Marketing Whims
Whim: 1. An idea, vision, passing thought, or fool notion. 2. What It Means.
Wednesday, April 05, 2006
DisEngaging From ARF’s Definition Of Engagement
At its Re-Think conference, ARF’s Research Officer defined engagement as “turning on a prospect to a brand idea enhanced by the surrounding context.” ClickZ quoted Nielsen BuzzMetrics' CMO as saying "the definition is a good first step .... many ARF attendees were relieved to see further definition and perspective put on the 'engagement' metric."
Turning on a prospect to a brand idea enhanced by the surrounding context? HUH? Financial services marketers would do well to ignore this definition –- it's NOT measurable, and its pretty much meaningless. But marketers should not ignore the idea of engagement.
Among consumers that bank online, what differentiates those who will consider their bank for future purchases from those who won’t? It’s not age, income, gender or any other demographic factor. It’s the number of times a customer interacts with the bank: Those who use their bank’s Web site to not just check account balances, but to pay bills, conduct service transactions, and research product needs are more likely to say they’ll turn to the bank when they’re in the market for their future deposit and credit product needs (source: Forrester Research).
Here's my definition of engagement:
“Repeated, satisfied interactions that strengthen the emotional connection a customer has with the brand.”
Transactions like account balance inquiries are low on the emotional scale -- a customer that checks his account balance 4 times a week isn't “engaging” with the bank. But a customer that walks into the branch to discuss investment needs or loan alternatives -- and walks away satisfied with that interaction -- is.
The challenge financial firms face: Moving customers up the engagement food chain. How can they do that?
Wells Fargo used an email newsletter. From consumer research, the bank learned that its customers would sign up for an email newsletter if it helped them manage the accounts they already owned (in contrast to containing articles -- or ads -- for products they didn’t already have). From an engagement measurement perspective, customers that enrolled in the newsletter demonstrated aninterest in increasing their engagement with Wells. But those that actively opened and read the newsletter -- and were satisfied with what they read -- actually increased their engagement with the bank.
By increasing customers’ engagement with the bank, Wells Fargo builds future purchase intention among its customers and earns the right to cross-sell additional products (see the April 1, 2006 posting “The Missing Leg Of The Marketing Stool”).
How is your firm measuring -- and building -- customer engagement?
For more on this topic, please go to Marketing ROI: Whims From Ron Shevlin
Turning on a prospect to a brand idea enhanced by the surrounding context? HUH? Financial services marketers would do well to ignore this definition –- it's NOT measurable, and its pretty much meaningless. But marketers should not ignore the idea of engagement.
Among consumers that bank online, what differentiates those who will consider their bank for future purchases from those who won’t? It’s not age, income, gender or any other demographic factor. It’s the number of times a customer interacts with the bank: Those who use their bank’s Web site to not just check account balances, but to pay bills, conduct service transactions, and research product needs are more likely to say they’ll turn to the bank when they’re in the market for their future deposit and credit product needs (source: Forrester Research).
Here's my definition of engagement:
“Repeated, satisfied interactions that strengthen the emotional connection a customer has with the brand.”
Whim: To effectively measure engagement, firms must classify the types of interactions a customer has by emotional -- or engagement -- level (see the April 1, 2006 posting “The Stories That Loyal Customers Tell”).
Transactions like account balance inquiries are low on the emotional scale -- a customer that checks his account balance 4 times a week isn't “engaging” with the bank. But a customer that walks into the branch to discuss investment needs or loan alternatives -- and walks away satisfied with that interaction -- is.
The challenge financial firms face: Moving customers up the engagement food chain. How can they do that?
Wells Fargo used an email newsletter. From consumer research, the bank learned that its customers would sign up for an email newsletter if it helped them manage the accounts they already owned (in contrast to containing articles -- or ads -- for products they didn’t already have). From an engagement measurement perspective, customers that enrolled in the newsletter demonstrated aninterest in increasing their engagement with Wells. But those that actively opened and read the newsletter -- and were satisfied with what they read -- actually increased their engagement with the bank.
By increasing customers’ engagement with the bank, Wells Fargo builds future purchase intention among its customers and earns the right to cross-sell additional products (see the April 1, 2006 posting “The Missing Leg Of The Marketing Stool”).
How is your firm measuring -- and building -- customer engagement?
For more on this topic, please go to Marketing ROI: Whims From Ron Shevlin
Ron Shevlin, 12:45 PM
11 Comments:
Agnesa Gongea Boiagi Born in Skopje, in today's Republic of Macedonia, at 18 she left home to join the Sisters of Loretto. In 1962, she received the Magsaysay Award for Peace and International Understanding. In 1971, she was awarded the Pope John XXIII Peace Prize. Teresa was also awarded the Templeton Prize in 1973, the Nobel Peace Prize in 1979, and India's highest civilian award, the Bharat Ratna, in 1980. She was awarded the Legion d'Honneur from Jean-Claude Duvalier in 1981. She was presented with the Presidential Medal of Freedom in 1985, was made an Honorary Citizen of the United States in 1996, and received the Congressional Gold Medal in 1997. She was the first and only person to be featured on an Indian postage stamp while still alive. Her supporters sometimes referred to her as the "Angel of Mercy" and "Saint of the Gutter."
Anonymous, at 9:00 AM
Take a look at the wikipedia entry i have started where i refer to your article and the issue of disengaging from arf's definition of engagement
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You re, I guess , probably very interested to know how one can make real money .
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AimTrust is what you thought of all the time
AimTrust represents an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
Its head office is in Panama with offices around the world.
Do you want to become an affluent person?
That`s your choice That`s what you wish in the long run!
I`m happy and lucky, I started to get real money with the help of this company,
and I invite you to do the same. It`s all about how to choose a correct companion utilizes your funds in a right way - that`s the AimTrust!.
I earn US$2,000 per day, and what I started with was a funny sum of 500 bucks!
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There is no initial capital needed You may begin to receive yields with as small sum of money as 20-100 dollars.
AimTrust is what you need
AimTrust incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
Its head office is in Panama with structures everywhere: In USA, Canada, Cyprus.
Do you want to become a happy investor?
That`s your chance That`s what you desire!
I feel good, I began to take up real money with the help of this company,
and I invite you to do the same. It`s all about how to select a correct partner utilizes your savings in a right way - that`s AimTrust!.
I earn US$2,000 per day, and what I started with was a funny sum of 500 bucks!
It`s easy to join , just click this link http://asocakuri.kogaryu.com/eteryb.html
and lucky you`re! Let`s take our chance together to get rid of nastiness of the life
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You may , probably very interested to know how one can make real money .
There is no need to invest much at first. You may begin to receive yields with as small sum of money as 20-100 dollars.
AimTrust is what you thought of all the time
The company incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
Its head office is in Panama with affiliates everywhere: In USA, Canada, Cyprus.
Do you want to become a happy investor?
That`s your choice That`s what you desire!
I`m happy and lucky, I started to take up income with the help of this company,
and I invite you to do the same. It`s all about how to choose a correct partner who uses your money in a right way - that`s the AimTrust!.
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There is no need to invest much at first. You may begin to receive yields with as small sum of money as 20-100 dollars.
AimTrust is what you thought of all the time
The company incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
Its head office is in Panama with affiliates everywhere: In USA, Canada, Cyprus.
Do you want to become a happy investor?
That`s your choice That`s what you desire!
I`m happy and lucky, I started to take up income with the help of this company,
and I invite you to do the same. It`s all about how to choose a correct partner who uses your money in a right way - that`s the AimTrust!.
I make 2G daily, and my first deposit was 1 grand only!
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and lucky you`re! Let`s take this option together to become rich
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It is based in Panama with structures around the world.
Do you want to become really rich in short time?
That`s your chance That`s what you wish in the long run!
I`m happy and lucky, I started to get income with the help of this company,
and I invite you to do the same. It`s all about how to choose a correct companion utilizes your savings in a right way - that`s it!.
I make 2G daily, and my first deposit was 1 grand only!
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might , probably curious to know how one can reach 2000 per day of income .
There is no need to invest much at first. You may commense to get income with as small sum of money as 20-100 dollars.
AimTrust is what you thought of all the time
AimTrust incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
It is based in Panama with structures around the world.
Do you want to become really rich in short time?
That`s your chance That`s what you wish in the long run!
I`m happy and lucky, I started to get income with the help of this company,
and I invite you to do the same. It`s all about how to choose a correct companion utilizes your savings in a right way - that`s it!.
I make 2G daily, and my first deposit was 1 grand only!
It`s easy to join , just click this link http://vifoqeduq.lookseekpages.com/xujyrybe.html
and go! Let`s take our chance together to feel the smell of real money
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