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Six Ways the Intelligent Engagement Platform Can Help Sales and Customer Success

Six Ways the Intelligent Engagement Platform Can Help Sales and Customer Success

If your CSAT score exceeds 60%, NPS score greater than 70, sales revenues are high, and you don’t want an engagement platform that maximizes customer success and sales, don’t read this.

You are now ready to discover how an intelligent customer engagement platform can increase your sales revenue, increase repeat purchases, provide great customer experiences, improve upsell/cross-sell opportunities and dissolve silos, and improve accountability.

Ten Tips You Must Know About Customer Relationships

Business success is directly related to customer satisfaction. Low customer satisfaction can also affect retention, engagement, and loyalty. This is a sign that you are not providing good customer service. It can cost consumer brands as much as $62 billion annually. Customers will have a delightful experience with your brand if you build and maintain good customer relationships with them.

Building customer relationships is important for a variety of reasons, including better Engagement and higher Retention rates.

What is Customer Relationship?

Customer relationship is the process by which a consumer brand develops a strong rapport with its customers. The process of planning and synchronizing interactions with current and future customers is known as customer relationship management (CRM).

Our goal is to achieve high customer engagement and business fulfillment. Customer satisfaction is an indicator of customer relationship success.

Communication is the foundation of all relationships. With the advent of social media and the internet, you have more ways than ever to communicate with your customers. Communication that is great goes beyond the words and creates a bond.

What strategies can consumers use to improve customer relationships?

Here are 10 ways to build strong customer relationships

1. 1.

Using a customer’s name when talking to them in person, by phone, by email, or when creating customer surveys is one of the best ways to have a more personalized customer experience. The friendlier, more humane approach to the customer-business relationship does not sound coercive.

If a customer purchases your product, sign up for a trial or makes an inquiry, contact them directly to see if you are able to help them. Even if they decline to assist, customers will still appreciate your gesture and be more positive about your business.

You shouldn’t spam customers and you shouldn’t send them messages too often. It is best to build a relationship with customers by sending them personalized messages that are based on their interests and delivered through their preferred medium.

2. Be realistic about your expectations and don’t lose sight of the prize!

Don’t rush or try to get too far too soon. Building a partnership takes time and commitment. Your customers won’t immediately believe you can deliver on your promises. They will be more likely to seek your guidance and input to help them grow their business.

Because customers are different from one person to another and their needs change over time, it is impossible to say that you know exactly what they need. So you can ensure you’re meeting your customers’ needs, it is important that you find out their priorities and why they choose to do business with you.

Customers will hold on to your promises and if you make promises they don’t keep, it is a sure way to disappoint them. They can also spread the information, which could jeopardize your company’s reputation. Promise what you can deliver.

3. To maintain healthy customer relationships, solicit feedback from customers

Build a stronger Customer Relationship by soliciting opinions on multiple channels

Ask for feedback from customers or use social media to solicit it. Customer feedback is one of the most valuable assets a company has. Customer feedback is a direct indicator of how satisfied customers feel with your brand, products, and services in general. It can also tell you a lot regarding your customer satisfaction levels.

Furthermore, customer reviews will aid in the improvement of your services and products, as well as provide data that helps you make better business decisions. Customers will appreciate your taking it seriously.

Do not wait for your clients to give feedback. Be proactive and ask whenever you can. Social media surveys can also be used to get feedback from consumers on the aspects they like most about their interaction with your brand and what they would like to change.

Conduct surveys whenever you are planning to launch a new product or service. This is a great way to build customer loyalty.

4. Self-help is possible

Modern customers prefer to solve their own problems and not have to deal with customer service representatives. Find the most common problems and questions, then respond with detailed articles and step-by–step tutorials.
You can combine the FAQ/Knowledge Base section and the auto-reply function.

It is easy for customers to check the link by adding it in their email body. They will be able to find the answer they seek.

5. Try out giveaways, discounts, and free shipping

Discounts are a great way to encourage customers to purchase from you. A first-time buyer discount code can be included on your website. You can also send emails to customers with information about the discounts.

Consider doing giveaways. This can work well if you offer a subscription-based service. For example, customers could be eligible to win a month of service for free or a subscription that they can share with friends. You can also encourage people to share giveaway-related posts via social media.

Customers consider free shipping to be a “discount” because it lowers overall prices.

Offer free shipping for returns. This is a common concern for retailers as they fear losing money if they have the to pay or reimburse shipping costs. Don’t be discouraged, you can give it a shot. It increases trust and loyalty.

6. 6.

If you want to improve customer service and loyalty, it is important to quickly respond to any complaints. Respond to both negative and positive reviews. Both positive and negative feedback should be acknowledged. If you receive negative feedback, apologize. It will increase customer loyalty beyond just compensating them.

Consistent action builds trust, which is particularly important since prospective customers can view the experiences of current customers via digital and social media.

7. 7.

A guarantee will make it easier for customers to feel secure about purchasing your product. If customers feel they can trust the product, they will be more inclined to like your brand.

Prospective buyers will be less worried about risky investments and buyer’s remorse since there is no upfront cost for a free trial. A well-executed free trial combined with a fair refund policy can be a powerful tool to encourage customers to try your products or services.

8. Offer prompt and efficient customer service

Prioritize customer support and provide prompt service

Communicate with your customers promptly and in a timely manner. Customers expect prompt and professional answers when they have questions about your products or services. Think about it: Most people don’t have much time these days. Customer satisfaction can be affected by even half an hour spent with customer service.

So, provide omnichannel support:

  • Personal communication with staff
  • Support via social media (platforms that your customers use);
  • Email support;
  • Telephone support
  • Chat support

Your customers should be able to reach you as easily as possible. You should list hours for any live chat or business phone service on your website. This will allow users to know when they can reach you. Customers who feel valued and satisfied will be more likely to use your customer service services.

9. Reward customer loyalty

Customers today need personalization. Personalization is key to customer retention and increased revenue. A loyalty program can be a great way to give customers a personalized experience. It makes it easier for you to get customer data. Programs that offer high levels of service are more popular with customers.

Recognize and reward loyal customers for their loyalty. You can offer them special deals, invite them to special events, and let them know about new products and services. Customers who are satisfied with your services and products become loyal advocates.

Remember that your business exists solely because of and for your customers. Customers will return for more if they receive exceptional customer service.

10. To build a better customer relationship, say ‘Thank you’

You can thank your customers in many ways, such as email, social media, phone call, formal receipts and handwritten notes. This is especially important in these digital age. A handwritten thank you note is appreciated even though it is not possible to send one electronically.

Thank you notes let customers know how much your company cares about them. They also show that they are valued as people, and not just as a source for revenue.

Remember that thank-you notes written well will generate positive word-of mouth publicity for your company. It’s simple: customers receive the thank-you notes and share a picture for their social media followers. You can also send holiday cards!

Building and maintaining relationships is the essence of business. Customers are your most valuable resource. Take care of your customers and pay attention to them. Keep in touch, not just communicate with customers.

Email Delivery 101: How to get your emails to land in your Inbox

Email Delivery 101: How to get your emails to land in your Inbox

By 2023, the number of email users worldwide is expected to grow to 4.3 billion, which is half the world’s population. Consumer brands spend hundreds of thousands of money on email marketing to capitalize on this trend. An email campaign can only be successful if your intended audience opens, reads and interacts with it. Most consumers won’t open any emails sent outside of their inboxes. This is why deliverability is so important.

This blog will cover:

  1. What does email deliveryability mean?
  2. Deliverability differs from email delivery in that it is more difficult to deliver.
  3. Factors that impact deliveryability
  4. Here are some best practices for sending emails to your users’ inboxes

What is deliverability?

Deliverability shows you how many emails are landing in the inbox of your users instead of their junk or spam folders.

“Spam is where emails die.”
-Sadikshya Pant, Senior Email Deliverability Consultant, MoEngage

Spam is a major problem in the world. Gmail found that half of the 293 billion email messages sent each day in 2019 were spam. 70% of these emails were spam, which is marketing content.102 billionEach year, marketing emails disappear into digital oblivion.

Some of your users won’t even know that a spam or trash folder exists. Most users don’t even check their spam folders. ISPs (Internet Service Providers), flag suspicious emails as such. These emails are then deactivated with their images and links.

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Do not confuse deliveryability with deliverability

Deliverability is different from email delivery. The number of emails the user has received is what defines delivery. Delivery measures the number of delivered emails that land in the inbox folder.

Consider an example of an email campaign that targeted 100 users. It was 98% delivered and 60% delivered. This means that 98 of 100 recipients received the emails. However, only 60 users received the email in their inbox folders. The 40 remaining recipients probably ignored or deleted the emails as they were in the wrong folder.

Delivery isn’t the same as deliverability

These numbers can be multiplied by a factor of several thousand, or more, to show the importance of delivery.

 

Factors that affect email delivery

Unfortunately, ISPs don’t share information about which folders emails land in, be it spam, junk, or any of the subfolders in a user’s inbox (Primary/Promotions/Updates). You can still deduce deliverability by looking at factors such as:

Domain/IP Reputation

Domain and IPReputationEmail engagement directly impacts because email service providers use domain/IP reputation to determine which folder to place an email. List management is a sure-fire way to improve domain reputation.

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List management tip:

To maintain good domain and IP reputations, it is important to regularly clean your email lists. Mailing frequency can be decreased or removed from disinterested users. Early detection of spam traps, hard bounces, and blacklists is important. Your email list should only be populated by users who would like to receive emails.

 

Performance Metrics and User Engagement

To decide whether to accept or deny emails from senders, ISPs use performance metrics such as opens, clicks, and spam complaint rates. This also helps them decide where to place the accepted emails (Spam/Promotions/Updates folders).

Positive user engagements include:

  • Clicking/opening an email
  • You can read an email carefully or open it multiple times.
  • Replying to, forwarding, and marking an email
  • Add the sender to your address book or bookmark them
  • Move emails to the primary folder

Negative user engagements include:

  • Reporting spam emails to be marked or reported
  • You can delete or ignore emails without interfacing
  • Blocking or snooping the sender

Negative engagements can impact deliveryability and can take a long time to recover. Marketers can change their strategies to reduce negative engagements and increase positive ones.

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Here are some best practices for sending emails to your users’ inboxes

While each ISP has its own policies regarding acceptable email practices and guidelines, many share some common principles that can be used to improve inbox placement.

1. Sender Authentication

Multiple authentication protocols are used by all ISPs to ensure that the sender is authentic. Spammers are a concern for ISPs, so failure to perform basic authentications may result in the email being rejected, blocked or flagged as spam. Failure to authenticate senders can result in both delivery and deliverability being affected.

2. 2.

It is crucial to maintain a clean email list

Use organic methods to collect users. Never purchase an email list. The majority of users on purchased email lists are invalid. Others might report your email spam or unsubscribe. This can affect domain reputation and deliverability data.

There are several clean ways to build user lists organically:

  • Referral programs and promotions can be used to incentivize sign-ups.
  • Third-party apps and websites can be used to promote your brand and build trust.
  • Establish loyalty programs and memberships.
  • Use your products and services to collect email addresses

Clear acquisition methods establish reasonable expectations for customers regarding their experience. They also give them the option to withdraw if they aren’t satisfied with the content.

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3. 3.

All countries have independent mailing laws that protect their users’ rights to privacy and quality of experience. Avoid costly lawsuits by complying with the law and keeping current with any new or revised laws that apply to your location.

4. Segmentation and the Optimal Send Frequency

Think back to the last time that you unsubscribed from promotional emails. You probably unsubscribed because you received too many emails or product suggestions that were not relevant to your purchase.

It is irritating to send too many emails to people, and it doesn’t help build brand recognition. It is important to determine the best frequency to send emails to your customer. This means that the customer will want to receive the most number of emails without any adverse reactions. This is an iterative process that will not work for every customer.

Find the optimal send frequency for each user segment

This neatly brings up the topic of segmentation, i.e., the categorization of users based on overlapping criteria. Users love preferential treatment–a ‘one-size-fits-all’ package doesn’t work. It is important to segment your customers based on previous purchases, relevant events, location, and frequency of site visits.

MoEngage allows you to categorize emails based on user behavior and adjust your mailing frequency accordingly. By engaging users with relevant content at the right moment, you can create a personal experience that exceeds their expectations and encourages investment in your brand.

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Here are some ways to segment users.

  • You can run trigger campaigns based on events and target customers based upon products viewed, bought, added to cart or other factors.
  • Post-purchase engagement campaigns can be created, such as product reviews requests within a few days of delivery. Followed by personalized email recommendations about bundled products or custom codes for future purchase.
  • After registering, collect personal information and use it to personalize your communications.

5. For Better Delivery

Marketers’ worst nightmare is spamming their email lists, which can lead to poor domain reputations and a loss of resources. Sunsetting is a strategy to keep user lists clean and remove inactive or stale users. Inactive email addresses are turned into spam traps by ISPs, which trap spammers and cause list quality to decline. This can further impact performance metrics and deliverability data.

Reactivation campaigns can be used to bring back inactive users by adjusting the frequency or content of emails, or using different channels. However, lost causes must be quickly acknowledged and addressed accordingly.

6. 6. Automated removal of bad actors

Sunsetting is about retiring users based upon their activity. However, there are some users (a.k.a. Bad actors (hard bouncers and unsubscribers) should be removed immediately. This will stop any future actions that could affect your reputation.

It is essential that your users have an easy exit route. If they wish to unsubscribe, make your button prominent.

7. Personalization

True to the modern consumer mindset, people love tailored content suited to their needs. Unique content leads to higher open rates, clicks and replies as well as forwards and conversions.

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Capture your user’s attention with personalized emails

Here are some basic methods to help you personalize your emails:

  • A compelling subject line, but not misleading: A compelling subject line that is deceiving or irrelevant to the content of the email’s contents will make users reach for the unsubscribe buttons faster than anything else.
  • Clear and consistent informationEnsure that your sender’s name and email address reflect your brand’s identity. It is important to clearly state vital information such as the terms and conditions or privacy policies.
  • Direct call to actionCustomers can be pushed to take desired actions, such as reading the newsletter or using a limited-time offer. This is done by using clear calls-to-actions, a simplified design, and insisting on clear instructions.
  • Compatibility between platforms and devicesYou risk irritating users by not ensuring that your emails work across all devices and platforms.
  • Brand conformityTo build upon the customer’s subconscious, maintain your brand aesthetic in all subsequent emails. To establish the brand’s physical presence, add contact information.

8. Understanding spam filters

Every ISP has a content scanner which scans email for spam-like characteristics, and filters them. These are the rules that will ensure your email isn’t classified as spam.

  • Don’t create image-heavy emailsGood text-to-image ratios of 40:60 are acceptable.
  • Standardize the template sizesStandard HTML email templates are 600 pixels wide for desktops and 320 pixels vertically for mobile devices. Horizontal views for mobile devices can be viewed at 480 pixels.
  • Keep it simpleMessages should not exceed 102kB. Gmail will hide any content behind a link that says “View the entire message”.
  • Use alt tagsAlt tags should be used for images to display text in the event that images do not render.
  • Avoid spammy subject linesSpam filters can be activated by special characters ($$$), or tokens “spam keywords” (F R EE) that are not scams.Here are some spam keywords you should avoid.
  • Reputable image hosting services are recommendedCloudflare or Amazon AWS for faster loading times and better security.
  • Your HTML code should be simple and clearWithout hidden images or URLs

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9. Google Annotations

Gmail and other ISPs that analyze user interactions in real time can sort marketing emails into the Promotions tab of their inbox. Google Annotations can be used to highlight emails and increase user interaction.

10. Monitor Ongoing Sends

Look beyond vanity metrics to get the full picture

To ensure that all marketing strategies work together, create a system. These trends and metrics should be monitored:

  • Volume trendsVolume trends are usually gradual. Abnormal activity is characterized by sudden spikes in email volume or frequency. They can affect user interaction if they are not addressed.
  • Performance metricsDeliverability is negatively affected by unusual trends in hard bounces and opens, clicks or spam complaints, spam traps, unsubscribes, blacklists and spam traps.
  • Reputation dataObserve your inbox placement data using third-party apps like eDataSource, ReturnPath or 250ok. If you notice any anomalies, immediately correct them.

 

Conclusion

It is difficult and not always easy to achieve successful email delivery. It’s essential to invest in a good email deliverability consultancy that can tell you what’s working and what’s not–and how to improve deliverability with actionable insights.

At MoEngage, we offer deliverability consultancy services which include setting up proper authentications, email strategy discussions, assistance with inbox placement/bulking issues, troubleshooting blogs and blacklisting issues, content analysis, and reviewing industry best practices. To establish brand authenticity, we can help you implement new features such as BIMI and Google Annotations.

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#GROWTHAsia2021 Highlights: Key Takeaways, Expert Insights and Actionable Strategies

#GROWTHAsia2021 Highlights: Key Takeaways, Expert Insights and Actionable Strategies

2020 was a landmark year for businesses in all geographies. It covered many industries and verticals. In order to provide actionable strategies and bounce-back frameworks to our community of marketers and product owners, we conducted #GROWTHAsia 2020. We organized #GROWTHAsia2021 on the 24th of March 2021 in collaboration with AppsFlyer, Mixpanel, and continued our efforts to provide thought-leadership content.

#GROWTHAsia2021 featured expert panel discussions that focused on customer centricity and brand engagement. They also discussed effective segmentation, leveraging data from users, and building an engagement platform. This event shed light on how businesses can increase customer happiness in a mobile-first and post-pandemic world.

Our illustrious panel included marketing leaders from Asia’s most customer-focused brands such as OVO, Kredivo and KapanLagi Youniverse.

We have you covered if you missed #GROWTHAsia2021 This blog will summarize all the insightful and interactive sessions and provide bite-sized key takeaways you can use to grow your business.

Here’s a quick overview of all panels and sessions at #GROWTHAsia2021. Let’s get started.

Keynote: The Impact Customer Happiness has on Business Revenue

Sarika Tulsyan (Chief Revenue Officer at POPS Worldwide) led the keynote session of #GROWTHAsia2021. Sarika discusses how the greatest threat to a business’s survival in today’s uncertain environment isn’t competition, but poor customer service. She stresses the importance of collaboration and driving customer happiness, with a focus to sustainable revenue. One that is reflective of the overall business growth strategy and aims to achieve long-term organic success.

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#GROWTHAsia 2021 Keynote speech

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Get Actionable Tips:

  • It is a well-known fact that 20% of a business’s revenue is derived from 20%. It is important to know the difference between customer satisfaction, and customer success.
  • Customer satisfaction can be used as an efficiency metric. However, customer success can be used to measure revenue. There is usually a large gap between these two metrics. Every customer is not a success customer. Therefore, satisfied customers will always outnumber those who can be called successful customers. It is up to you to understand why this gap exists and what you can do about it.
  • This can be done by looking at the various metrics that affect customer satisfaction across a consumer‘s journey. Businesses need to pay attention to the “micro-moments”, which are key to customer satisfaction and business growth. A micro-moment for an ecommerce site could be an offline experience (word-of mouth or billboard) that prompts a customer to make an online purchase via a smartphone.
  • This should not be a secondary goal. It should be about understanding these micro-moments, and how to leverage them to drive business growth. This will reduce the customer satisfaction gap and increase customer success.

Expert Insights

  • Businesses can sometimes be hurt by over-personalization that is based on customer segments. A great job at creating customized content might lead to increased conversion rates and checkout rates. However, it may not always lead to higher RPOs or average revenue per user/viewer. Why? Customers aren’t discovering anything new. Over-personalization could actually lead to stagnation rather than growth in your business. It is crucial to find the right balance between these two.
  • Next-generation marketers are responsible for driving the business through understanding the next “trigger” that is informed by data. This helps customers to be more informed and enables them to grow their business.
  • Organizations often define success metrics for different departments in silos, rather than looking at it as one common success metric that can be applied to all departments. A common metric can reduce the gap.
  • It is possible to align our organization’s goals with department goals in respect to marketing, customer service, and product. This creates a level of competence between departments in terms of understanding and defining key responsibility towards the goals. You can create a well-oiled, harmonious business by mapping success metrics to departments. This will ensure that everyone works together towards common goals and maximizes revenue. The three P’s, i.e. People, Process and Product must be in perfect harmony.
  • Only if customer satisfaction metrics are being measured by the right people and monitored properly, can they be considered great. Marketers will only win if they do this.

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Session 1 – Effective Segmentation Strategies for Customer Engagement

Divya Jagwani, Senior Manager, SEA and MoEngage, moderated the first #GROWTHAsia2021 session. Indina Andamari (VP), Head of Product Growth at KapanLagiYuniverse), Cahyanto Arie Wobowo (Head Marketing & Communications at Kredivo), Dian Gemiano, CMO at Kompas Gramedia, and Khalid Raheel, CMO at Amar Bank joined as expert panelists.

#GROWTHAsia 2021 Session 1 Segmentation

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This session will discuss the many practical and effective segmentation strategies that can make a big difference in driving customer engagement. This session also demonstrates the importance of having a strong segmentation strategy. It also explains how different industries use segmentation strategies.

These are the actionsable takeaways

  • Segmentation is a key engagement strategy for organizations. Organizations that segment effectively experience higher profits than those that don’t.
    Segmenting users is a way to give personalized experiences, rather than generic and spammy communications.
  • Start small by using unique preferences and behavior patterns to create your segmentation campaigns. Focus on the following: behavioral patterns, year-on–year aggregated consumer data and current preferences (at a granular scale), repeat behavior, purchase drivers, incentives that resonate with the audience, communication channel. Advanced segmentation can be done by looking at the user’s predicted lifetime value.
  • You can run targeted campaigns by looking at the user journey. Then, work backwards depending on your business goals.
  • The GDPR is the gold standard when it comes managing the fine line between privacy and personalization. Transparency with users, which must be a part of every organization’s DNA, is crucial.

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Experts Insights

Agnes Lie

  • The behavioral segmentation approach is the most sophisticated form of segmentation. It involves dividing audiences based upon how they behave on our platforms, from their in-app behavior to actual transactions.
  • This allows us to target more precisely and makes it possible for A/B testing.
  • This yields better results, as the treatment we give to users is based upon real data and not on presumed knowledge.
  • This allows us to combine behavioral data with predictive and deterministic modelling to achieve business goals
  • Segmenting users requires that you look at the product funnel journey to determine where traffic originated and whether it was acquired via big channels like TikTok or Facebook.
  • Before you dig into transactional or behavioral data, look at the segments of the channels.

Indina Andamari

  • We look at cash transactions of users and map out the customer journey to identify key drivers for each stage. Then, we prioritize users according to which group will have the greatest impact. This could be the pool’s size or the ones with the highest revenue. It is important to collect enough data so that you can make a more precise hypothesis.
  • To score demographics, geographical, and psychographic data, we use a data science model. The heat map is what we use to help us prioritize which segments to focus on. After collecting this data, we profile each segment in order to create a user persona. We then look at the segments to see if they have similar characteristics. Then we personalize messaging to test with a control group. This is where you test your hypothesis before making it a fully-fledged campaign.

Cahyanto Arie Wibowo

  • We have three categories of user data based on the data we collect:
    i) Demographic data, such as gender and/or age
    iii) behavioral data used to split our user action
    iii. Technographic data that shows which technologies are used by our users.
  • These factors are used to analyze our internal theme. To improve the features of your product, you can factor in metrics like usage frequency or time spent on-site.

Dian Gemiano

  • Because we all cater to different audiences in the media industry our segmentation strategies differ. We have three types of customers at KG media: the flyby, moderate and loyal. We study the content consumption habits of our customers to determine what content resonates with them most. We aim to make the fly-by customer more loyal and moderately loyal.
  • Advertisers are more passive. We look at basic demographics, consumption behavior and segmentation of purchase intent to help them understand their needs.

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Khalid Raheel

  • Segmentation is about looking at need-based segments (people who “need” a loan), but also taking into account outliers who may be ‘want-based users (for instance, someone who wants to purchase a second-hand smartphone and might be interested in a loan).
  • Segmentation at Amar Bank tells us what our Tg is. It is also important to understand what customers don’t want, and what they want.
  • Segmentation is essential. It is crucial to know what the need, necessity, and demand are at each stage of life. All three elements are constantly changing. Once you have the user data, you can start to create micro-moments that reflect the needs and benefits of the user.
  • Segmentation should begin with empathy. Understand what the customer needs in order to fill that gap. It is important to integrate the product backwards into a forward-integrated behavior, or vice versa.

Session 2 – Using User Insights for User Retention

Arijeet Rana, Senior Manager, SEA and MoEngage, Rajeshwari Kanesin, Innovation Manager at U Mobile, Joshua Tan (Head CRM at NTUC) and Vineth Kallarakkal, (Head Marketing at theAsianparent), moderated the session.

#GROWTHAsia 2021 Session 2 user insights

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The session focused on huge data volumes about user journeys and how these can overwhelm modern growth and product teams. It is important to avoid analysis paralysis and understand the key user insights that must be monitored, as well as how they tie into the overall goal of increasing engagement.

These are the actionsable takeaways

  • Customer retention is a key aspect of today’s business environment. One surefire way to achieve this is to leverage user insights to increase user retention. Product teams and growth teams often get lost in the mountains of user data and don’t know which user paths they should be following.
  • The real question is: What are the most important metrics for engagement that you should track and monitor? You can use the RFM model to guide your digital buyer journey.
  • However, user paths and journeys are getting more complicated. Businesses need to be able to identify the key user insights that they are trying to obtain, as well as key metrics to monitor engagement and create feedback between the lifecycle, marketing, and product teams. They must also analyze the warning signs for users who are about to become cranky so you can know the extremes of a user’s lifecycle on your app/website/anyother medium.
  • These valuable data can be used to increase user retention through referral programs, better personalization, optimal frequency of messages, building a community with like-minded users, and so forth.

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Expert Insights

Kushal Manupati

  • It is important to consider engagement metrics from both the perspective of the stakeholder as well as across different stages.
  • With the multitude of channels and users having their own preferences, the user journey is becoming more complicated.
  • A lifecycle framework is essential to determine the life stage of the user, where they want to be, and the relevant KPIs for each stage. A robust tool can help you achieve this and many more.

Rajeshwari Kanesin

You should have separate user journeys for different users to be able to classify them as trusted, verify them and ensure that your user data is accurate. The data can then be scored accordingly.

Joshua Tan

  • Before you can understand which engagement metrics to look at, you need to first identify your North star goal.
  • Next, consider what the job of each channel is to achieve that goal. Then look at how users interact with the channel to determine the engagement touchpoints you really want to capture.
  • It is important to consider not only what engages customers but also what disengages them.

Vineeth Kallarakkal

  • Your engagement metrics will vary depending on which channel you’re measuring, whether it is an app or a site. It is also important to consider how you cater to different user segments. It is also crucial to determine what metrics are most relevant for your user segments.
  • Because users’ needs change at every stage, you need to create user journeys and map them out. A path can be tailored to different users and ensures that your product is well-received by them.
  • To assess the risk of churning you should first examine the usage patterns and determine if there is any decreasing trend in the use of your product. Learn more about why engagement has dropped.

Session 3 – Building the Best-In-Class Customer Engagement Technology Stack

Scott Pugh (APAC Director at Mixpanel), Bibaswan Banerjee, Mark Birch (Startup Advocate APJ, AWS), Khairold Sfri Ibrahim (Digital Products Manager, TM) and Dr. Raymond Chan (Head, Data Science, Chope), as experts.

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Session 3 building engagement stack

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This session brought together subject matter experts to discuss the evolution and design of customer engagement technology stacks.

These are the actionsable takeaways

  • Modern customer engagement has seen a paradigm shift, and new technologies and tools have been created to give brands the cutting-edge they need.
  • No matter if you are a startup or a telco company, every company must decide what tooling is best for them at each stage of their lifecycle. The customer engagement stack must be continuously monitored and updated.
  • It is crucial to hold tech providers accountable and maintain a constant dialogue. Consider technology as an extension to your team when you buy it.

Expert Insights

Bibaswan Banerjee

  • We are always trying to solve the biggest problem, which is how to connect things. It can be dangerous to work in silos of technology. Why? It paints a partial picture. It is important to use a constantly-evolving tech stack to make sure that they all talk to one another properly.
  • Look for tech stacks that offer customization and scalability. Big providers have the ability to provide a solid foundation through cloud-based solutions. This could be the foundation. Next, you should add layers that are specific to your business. To be more flexible in customizing your solution, you can leverage a hybrid stack.
  • It is important to strike a balance between what can be taken over from third parties and what parts you need to be highly agile so that you can do it in-house.

Mark Birch

  • Startups in the early stages should concentrate on their core product. They also need to focus on getting the right features.
  • When choosing the right tech stack, you must not compromise the uniqueness or differentiation of your product. Look for solutions that don’t require you to create your own analytics.

Khairold Safri Ibrahim

  • The first thing you should ask when deciding on a tech stack is whether it is necessary at all. Also, do you need to automate these integrations or can they be done manually?
  • You will also need to change the culture within your company in order to encourage people to try new things.
  • It is important to keep your stack of tasks simple. Do not try to do it all at once. Instead of focusing on technology, modeling, or other aspects of the business, start with customers.
    The framework.
  • We discovered that attractiveness is only half the story. The other half is how it works within the company’s context–taking into account the culture, openness to new technology and the availability of resources.

Dr. Raymond Chan

  • Our engagement stack was primarily driven by the need to learn how to personalize search and recommendation. This is why we use event tracking tools to track individual behavior.
  • Here’s how it works: We collect a lot of data and then store it in data warehouses. The models are then used to predict the interests of users. The app then integrates this information back into it, so that our tech style is optimized.

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Session 4 – Recalibrate and Recover. Reopen. Recovering from the Pandemic

Ronen Mense, President and Managing Director of APAC, AppsFlyer moderated the session. A panel was comprised of Lakshmi Harikumar, Dyah Wulandari, Marketing Director, SEA and MoEngage, and Alicia Vo, User Acquisition Lead, Amanotes.

Session 4 bounce back

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This session will discuss what it takes for businesses to recover, recalibrate and reopen after the pandemic. This session summarizes how the pandemic has increased the digitalization of businesses over the past several years, and addresses the important questions:
i) How can businesses recalibrate?
ii) Should businesses recover?
iii. What’s next in digital marketing when regions reopen fully?

These are the actionsable takeaways

  • The AppsFlyer & iPrice report shows that overall online spending in SEA rose by 19% in 2020. People who have never purchased online are now more open to shopping online. The pandemic has increased the speed of digitalization in businesses, not just by a few weeks but over many years.
  • Businesses need to rethink their marketing strategies and see if every industry and segment behaves in the same way. Mindful marketing is about being happy and not insensitive to people’s feelings.
  • Each brand may have its own reality. However, the common theme for the future must be ‘positivity’, ‘agility’, and ‘adaptiveness’.

Expert Insights

Lakshmi Harikumar

  • Brands that are successful differentiate themselves from others by being agile in adapting their business models is what makes them stand out. This meant that mobile was not only considered as a channel, but also as a business model.
  • Jimmy, an Australian client, is a good example. He’s in the online delivery of alcohol. Given the increasing demand from consumers, he quickly added toilet paper to their entire inventory. This is how brands can be flexible and remain relevant over the long-term.
  • A report we published recently shows that one of the major trends in this pandemic is digital and mobile adoption. Organizations that are not digital were forced to adopt mobile or digital technologies. Additionally, organizations that were digital were required to reinvent themselves in order to stand out from the rest.
  • Businesses need to be innovative partners, make changes in their business models, and communicate openly with customers. It’s about being one with customers and being transparent about your business. Let’s say, for example, that your supply chain is down and orders may be delayed. Businesses will be able to communicate this information with greater transparency, which will strengthen their image and quality.
  • For obvious reasons, there has been an increase in marketing budget. Brands want to keep their voice heard and don’t want to lose the momentum they have built over the years. Paid activities also have an impact on organic traffic. They want to maintain brand positivity.

Dyah Wulandari

  • Businesses must be flexible and focus on the short-term (say, for the next three month) instead of long-term planning. They must also be positive and refocus their attention on “maintenance people”, which is the greatest asset of the company.
  • Our marketing strategy is to balance user needs from the discovery phase to the point when they make a purchase. We are providing enough information in our apps for users to be able to make informed decisions when they reach the ‘consideration phase’.

Alicia Vo

  • We have created lighthearted, cheerful, and warm campaigns that revolve around the “stay at-home” theme. However, we are also sensitive to the stress and anxiety that users are constantly exposed to. We make sure that our messages are not serious and encourage our users to use our apps as a way to escape.
  • We need to build a solid foundation with industry partners. To create a supportive business environment and to offer mutual support.
  • Communication and coordination between various stakeholders can improve the efficiency of your business and provide positive opportunities for the future.

MoEngage adopted a Culture of Care in order to deal with the pandemic

MoEngage adopted a Culture of Care in order to deal with the pandemic

MoEngage has been promoting employee wellness for more than a decade. We have taken steps to provide care and wellness programs to all our team members, across the country as well as in other countries. We have made so many investments in the safety and wellbeing of our employees. We also experienced the second wave of severe hardships, which affected many of us in our community. We have dealt with the situation in our own way. We have learned to embrace empathy during these difficult times. All that we do will be done through the lens of support and care. The top concerns are health, financial security, and job safety. What an organization does now to its employees will make a lasting impression that will be remembered for many years.

 

These are some of the MoEngage measures for this year.

Extended Remote Work until October 2021Each of us can stay safe indoors, care for our families, and have flexibility and independence.

Vaccination Support & Reimbursement:We are still working with

  • Our team was able to book free vaccination slots at multiple locations across the country through our health and wellness partner.
  • This reimbursement model allows people to get inoculated without the Health Partner’s permission. It will reimburse 5 family members (including the team-member) and allow them to continue to get their costs covered.
  • All team members must be vaccinated by local authorities or hospital partners in major cities

To provide video consultations for free, tie-ups with medical professionalsOur team members can get online help from doctors, and are treated for COVID or other conditions virtually. All members of our team have instant access to doctor consultations.

 

 

Salary payments in advanceAndCashoutsAll team members have been provided with medical insurance to cover their expenses.

Paid recovery leave:For employees who have been diagnosed with COVID, they are entitled to up to 14 days paid leave to allow them to focus on their recovery.

Wellness LeavesTo help members recharge, it is important to focus on family and self-care. Some other changes to our work methods include flexible meeting times and no-meeting Wednesdays.

All Home Office Setup AssistanceThis document will help you to make it easier to set up the infrastructure for your home office.

Employee Assistance ProgramOur Health Partner will allow our team members to access a Health Coach, Nutritionist, General Practitioner consultation, discounts on medicines, stress and burnout consultings, and more!

 

 

Ex gratia Payments:Any member of our team who is diagnosed with COVID-19 will receive ex-gratia payments equal to two years salary and a voluntary contribution from our team.

COVID Task Force and Support GroupThey were created internally to assist our team members in obtaining hospital beds, oxygen supplies, and medicines in all cities during peak times. They help to monitor the response strategies of our members, their families, and friends during the pandemic.

Wellness EngagementsOur wellness partners work throughout the year to engage our employees across the globe and promote a healthier lifestyle. We can even get them together for yoga or guided meditation sessions, COVID awareness sessions, COVID awareness, or even a Bollywood theme dancing party to keep the spirits high.

 

Our greatest asset is our team members. A culture of care makes a difference in their lives. We can overcome this crisis together by maintaining a constant communication, effective change management, leaders who lead from the front, daily checks-ins, empathy and flexibility. We realized how important it was to be healthy and well-being-mental and physical-as we dealt with this pandemic and its aftermath. When we were named as one of the top responders, a lot of what we did for care was recognized.Top 25 Highest Rated Company to work for by Battery Ventures and GlassdoorLast year.

We are looking for people who care about you and your family. Do check our open opportunities and let us know what you think.

We won’t be returning to work for at least the next half year, as much as we would like to. We are going to take this opportunity to make sure everyone is happy and healthy by creating a culture that promotes care and wellness.

Data is the new gold: How consumer brands in Southeast Asia are winning with insights-driven engagement

Data is the new gold: How consumer brands in Southeast Asia are winning with insights-driven engagement

According to them, a business has only two functions: marketing and innovation. The evolution of the former over the last few years has been a boon to consumers around the globe. The modern customer expects and demands a personalized, enjoyable, and value-oriented experience.

It is the only way to be successful in today’s digital-first world. This has been proven by savvy brands. It begs the question, how can brands achieve such sophistication in their customer engagement practices? insights-led interaction is the answer.

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Insights-led Engagement is a business framework that uses data to guide customer engagement decisions. Analytics to predict and analyze user behavior. Personalizing communication and content based upon these insights. Then, data-driven engagement is orchestrated. Finally, a focus is placed on retaining users via an omnichannel strategy.

These are just a few of the many reasons insights-driven engagement is so important for digital-first brands.

  • This helps you to engage users in a more personal way than the spray-and-pray approach that many brands have used for a while.
  • Customer loyalty can be improved by building relationships with prospects and customers.
  • Your brand will have a personable personality that can relate to and converse with your audience.

This is only the tip of an iceberg. Brands who use insights-led engagement to grow their businesses have experienced 29% more growth than brands that have not yet tried it.

Framework for Insights-led Engagement at a Glance


Image source : MoEngage

MoEngage customers often follow the four steps shown above to engage in insights-led ways. Let’s dive into each step:

To predict the behavior of your customers, analyze your business data

The first step in the insights-led engagement funnel is also the most crucial. Leading consumer brands’ product managers and marketers use powerful analytics to gain a 360-degree view of their customers to better understand them and predict their behavior.

Here’s Rajeshwari Kanesin (Innovation Manager at U Mobile), one of Malaysia’s top Telcos, shares his thoughts on how to analyze data for user insights in a panel discussion with MoEngage

“When we first started, we looked at the RFM model in order to analyze customer behavior. The RFM model was not the best way to contextualize today’s digital experience. We have used the model at all points of the customer’s journey. We have now run hundreds of campaigns using the insights we derived em>

Personalizing the preferences and behavior of users to improve recommendations and offers

Based on the information you have gleaned by analysing customer data, personalize your user’s experience beyond hygiene. Your customers deserve a contextual, relevant, engaging experience. This starts by listening to their needs and making an effort to accommodate them. This is an essential step in your brand’s efforts to establish a reputation as a brand that meets users’ expectations.

After you’ve put in the time and effort to create a solid foundation for personalizing the user experience (building the infrastructure, setting the tools up etc. ), the results will be amazing. You will begin to see the benefits of your investment in customer engagement and a significant increase in ROI.

Engage with customers through multiple touch points

The next step in the framework for insights-led engagement is brand engagement. Brands orchestrate data-driven omnichannel users journeys, increase user reachability across multiple communication channels and optimize the performance of engagement campaigns with technology like machine learning.

Kushal Manupati (Head of Digital at Zilingo), a leading Southeast Asian eCommerce platform, made an interesting observation during the panel discussion.

The user journey is getting more complicated with all the channels available. Users also want to be reached in specific channels, and to have their own affinity for certain channels. To add value to the user we must understand the life stage of the user and the destination you want them to be in. This is the point from which all marketing decisions are made.

This is the best place to begin the crucial third step.

To combat churn, create omnichannel engagement campaigns and win back users

Brands must not only acquire new customers but also keep existing customers loyal and active. They also need to increase their CLV as much as possible to grow at breakneck speeds. This is often impossible to believe.

Marketers need to make sure that they focus on creating multi-channel, personalized campaigns to win back lost users, prevent them from leaving, and so forth. This is the final step of the insights-led engagement flywheel.

How top Asian brands use Insights-led Engagement

MoEngage is used by hundreds of brands in Southeast Asia to enhance their customer engagement strategies. This is how some brands helped to prove the value of this emerging art and science for consumers brands.

1. Mamikos boosts room rental bookings by 20% using MoEngage Analytics

Mamikos is Indonesia’s most trusted and popular room-rental app. It was founded in 2015 to provide easy, reliable, and trustworthy room rental services. Mamikos provides detailed information about Indonesian cities and offers accommodation management services. Over 2 million people have used the brand’s long-stay rental rooms.

Their inability to provide feedback on user behavior via their website and app was a major problem. They were therefore sending out generic information about available properties to their users. They wanted to change to a more personal approach to engaging users.

Mamikos’ team was able to use MoEngage to dig into funnel data to identify two stages of the user journey with huge drop-offs. These were the add to favourite’ stage and the booking’ stage.

Mamikos was able to use this information to modify its generic communication strategy to make it more relevant and personalized. Read more here

2. Blibli increases repeat purchase rates by 43% through the use of customer data

Blibli is an Indonesian e-commerce portal that offers a single-stop shopping experience. More than 20,000 products are available under 16 categories, including groceries and fashion, gadgets and home decor as well as automotive and car products. You can also get travel packages, vouchers and utility bill payments.

Blibli had micro-moments when its users made purchases or added products to their wishlist. The brand’s team could not engage the users with relevant product positioning by using other product categories.

The Blibli team decided that they would analyze active users to run campaigns using the MoEngage platform. They were eventually able to increase repeat purchases by existing users and make new purchases from new customers. Read more here

3. Luxstay Sees a 60% Increase in Engagement Rate by Segmentation and Personalization

Luxstay, an online platform for short-term rentals and a hospitality service, was established in 2016. These service providers are here to help homeowners make independent travel easier and increase their property’s value.

The company’s marketing team had a basic engagement strategy. They were using a marketing automation platform. This platform was not perfect. The brand experienced inconsistent segmentation and siloed channels. There was also no engagement.

To increase user engagement, the team devised strategies to improve behavior understanding and personal communication. Luxstay used the MoEngage platform for custom segmentation and personalized engagement. This resulted in a 5X increase of conversions and a 1.8X rise in MAUs. Read more here

 

4. Kredivo used MoEngage Automated flows to influence conversions by up to 40%

Kredivo allows ecommerce buyers the ability to apply for credit instantly and have it paid back over time. Kredivo merchants can offer Point of Sale financing to all buyers by using a 2-click checkout. Kredivo has grown to be one of the most popular and trusted digital payment channels for ecommerce Indonesia in less than three years.

Today’s online shoppers use at least two devices to make purchases. Kredivo was determined to stay with them every step of their journey.

Kredivo used MoEngage to implement an omnichannel engagement strategy that engaged and converted new users. This resulted in a 20% increase in push notifications’ delivery, and a 64% conversion rate when triggered emails were sent. Read more here

Engage in Insights-Led Ways

Marketers are often asked the question, “Is a new method just a fad?”. Are you merely a bandwagon expert or are there scientific principles behind the new approach?

Insights-led engagement is, fortunately for you, the former. It relies on data to drive business decisions and is therefore based on quantitative proof rather than intuition or hunch. You can learn this art as a marketer, or brand, while it is still in its infancy, and gain an advantage over your peers and competition.

 

MoEngage and Apxor: Develop persuasive campaigns for adoption and onboarding

We are pleased to announce our partnership with Apxor. Apxor is the first global no-code mobile app adoption and growth platform. This partnership will allow you to create more persuasive campaigns, by linking your onboarding and adopt activities to in-product messaging.

What is Apxor?

Apxor helps product managers and growth marketers set up and run product experiments easily without creating a dependency on release cycles. To find the best product for your users, you can monitor and analyze campaigns. Apxor allows you to create smart nudges such as tooltips and coach marks. This allows you to create onboarding walks, product tours and contextual new feature discovery nudgings.

How to use Apxor and MoEngage to onboard and adopt

Use MoEngage to bring people to your app via push, email, SMS, or social, and Apxor to guide them through the optimal conversion path via nudges, tutorials, and more. To optimize your onboarding, adoption and marketing activities, analyze campaign data from MoEngage or Apxor. These are just a few examples of how this partnership is being used:

Personalize your onboarding journey

MoEngage allows you to find out how many people have downloaded your app, but not yet opened it. To encourage users to download your app, create a segment and send personalized push notifications. After they have logged in, Apxor will launch tutorials to help them understand your value proposition and highlight your key functionalities.

For example, take a food delivery service that uses MoEngage segmentation to identify users who have dropped off and not yet placed a order. This app can send out personalized push notifications (via MoEngage) to bring users back to the app, and then use Apxor to launch onboarding tutorials taking them through the most exciting food items.

Bring your users to the app and take them through an engaging journey

Users should be moved down the funnel

Use MoEngage’s user path analysis to find out where your users are dropping off the most, indicating that your users could need some extra information at this stage to proceed forward. Apxor can be used to fill this gap. It provides contextual nudges to give your users information, motivating them to take the next step.

Consider a retail app that detects high drop-offs during checkout using MoEngage’s user path analysis. The app could then show users a contextualized nudge using Apxor, saying ‘No Shipping Charges for your area,’ incentivizing them to check out.

Identify drop-offs and onboard them with contextual campaigns

Keep users who are likely to convert and keep them happy

Use MoEngage’s predictive segmentation to identify users who’ve been hibernating for too long and are most likely to churn. Send them an email or SMS announcing new features, the latest arrivals, or changes in subscription plans. Use Apxor’s coach marks or in-product tooltips to introduce them the latest updates.

An EdTech app could use MoEngage predictive segmentation to identify students who haven’t been to a course for a while. This app can send out an email announcing an exciting new course and then set up coach marks using Apxor to introduce them to the new courses.

Create campaigns for adoption using smart nudges

Cross-sell and upsell using targeted recommendations

Analyze your user’s behavior with MoEngage to identify purchase trends and champion customers. Personalize your messages with MoEngage, and use Apxor to deliver them at the right moment, encouraging them to discover upsell or cross-sell benefits.

For example, a BFSI app could use MoEngage’s behavioral analysis to determine which users are most likely to invest with mutual funds. Send these users contextualized recommendations via Apxor, encouraging them to start investing instantly.

B2B Sphere: Trust, Rewards, and Risk

B2B Sphere: Trust, Rewards, and Risk

You are here:

Isabel Montesdeoca VP, Group Director, and Ian Bruce Principal Analyst

Show notes:

Trust is often viewed in the context of the consumer — trust in brands, institutions, and the government. It is also crucial in the B2B space, where purchases can have major consequences. This week, Isabel Montesdeoca, Group Director and VP, and Ian Bruce (Principal Analyst) explain how trust works in B2B and what companies can do to improve it.

B2B buying relationships are different from consumer transactions in that trust is a key component. B2B buying relationships are based on a risk-reward calculation. The greater the reward or risk associated with a purchase decision, the more trust you have in that factor.

Montesdeoca states that the risk you are taking is not only for yourself but could also be mission-critical. This is a significant weight that must be considered. If you find a solution that increases your efficiency and competitiveness, that’s a huge reward for making the right decision.

B2B companies do not all build trust the same way. Certain aspects of trust are more crucial in certain industries or situations — for example, accountability might be important while empathy and transparency might be vital in others. It is possible to increase the trust level of your buyer by knowing which dimensions are most important.

These analysts will explain how to find these dimensions and use that insight to build trust. The analysts also discuss the many benefits of trust investing, such as higher buyer status and greater ability to rebound from mistakes. Listen to the episode for more information.

The supply chain trust is being abused by our adversaries: They continue to use our tools against us

The supply chain trust is being abused by our adversaries: They continue to use our tools against us

I think that GLaDOS, the evil AI from Portal, was trying to convey the importance of security through her song “Still Alive.” Portal’s fictional artificially intelligent computer system sang “But there’s not sense crying over every error.” It’s just a matter of keeping trying until you’re out of cake.” She was probably referring to how we are our worst enemies because we trust our supply chains until there’s nothing left.

Our trust is so great in our systems, vendors, partners and vendors for software deployment, monitoring network performance, patching (both software and hardware), procuring software/hardware and many other tasks. One such system was used to attack thousands of companies in a ransomware attack.

This attack targeted Kaseya VSA IT Management Software. It was intended to enable IT administrators to monitor and automate routine tasks, patch systems, and deploy software. An attacker was able to exploit the zero-day vulnerability to gain access to customer instances of Kaseya VSA IT Management Software and then use its native functionality for ransomware deployment to these customers‘ endpoints.

Managed service providers (MSPs), who use Kaseya software for managing their customer environments, compound the problem. The ransomware was spread to customers by the MSPs after the Kaseya software was compromised.

This is just one example of the many ways attackers abuse trust in unique and unusual ways. IT professionals and security experts alike are left wondering, “Why hasn’t this happened sooner?”

Attackers are getting bolder

Ransomware group REvil is getting bolder. It is clear that an attack such as the one against Kaseya was planned and designed to inflict maximum damage on the largest number of targets. They boasted about infecting over a million devices and demanded $70 million ransom immediately after the attack. They promised that the decryptor would work for all affected organizations if one company paid them.

This highlights a worrying trend that we are seeing: Attack targets shifting away from specific organizations to exploit platforms like Kaseya and SolarWinds that allow multiple organizations to be affected. The attackers continue to study the tools we rely on in order to exploit the native functionality to execute attacks. This attack took advantage of an older version of Microsoft Defender, which allowed sideloading other files.

Software is vulnerable all the way down the chain

Let’s be real. We don’t know what this thing is. You can just put it in the corner and I’ll deal later with it.” — GLaDOS

All the tools that organizations rely on — such as tax software, oil pipeline sensors, collaboration platforms, and even security agents — are built on top of the same vulnerable code, platforms, and software libraries that your vulnerability management team is screaming from the hills to patch or update immediately. | All tools used by organizations — including tax software, oil pipeline sensors and collaboration platforms — are built on the same vulnerable code platforms and software libraries your vulnerability management team is screeching from the hills to update or patch immediately. }

Both organizations and their suppliers must hold vendors, partners, and other parties accountable for the security vulnerabilities in the software they’ve created. They also need to understand the risks they are taking by deploying the software within their environment.

You can run faster than the next guy; take defensive steps now

Allie Mellen (our blog Ransomware: Survive by Outrunning the Guy Next to You) and I discuss ransomware protection. We talk about how to harden systems so that your organization is a difficult target. By exploiting trust in systems, supply chain attacks can bypass defenses. You must examine the trust that you place in your supply chain to protect yourself from them.

Organizations should begin by taking inventory of key partners who have a significant presence in their environment. This could include vendors that provide collaboration/email, MSPs responsible for monitoring and managing infrastructure, or security providers that might have agents deployed to all systems. Once you have compiled your list, the next step is to:

  • Ask your partners about the preventive measures they are taking to stop you becoming another victim of a destructive attack. Ask about the gating process used to push updates to your environment. How does the solution provider validate updates before pushing them? Also, ask how they assess code for vulnerabilities.
  • Ask if they have the right processes and architecture to stop the kind of lateral movement that we witnessed with the latest attack. Ask them how they protect their environments, including their update servers. Ask for third-party assessment or audit results.
  • To find out which contractual responsibility your partners have for keeping you safe from ransomware or malware, review your service agreements. If you are the victim, understand your rights to seek compensation if they use their systems as delivery vehicles.

Forrester addressed third-party risk in its top recommendations for the year. We also recommend that organizations take proactive steps to implement the prescriptive ransomware advice, as well as look at the additional ransomware resources that we have collected to reduce the attack radius.

What is the Financial Well-Being Spectrum in Singapore?

What is the Financial Well-Being Spectrum in Singapore?

Singaporeans were already struggling with multiple financial issues before the COVID-19 pandemic. Many felt anxious about their financial future. Consumers’ finances have been further affected by the pandemic, many feeling less confident and able to manage their finances in the future.

Financial well-being doesn’t mean having a certain amount of savings or investments. It is about people feeling confident that they can manage their finances day to day and plan for the future. Financial security can be defined as whether a person is able to pay their bills on schedule or save money for an unexpected medical expense. Others feel financial security is having enough money to sustain their lifestyle until the end.

Financial services firms are focusing more on customers‘ financial well being. They’re trying to understand customers’ financial needs better and create products and services that can help them reach their financial goals. Forrester’s Financial Wellbeing Segment allows firms to better assess their customers’ financial resilience and attitudes toward their financial situation.

Segmentation of Forrester’s Financial Well Being

Forrester's Financial Well-Being Segmentation

Four distinct financial well-being segments for Singaporeans

We surveyed 1,130 Singaporean online adults in 2021 to help financial service firms better understand their consumers’ financial well-being.

  • Security Seekers account for thirty percent of Singaporean customers.Although they don’t live from paycheck to paycheck, security seekers are concerned about their financial future. Their top financial concerns include managing their finances, investing, planning for retirement and how to invest. 28% feel uneasy about their finances while 26% feel secure.
  • 28 percent of Singaporeans are Carefree Spenders.The Carefree Spenders are able to live from paycheck to paycheck and not worry about their financial future. They lack the knowledge and skills to plan for retirement, save money, and invest. They still consider their current financial situation to be stable and comfortable.
  • Twenty-five percent are Singaporean consumers Spending Stretched. The Stretched Spenders are those who live from paycheck to paycheck and worry about their financial future. They face the biggest financial challenges in managing their money, investing, and paying for daily necessities. Sixty-two per cent of respondents feel overwhelmed by debt and 73% claim that it negatively affects their ability to pay their bills. They described their financial situation as uncertain, stressful, and anxious when asked.
  • Cushioned Savers account for 19% of Singaporean customers.The cushioned saver doesn’t have to live paycheck-to-paycheck and is not worried about their financial future. This group is not subject to financial hardships. They still face financial difficulties, including planning for retirement, investing and buying a home. Most Cushioned Savers consider their current financial position to be stable and comfortable.

In the current climate of uncertainty, it is easy to understand why Security Seekers are higher than others. Singaporeans are being more cautious in saving and keeping an eye on their finances, and many have started to save for emergency funds. COVID-19 has ruined even the best-resourced retirement plans. Even for those who don’t live hand to mouth, and have built up savings over the years, it can be difficult to plan for the future or know how to invest.

Firms can use these four segments to map their customers and gain insight into financial habits, behavior, and interest in specific financial management tools, advice, or services. Financial services firms can better tailor the financial experience of their clients by understanding their customer segments.

Our upcomingAPAC Financial Services Webcast Series 2021In this session, I will show you how to create a more relevant segmentation system that improves the financial well-being for your customers. This topic will be discussed in my session on the 28th of July. Register herehttps://go.forrester.com/apac/financial services/

 

We Built Shop

Shop was created to strengthen your relationship with customers on the phone. We’ll be sharing more details in future blogs about the strategy behind Shop, our first consumer-facing app. We’ll be answering the following questions: Why did we make Shop an app? How does Shop work with your business?

Shop is an app.

You might see trends in the ScreenTime feature of your Android or iPhone. We spend more time using a few apps than we do browsing the internet, so social networking and shopping apps are increasingly important drivers of commerce.

This is also reflected in Shopify’s metrics. We’ve seen a 275% rise in traffic to Shopify over the last four years. This is despite people leaving online shops and landing at checkout. Apps are the most popular way to discover and buy. However, it can be costly to use apps to drive traffic and build one yourself. The Shop app is a free channel that allows merchants to secure high-value real property on their customers’ phones.

Imagine your store being the third most-popular shopping app in America. Shop makes it possible.
Shop is the personal shopping assistant of your customers, and this makes it the best shop in town. It simplifies and improves customers’ cart-to-home journeys in all their favorite stores. Shop’s app is unique because its features aren’t only convenient but also meaningful. ShopPay is faster and safer to shop safely. It also offsets carbon emissions by planting trees free of charge. Customers are less likely not to miss a delivery with real-time order tracking that includes push notifications and a live map view. Shop has been able to earn its place in the top 100M smartphones and app store leaderboards thanks to these thoughtful touches.

How Shop works for (and with) your business
Shop helps merchants provide a better cart-to-home experience. Shop also makes it easier to drive repeat and new purchases faster with easy remarketing opportunities. Shop gives merchants the ability to create store profiles that Shop users can use to search for new products and deals. We already see that 9 percent of Shops tab users click to see merchant profiles and product recommendations in greater detail. __S.30__

Every merchant who wants to grow their business must be able to drive targeted discovery and rediscovery. It can be five times more expensive to acquire a new customer than it is to retain an existing one. Marketing Metrics shows that conversion rates for existing customers are between 60-70% and 5-20% for prospects. Shop helps merchants level the playing field by increasing brand visibility in an app and facilitating discovery through the app without having to build one.

There are many options for shopping

Imagine being able to notify customers instantly about a flash sale or product launch. The Shop channel allows for valuable, timely and exciting interactions with customers. We’re only just beginning.

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Facebook Pixel: How to Make Better Facebook Ads For More Conversions

Facebook Pixel: How to Make Better Facebook Ads For More Conversions

Facebook advertising can be confusing if you are like me.

Its features make it an extremely powerful advertising platform. However, they can also be complex. Pixels were one of my frustrations.

Most advertising platforms use pixel technology. These cookies are used to track visitors to your website and allow you to advertise to them later. This is sequential targeting. The Facebook Pixel can be used to track past visitors’ behavior and to advertise to them again.

This walkthrough will explain what the Facebook Pixel is and how to create one. It also explains how to use it to increase conversions and improve ROI for your ads.

What is the Facebook Pixel?

The Facebook Pixel allows you to monitor the actions of your visitors on your website and measure how effective your Facebook ads are.

The Facebook Pixel is a code piece that tracks events:

  • Page views
  • Add to cart
  • Purchase
  • Scroll down
  • Time on the page
  • More

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Facebook Pixel allows you to optimize your ads and ensure they reach the right audience. The pixel can also be used to enhance your Facebook Retargeting. This allows you to remarket to people who have visited your site or performed a desired action.

The Facebook Pixel allows you to better understand your ads’ impact by learning what people do with them after they have been seen. This allows you to reach people who are more likely take action such as purchasing a product.

What is the Facebook Pixel?

Facebook had a custom audience pixels to retarget website visitors, and conversion pixels to track website conversions like sales. Each advertising account could only have one custom audience pixel. However, you could create multiple conversion pixels for each website you wanted to track conversions.

While Facebook pixels can be confusing at times, they make advertising on Facebook more effective. They not only tell you who your ads are being targeted, but they also give you an insight into how your Facebook advertisements perform. These tools can be used to improve the effectiveness of your advertising messages, resulting in a higher return on your advertising dollars.

Facebook simplified the process in 2015 by creating a single Facebook Pixel that could replace all the older ones. This makes it the only tracking device you need. In 2017, the Facebook Pixel was updated to make advertising easier and more efficient. This added more tracking such as button click activity, page metadata, and other information.

Six steps are required to make the Facebook Pixel work:

  • Install the pixelAll things start with adding a small piece of tracking code to your site.
  • Gather insights.You will start to receive insights about your site visitors such as their origin, device, and other demographic information.
  • Examine your behavior.You can see how visitors interact with your site, whether they visit a product page or add something to their shopping cart.
  • Create audiences.To create pixel events, you can use the data from pixel.Facebook Custom AudiencesAdvertisements that target specific audiences and lookalikes.
  • Optimize biddingTo spend your budget efficiently, take advantage of the lowest-cost bid strategy.
  • Analyze the events.To determine the best Facebook advertising strategy for your company, you must evaluate conversion events.

Don’t be overwhelmed by all the talk about Facebook pixels and conversion tracking.

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The Founder’s Zodiac: Five Personality Traits for Successful Entrepreneurs

The Founder’s Zodiac: Five Personality Traits for Successful Entrepreneurs

Stargazers, as we approach the summer solstice which is a time for self-reflection. What is your vision of the future? What is your purpose How can you leverage your strengths to help you achieve your goals?

Let’s take a look outward. Recent events have changed the world forever. It is important to think about how we move forward. Is your vision of your future in alignment with this new reality? Let what you’ve learned help you make the right decisions if your dream is to open a business.

There are many routes to business ownership if that is what you want.

We asked ourselves “What makes an entrepreneur?” Two traits emerged when we looked at the definition: they have dreams and they follow them. What makes someone an expert at managing a business? Are there positive entrepreneurial traits that make them successful?

It depends. Although risk tolerance is a key trait for many business owners (we see you Firestarter), it is possible to still achieve success even if risk is not your forte. Perhaps you are the meticulous Cartographer who runs through every scenario and has a plan for each one. There are many routes to business ownership. The fastest route might not be the best. You should choose the path that suits your strengths.

This month’s Founders Zodiac will focus on five traits that make successful entrepreneurs, and the Founder Sign that embodies them. We will also discuss how to focus on strengths rather than weaknesses. We’ll share inspiring stories of entrepreneurs who have this trait in each case.

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Jump toYour type:

Firestarter: Feature Sign

Illustration of The Founder's Zodiac sign, The Firestarter Top Entrepreneur characteristic:Acceptance of risk

Other strengthsPerseverance and competitiveness are key to persuasiveness.

Develop your skillsPlan

The Firestarter, which has been, in ancient rituals, celebrated as a festival for fire, is our sign-of-honor this month.

Firestarters are open to taking risks and stand out from your peers and competitors. You may be more agile because you can jump on an idea quickly and not worry about its outcome.

Entrepreneurial journeys are full of risk.

There are many points in an entrepreneur’s journey where risk can manifest itself: leaving a stable paycheck, investing your savings, signing a lease or hiring and delegating. These are the points where risk-averse colleagues may get stuck. Firestarter, you are not at risk. They’ll either crash and burn, or you’ll leave them in their dust. Either way, you’d choose stagnancy over it.

Risk management is your job

You are likely to be bold and daring if you think of yourself that way. You likely have a high tolerance for risk, which is a plus when it comes to attracting investors, growing your audience, and hiring new employees. You can build trust by taking small risks and accumulating the wins. If you have a history of failure, this is where risk can come back to bite you. You may lose your reputation, even if you are able to get up and try again–which we know you can, Firestarter. You can take risks, but if you continue to sink, reconsider your strategy and partner with someone who is complementary.

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Note: Firestarter

Edwin Broni Mensah was on the right track to a successful career in investment banking, while finishing his PhD . He also pursued aggressive fitness goals. The problem was that it was difficult for him to keep his water bottle full while working out. Edwin decided to fix the problem in Firestarter style and quit his dream job. He decided to take a chance and pursue an idea instead of his career path.

Edwin took a risk to launch his business—and it paid off. GiveMeTap

Recommendation:Edwin’s company GiveMeTap produces reusable water bottles and an app that shows you where to refill them. A portion of the profits goes to clean water projects. The company has supplied clean water to more than 50,000 people in Africa.Read Edwin’s story.

The Trailblazer

Illustration of The Founder's Zodiac sign, The Trailblazer

The top entrepreneur trait:Passion

Other strengthsYou are a versatile, determined, and creative person.

Develop your skillsDiscipline

Trailblazer – You lead with your heart. Your authenticity is often the key to your success in business. People will rally behind your cause and buy your products because they believe in what it is. Your business is an extension of yourself. You follow ideas that make you smile, and that helps you stay motivated even when things get tough.

Passion is your best asset

Your story is important! Many people don’t choose the same lipstick, white shirt, or candle, but they do so because it isn’t random. They are making a conscious decision to support the brand. Although it may be due to price or availability it is often the brand’s values, mission and story that makes it stand out.

People support you because they don’t just buy your product. They also support what you do and why you do it.

Trailblazer supporters aren’t just buying your product; they’re also buying what you do and why. You can use storytelling to your advantage on your About Us page, product packaging, and social media. Your voice should be incorporated into the copy. This will allow you to place your brand’s face front and center. When your authentic self shines, you’re an influencer.

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Recommendation:Partner in business and in life, Katie Bartlett was accompanied by Kyle Wilson. They traveled the globe, tasting the sights and smells of each destination. Their passion for chocolate made them appreciate the art of making it. Soul Chocolate became their business.Learn their story.

The Mountaineer

Illustration of The Founder's Zodiac sign, The Mountaineer

The top entrepreneur trait:Vision

Other strengthsMotivation, optimism, and people skills

Develop your skillsFlexibility

Mountaineer is a clairvoyant. Your future and goals are so clear that you can almost see them in your hands. As a business owner, vision is a valuable asset. You are skilled at anticipating trends and implementing these predictions. Your vision is what keeps your business on the right track to your ultimate goal.

Vision can make your life easier

It is important to set your goals at the beginning of your entrepreneurial journey. This will keep you focused. You must be flexible in your approach. Your plan will be carried out, even if it changes. Vision is your friend when you’re growing your business.

Vision is what keeps your team united and focused on the company’s mission, priorities, and goals.

It is the glue that binds your team and keeps them focused on the company’s mission, priorities, and goals. Your vision must be more than just your own. Make sure it is clear and polished so your team can execute.

Recommendation:Melissa Butler had a vision of her future: Wall Street. Melissa found fulfillment in a side hustle after she reached that goal, but the job of her dreams did not live up to her expectations. Before she quit finance to pursue her side business, she began making lipsticks from her kitchen. Melissa’s goals might have changed but she kept the same focus on her new goals. Her vision was clear for her business. Melissa says, “It’s more than having a wider range of colors.” It’s about understanding what it means for inclusion to be inclusive.Melissa’s story is available here.

The Cartographer

Illustration of The Founder's Zodiac sign, The Cartographer

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The top entrepreneur trait:Discipline

Other strengthsPlanning, self motivation, and critical thinking

Develop your skillsTolerance for risk

Cartographer is not someone who would abandon a job to follow their dream. Perhaps you are working slowly on your dream, whether it be in the evenings or weekends. You’re a master at this discipline. Because you are self-motivated and organized, you can make the most of every minute of your day as a side hustler.

Discipline is a virtue

You can be disciplined to devote time to your business while avoiding distractions. The same goes for self-care. You are trustworthy and reliable, which makes others feel confident in your ability.

If you are stretched too thin for too many years, you are doing your dream disservice.

You may be slower at building your business than others and have to balance it with other commitments or a day job for longer. You’re doing yourself a disservice by not making enough time to pursue your dreams.

Recommendation:Sali Christeson did not launch ARGENT, her workwear brand, on a whim. Before going back to school, she worked for many years in the corporate world. She credits that decision with giving her the tools she needed to be a successful entrepreneur. Sali says that the key to my success is having a complete understanding of what it is I am trying to accomplish or solve. Then, I love to get all the details.Listen to the episode on Shopify Masters Podcast..

The Outsider

Illustration of The Founder's Zodiac sign, The Outsider

The top entrepreneur trait:Self-reliance

Other strengthsAttention to detail, resilience and a strong work ethic are key components of a successful business.

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Develop your skillsCollaboration

Outsider – “delegate” is a dirty term, we know. It’s better to work 80 hours a week than to trust your livelihood to others. It works for you, even though you are a solo artist. Your strength is self-reliance. You’ve worked hard at understanding every aspect of your business so you don’t have to look for outside help.

Self-reliance is a way to make yourself more independent

After mastering your craft, the next step is to figure out the rest. This could be handling your finances, managing a customer service team or driving local deliveries. Outsiders are driven by financial security. Self-reliance allows you to save on overhead. Remember that time is also worth a dollar. You can start small by outsourcing the less important tasks that consume most of your time while still maintaining control over what is most important to you. Outsiders, time is money.