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Week 3: Digital Leadership Framework - Coggle Diagram
Week 3:
Digital Leadership Framework
Objectives:
Continue with the second part of DLF
Reconnect with your Customer
Measure and Optimize Spending
What are the role of digital technology in making advertising more measurable and accountable?
Online - Offline Interaction
only possible through field experiments
Attribution Model
is the rule, or set of rules, that determines how credit for sales and conversions is assigned to touchpoints in conversion paths.
Last interaction
First interaction
Linear
Time decay
Position-based
Regression-based
Experiment-based
Acquire Customers
How digital technology has opened new channels for customer acquisition?
Previous methods:
Customer acquisition cost (CAC)
Customer lifetime value (CLV): long-term profitability of customers
Moment of Truth (MOT)
Consumer journey starts long before she buys or experience a product
Freemium Strategy
a basic version of a product is given away for free, and users pay only for upgrading to an advanced version.
Advantages:
For experience goods, consumers need to try the products to see its value
Low or no marketing cost to acquire free customers
Leverage on network effect: existing customers become the product’s marketing agents
Create a habit of product usage
Challenges:
How much to give away for free?
Would customer lifetime value be zero since the products are free?
3 ways to provide info and influence Customers:
Paid media
Owned media
Earned media
Personalization:
digital technology and rich data allow firms to personalize ads to consumers based on consumers’ interest, web-browsing behavior, past purchases, and the context of the site they are visiting
Retargeting:
firms show ads to consumers who previously visited the firm’s site but did not buy, in order to improve ad effectiveness
Virality:
prior studies suggest that seeding a message with a small group of social media influencers is unlikely to be successful and cost effective
Social media
allows a message to be amplified without additional cost to a firm. It is more effective than traditional ads since consumers believe the opinions of other consumers
Engage Customers
Examine new ways to provide unique value to customers
Moment-base Marketing
Less focus on consumer demographics, interests or past purchases, more focus on the moment and the context
Micro-moments
is an opportunity that arises when a customer has intent for a task in a special context and wants an immediate result.
By providing value
Leverage mobile technology, or mobile devices to create win-win strategies for the company and for consumers
New ways to connect with your Customer:
What are the new channels for customer acquisition?
New way to provide value to customer – customer engagement
What are the role of digital technology in making advertising more measurable and accountable – measure and optimize marketing spend?
Rebuild your Organization
Organization Design
Finding a way to design an organization for innovation
Case study of Mastercard
Skills
Moving to a more data-driven and less subjective approach to talent management
Talent Management
Training and development:
offer online training courses and tools to help employees update their skills and learning
Performance evaluation:
data-driven approach can identify good performers without any bias inherent in rater-driven evaluations
Recruiting: t
echnology forces firms to re-think who they hire and how they hire them
Talent retention:
use customer-churn modelling to machine-learning algorithms for predicting employee churn
Skills and Capabilities
Big data
Pattern recognition
Artificial intelligence
Machine learning
Impact of automation
Digital Transition
Manage digital transition in a large organization
Impact of Internal Operations
product development, distribution and sales force, promotion and communication, customer management, pricing, online communities, managing wall street
Speed of transition:
Consumers: the trend in consumers’ behavior
Competitors: change by a competitor may indicate a shift in the market, but firm should not blindly follow another player in the industry
Company: skills, capabilities and organizational structure
