality solutions, and real-time analytics at the “edge” of the network are just a few of the capabilities that could give the retailer a clear picture of Mike’s shopping habits in that particular context — time, place, and situation — while helping Mike meet his plumbing crisis in a timely and efficient manner.
In effect, Mike is one customer, but he can be many different shoppers. And retailers need to know them all. Technology — specifically Internet of Everything (IoE) solutions that connect people, process, data, and things — is the way to do it.
To better illuminate the competitive dynamics and opportunities for retailers, Cisco this week shared its fifth annual retail consumer survey. Released at the National Retail Federation (NRF) “Big Show” in New York, the study includes a survey of 1240 consumer respondents from the United States and United Kingdom. Later this year, Cisco will release the complete global findings from 6,000 respondents across 10 countries.
At NRF, we also met with retailers from around the world, who shared their successes and challenges. Technology, of course, can be a headache for retailers. From disruptive innovations to rapidly changing customer behaviors, today’s retailers are challenged on multiple fronts. As the Cisco study found, however, IoE-enabled solutions offer retailers an opportunity to provide their customers with hyper-relevant experiences that blend the best of online shopping with the advantages of the in-store experience.
The key is to gain insight into the real-time nuances and context of the many shopping journeys available to consumers. That requires investments in the right technology. But how can retailers avoid the kinds of investments that have not paid off in the past?
In the Cisco study, we tested 19 IoE-enabled shopping experiences, spanning all stages of the shopping journey and addressing many maturing digital enablers, including video, mobility, and analytics. Overall, consumers indicated that they are very interested in using these applications to get more value. The table below illustrates our respondents’ interest level in the 19 individual concept tests, along with the financial opportunity from each of three value proposition categories: efficiency, savings, and engagement. Our economic analysis revealed that roughly two-thirds of the total potential opportunity (or $208 million for an illustrative retailer with $20 billion in annual revenue) comes from applications that deliver greater efficiency for consumers.
In the United States, disruptive innovators (e.g., Groupon, LivingSocial, Gilt) have successfully targeted consumer savings, which has served to exacerbate margin compression for retailers in some categories. We are now exploring these trends in Europe, Asia Pacific, and Latin America. We find that most incumbent retailers, by contrast, are investing heavily in solutions that engage consumers at all points of their shopping journey, including bringing them into the store and cross-selling and up-selling to them (indeed, this is the underlying strategy of today’s discount wars).
Consumers have always been preoccupied with savings. So
it is no surprise that savings remain the area of most interest to our survey respondents. Efficiency, however, is a close
second in terms of interest. When asked about the areas where they would
like to see improvements, 39 percent of our respondents
identified the process of selecting and purchasing goods, showing a need for greater
ease and efficiency. By contrast, only 13 percent sought improvements that would create a more personalized
In this year’s survey, consumers made it clear that experiences must be efficient, contextual (that is, reflecting a shopper’s individual situation, real-time environment, history, and so forth), relevant to real-time needs, and easy in which to participate. In the retail environment, such situational awareness is essential to creating a better customer experience. Retailers must increase the value to the consumer throughout the shopping journey, demonstrably providing a combination of efficiency, savings, and engagement.
By exploring these solutions today, retailers can begin to realize a new level of innovation and competitive dynamism. And customers like Mike can look forward to getting their plumbing fixed ASAP (and maybe even return to the store later that day to try out some of those new golf products).
Tags: Anabelle Pinto, analytics, Cisco, Cisco Consulting Services, connected retail, consumer, customer experience, digital, hyper-relevance, Internet of Everything, IoE, National Retail Federation, NRF, privacy, retail, shopping, smart retail, trust