McKinsey: Building an integrated end-to-end consumer experience to increase overall revenue

McKinsey has published a really great article outlining four ways to get more value from digital marketing, a must read for all marketers (worth subscribing for, it's free anyway).

Although the whole article is a good read, I specifically like the part on coordinating the consumer's end-to-end experience more. How many times does it happen that one part of a company doesn't know what the other is doing resulting in questions being asked multiple times as well as irrelevant messages being pushed out (my favourite example is HSBC sending me direct mail advertising their credit cards although they already rejected my application).
Whether by receiving marketing e-mails, searching for products online, or using mobile devices to find retail coupons, customers today continually interact with brands as they move closer to making purchasing decisions. Yet completely different parts of an organization manage most such contacts. Digital channels can unify that experience and prevent the leakage of opportunity. Across a range of B2C and B2B clients, we’ve seen companies accelerate revenue growth by tightening the coordination of the end-to-end experience (see below graph). These increases represent the cumulative impact of capturing more online traffic, engaging consumers effectively, raising sales conversion rates, and then deepening bonds with the brand after sales are made.

Although not the only options in this space, Omniture's Online Business Optimisation platform in combination with Aprimo's MarketingStudio could help coordinate the majority of the below customer experience outlined by McKinsey. Email us at insights@datalicious.com if you would like to find out how to enable this for your business.

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McKinsey: Global housing bubble and why to keep renting in Australia for a while

Not entirely online related but still interesting data. Looking at the chart below it might be better to keep renting for a while in Australia if the downward trend continues.

Although the current crisis started with the bursting of the US housing bubble, other economies around the world are feeling the effects of their own real-estate booms and busts. From 2000 through 2007, a remarkable run-up in global home prices occurred (see exhibit). But that trend has reversed abruptly. In 2008, the value of US residential real estate fell 10 percent; the global average fared only somewhat better, declining by almost 4 percent. We estimate that falling home prices erased more than $3.4 trillion of household wealth in 2008. And because home prices are slow to correct, the current slide may persist for some time, which could depress global consumption.

Read the original article, "A global view of the housing bubble", here
http://www.mckinseyquarterly.com/newsletters/chartfocus/2009_10.htm

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How to motivate people to change behaviour

(download)

What works best?
  • Managing by objectives?
  • Rewarding through money or prizes?
  • Status or public/peer recognition?
This McKinsey podcast discusses ways to get people to adopt new behaviours around Web 2.0 tools.
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McKinsey: consumer decision funnel not linear anymore

Awesome McKinsey article on the changing purchase funnel which really isn't a funnel anymore after all, it's more like a circle. The implications for brand advertising/equity and the role of search in the buying process are massive.

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Watch the animation here.
http://www.mckinseyquarterly.com/wrapper.aspx?ar=2373&story=true&url=http%3a%2f%2fwww.mckinseyquarterly.com%2fThe_consumer_decision_journey_2373%3fpagenum%3d1%23interactive&pgn=code09_exhibit

Read the original article here.
http://www.mckinseyquarterly.com/The_consumer_decision_journey_2373

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