NICE Digital

HUMBLEBRAG

Fri, 18 Jun 2021 03:01:03 -0700

Find A Partner

With the reopening of more & more businesses, people are being bombarded by the various marketing messages. How can you break through the noise? Consider a strategic partnership. It could provide your brand with unique ways of reaching (new) audiences. Look for a partner brand with similar traits.

Brand & The Stock Market

Bored at home and with savings in the bank, amateur day traders have piled money into the stock market over the past year, which is at record levels. Some traders back companies based on future performance expectations and others prefer companies that represent a fundamentally sound investment.

Some modern companies have huge valuations, not because of their ownership of physical assets (product range, factories, logistics etc.), but because of more intangible assets like a software or a design patent. Whether right or wrong, many day traders will buy stocks in a company because they value another type of intangible asset; its brand. FT editor, Robert Armstrong referred to this on the David McWilliams podcast this week.

A strong brand will make your small business attractive to investors, employees and customers. You may sell the same product as your competitor but it is often your brand that will make you the stand out.

The Future Of The Office?

Podcast Of The Week

No Good Deed Goes Unpunished

Does your small business support a local charity? Or perhaps you were a regular giver but stopped because you were being criticised by some for doing so. Psychologists reveal that giving can often attract mistrust and even anger among the public.

The psychologists illustrate how quirks of human psychology can prompt a form of moral hypocrisy. Humans find it difficult to accept that something can be both...Read More

SKIN IN THE GAME

Mon, 24 May 2021 09:23:27 -0700

The origin of the phrase "Skin In The Game" comes from southern derby races. As the owner of the horse, they have the most riding on the outcome of the derby event and therefore have "skin" in the game. Nassim Taleb, mathematical statistician, former options trader and author of The Black Swan (The Sunday Times ranked it as one of the twelve most influential books since World War II) has an interesting risk management rule focusing on the importance of incentives.

Disruptive Branding To Disrupt An Industry

Through a brand identity makeover (logo and packaging), refocused brand positioning (climate friendly, barista quality) and fresh, creative marketing, Oatly has transformed its business in recent years and is now valued at $10 billion *.

Cyber Crime

Over the past year, we highlighted increasing cases of cyber crime. Listen to Cork-man Ronan Murphy of Smarttech 247 discuss the latest hacking of Ireland's HSE. The incident was highlighted by the World Economic Forum; below is an interview with US Security Secretary on the topic, who has advice for all companies & individuals around the world.

How Oatly went from a decades-old obscure brand to a $10 billion IPO

A NEW TYPE OF CONSUMER

Fri, 23 Apr 2021 04:17:12 -0700

Wexford man Rory O’Connor is the founder of Scurri, a business that supplies retailers with software to manage deliveries. He was interviewed by the Financial Times recently. He makes a good point about today's customer pertinent to any business in the retail or hospitality industry. He argues that food delivery services have changed consumers’ perceptions of the potential timescale for deliveries — of anything.

Online shopping & ordering will not replace brick & mortar any time soon. You may be a fervent believer in the "in the flesh" business and we agree. However, it makes business sense to have a fully functioning e-commerce as complementary. As they expect a further €810m sales hit from continued closures, Primark will regret not giving this more consideration.

New Consumer, New Expectations

Earlier this month Booking.com CEO said that business travel will be 'forever lower'. Earlier this week, Ryanair's Michael O'Leary predicted a full recovery for business travel. Meanwhile, in consumer travel, online booking platform Airbnb has said it is preparing for a "significant" travel rebound as the world emerges from lockdowns. If your small business operates in the hospitality industry, being dynamic will be essential for future success.

Over the coming years you will be dealing with a new type of consumer – one that has to be tested, vaccinated and insured and has a different set of needs, concerns and expectations.

Those that can match these needs with enhanced service and value will succeed. You are already likely to have increased your safety game but how about flexibility and the overall experience that...Read More

BEFORE OUR EYES

Tue, 20 Apr 2021 01:05:36 -0700

What's The Difference?

Business-to-business is a situation where one business makes a commercial transaction with another. The individuals making decisions on behalf of their business are still people. For that reason, many of the fundamentals in B2C relationship-building exist in B2B.

Therefore, to help build strong relationships, remember the following.

Drive Brand Awareness

Be Easy To Buy From - remember that today's executives has embraced digital tools and services at much higher rates than other generations.

Leverage Emotion - B2B is not necessarily about making potential buyers laugh or cry. In this space, it is more about showing empathy, that you understand the buyer’s challenges, and that you’re able to help solve their problems.

The Next Generation

It's often difficult to grasp what young people care about. What do they value? Do they value Elon Musk's first ever tweet and invest in it via digital nft more than a bottle of a vintage Bordeaux wine?

As crazy as that seems, their values have changed at a much faster pace than any previous generation. Here are some findings on what they care about from strategic brand consultancy, Hall & Partners *

Environmental concerns: protecting the environment and working together towards a more sustainable future
Living for the now: more younger consumers are less interested in planning ahead in what they see as an unpredictable future. Half are more focused on the simple pleasures in life and see excess as unnecessary overindulgence.
Authentic activism: All generations expect companies to be consistent about the issues they campaign for and will hold...Read More

THE LIFE OF REILLY

Wed, 07 Apr 2021 05:02:05 -0700

Has your small business been around the block? If you've been investing time and/or budget to keep your brand 'front-of-mind' over the past year, as we begin to exit lockdown, now may be the right time to start capitalising.

Remind customers just how long you've been in business and that you're still here. Communicate why you're still here and what customers can continue to expect from your brand. Trust of politicians & the media is at an all time low. Trust is the foundation of all human connections, from chance encounters to friendships. It governs all the interactions we have with each other. Many customers will shop with those that they can rely on.

So how can you communicate that? Firstly, get your head team together to discuss strategy and creative ideas. A 'once off' post on Facebook will not suffice. We have seen far too much of that over the past 12 months. Rather than letting your marketing girl or guy off to create a nice 30 second video before moving onto the next idea or trend, consider a sustained campaign approach.

The best advertisements communicate more than just the key elements of a product or service. In the past, they were forms of storytelling and entertainment that encouraged viewers to stay and watch the advert rather than switching off or over.

Lets' look back to the advertising campaign of Stella Artois entitled "Reassuringly Expensive".

Fast forward to 2021 and Stella's marketing strategy will aim to engender nostalgia among drinkers, a reminder of happier, less-complicated times. a montage of five old ads that celebrate the return to the pub. The final sign-off will highlight the more up-to-date messaging, “The Life Artois”.

Yes, times have moved on. Still, if you want to stand out from the crowd, refrain from the suffocating 'quick win' approach of your...Read More

X FACTOR

Mon, 29 Mar 2021 09:15:11 -0700

Multilocal

Never heard of it? You will soon!

Over the past year, many customers have tried to support local as much as possible. Your small business may have benefited from this. However, you can expect multinational companies to start competing for this trend over the coming years in a strategy called "multilocal". Keep an eye out for their advertising & packaging. *

Building Rapport

Email still remains central to a brands’ ability to connect with customers. Brand recall is a qualitative measure of the consumer’s ability to remember the name of a brand. It is the #1 factor that determines whether an email is opened. **

This underlines the importance of having a strong brand. Emailing will just be another wasted marketing effort unless you can rely on a strong brand. As part of your email strategy, always keep It relevant and offer something in appreciation for opening your email, like an offer or even some humour! Finally, the main reason that your followers will unsubscribe is too many emails.

Sign Of The Times

Behaviour & Attitudes released their 2021 edition in the Irish Times last weekend. It includes the following;

Evolving role of the home
Changing buying psychology
New grocery habits
Shifting attitudes to sustainability
Expectations for the future of work

You can download it below.

Miss Some NICE Intelligence?

If you missed our first two posts of 2021, you can find them here & here.

* Multilocal Firms Will Emerge** The Data and...Read More

RELENTLESS

Wed, 17 Mar 2021 03:08:41 -0700

Podcast Of The Month

Tom Blomfield, the former CEO and Co-Founder of Monzo, announced in January 2021 that he was leaving Monzo, 6 years after founding the challenger bank. He gives a very honest interview here, one that many small business owners & entrepreneurs could relate to.

What Is Your Brand Strategy?

Corporate Video

Most corporate videos are boring. They often use smiling actors for staff and clips of nature to show how their company is improving the world. Bucking the trend in our opinion, take a look at this one from Swedish manufacturer of windows and doors, Inwido.

How Can You Achieve Brand Loyalty?

Subaru is not a car brand that would come to mind in Ireland or even across Europe. It started as a small scrappy Japanese brand. Over the decades has gone from being a small niche player to one of the most successful brands in America.

Subaru has weathered economic recessions far better than much larger competitors, and it is positioned near the top of consumer satisfaction surveys. It would become a highly successful brand through a relentless focus on understanding its own customers.

A Way To Get Closer To Your Customer?

A subscription offering can be appealing for brands, like Naked Wines, as it provides a more consistent relationship with customers.

KEEP IT

Thu, 18 Feb 2021 04:16:47 -0800

Keep It Straight Forward

The circular economy has become a 'buzz term' now. The European Commission has adopted a new Circular Economy Action Plan - one of the main blocks of the European Green Deal, Europe’s new agenda for sustainable growth. If you don't know what it is, you will soon. Among many, Kate Raworth, founder of Doughnut Economics, has been explaining its benefits for years.

In the age of bland advertising and copycat storytelling, you may be searching for your own style of communicating what you do. Check this video out for inspiration.

Finnish firm, Ekoken, which was acquired for €470 million one year after the above video production, hired a filmmaker.

Keep It Simple

Keep It Real

'Songs In the Quay of Life' is a series of live performances that were filmed in the Spirit Store during the winter lockdown at the end of 2020.

A superb example of entertaining your customers while also supporting your partners (musicians), local environment ( Department of Tourism-Culture-Gaeltacht) & a local charity (Dundalk Simon Community).

Hats off to Spirit Store, Bar & Live Music Venue.

Recommended Podcast

Hear from founders of companies like Slack, BrewDog and many more.

A YEAR TO REMEMBER

Thu, 24 Dec 2020 06:08:59 -0800

It's been a difficult week for many businesses trying to deliver their goods in time for Christmas. In many cases, a frustrating one for the customer sitting at home waiting. Some businesses have performed well, some haven't. Some believe that artificial intelligence is their answer to customer service as they expect chatbots to understand the needs and wants of their customers. Others are so focused on growth and market share that they've abandoned all customer care.

Here are three ''straight-forward'' lessons that NICE Digital thinks small businesses can take from the past year.

Listen

One observation of businesses that have survived 2020 and even thrived is that they have been paying close attention to their customers. By listening & ensuring their customers were satisfied, they retained their loyalty. In some cases, this loyalty has been the cornerstone of their survival this year. Listen to Allen Flynn of Flynn Hotel Collection on Down To Business.

Of course, having the cash reserves to pivot, if required, in order to best serve these customers is critical. Still, the point stands. Review the businesses & brands that you enjoyed buying from in 2020 and identify why that was. Deafness is likely the cause of those interactions that you didn’t enjoy.

E-commerce Customer Experience

PayPal UK Boss Cameron McLean says that, on average, 88% of online checkouts are abandoned, with one of the most common reasons being the checkout process. Review your customer experience (UX) and your own e-commerce process to ensure it's as seamless as possible.

Security

Many companies, consumers and...Read More

WE ARE WHAT WE REPEATEDLY DO

Wed, 09 Dec 2020 02:14:36 -0800

Podcast Of The Week

Purchase Journeys

When consumers want to buy a specific item, this is where they start their journey.

Social (media) commerce is expected to grow the largest of all channels in the future. Overall brand-building will be a key element of success. If you pride your small business on customer service, then consider your customer's experience on your website (UX) as similar to how they are treated in your store, shop or restaurant by your staff.

NICE Digital

HUMBLEBRAG

Find A Partner

Brand & The Stock Market

The Future Of The Office?

Podcast Of The Week

No Good Deed Goes Unpunished

SKIN IN THE GAME

Disruptive Branding To Disrupt An Industry

Cyber Crime

A NEW TYPE OF CONSUMER

New Consumer, New Expectations

BEFORE OUR EYES

THE LIFE OF REILLY

X FACTOR

Multilocal

Building Rapport

Sign Of The Times

Miss Some NICE Intelligence?

RELENTLESS

Podcast Of The Month

What Is Your Brand Strategy?

Corporate Video

How Can You Achieve Brand Loyalty?

A Way To Get Closer To Your Customer?

KEEP IT

Keep It Straight Forward

Keep It Simple

Keep It Real

Recommended Reading

Recommended Podcast

A YEAR TO REMEMBER

WE ARE WHAT WE REPEATEDLY DO

Podcast Of The Week

Purchase Journeys

New Habits For The New Year