Back in 1964, Canadian communication theorist Marshall McLuhan coined the phrase the medium is the message. For McLuhan, he hoped the phrase would help “draw attention to the fact that a medium is not something neutral–it does something to people. It takes hold of them.” Oh, if only he was alive today. Almost 60 years […]
Digital Marketing Strategies for 2021 Read More »
The financial and social uncertainty surrounding the COVID-19 pandemic, systemic racial injustice, and widespread unemployment has meant that consumers are now reconsidering their priorities. As a result, any discretionary spending has been reprioritized and shifted elsewhere. A Mckinsey study from June 2020 found that consumers are pulling back spending in categories such as apparel and
The Shifting Values of Beauty and How Brands Can Adapt Read More »
The world continues to struggle to contain the COVID-19 pandemic, and in its wake, consumer behavior, and therefore, brand service design, is being rewired. The good news is the recent announcements by Pfizer Inc. and Moderna regarding the viability of their vaccines energized financial markets and provided a much-needed sign of hope. The race to
What Brands Can Learn from the COVID-19 Vaccine Trials Read More »
It is no longer a surprise that Fintech firms are shaking up the financial service industry. The most recent example is Ant Group, who has been making news for a potential record-breaking IPO, which some analysts believe could surpass $35 billion USD. Though the offering is currently on hold as the company responds to changing
What Ant Group’s IPO Could Mean for Retail Banks Read More »
It is mind-boggling how far the technology of chatting has come. Turn on a movie or television show that was filmed earlier than 2007 and you may find yourself thinking “if they had a smartphone, this conflict wouldn’t exist” – something I recently mused about in the context of the Shakespearean classic, Romeo and Juliet.
How Chatbots are Changing Consumer Behavior Read More »
Technology has been a salvation during the pandemic and has thrust us into the age of omni-channel once and for all. And yet, there is a looming threat to the digital brand experience: a growing sense of mistrust in technology and the cyber-verse. Fanned by the flames of fake news, online hate and political interference,
Digital Distrust: How Brands Can Navigate a World of Disruption Read More »
COVID-19 has accelerated many of the digital transformation behaviors that were already in progress before the pandemic. While many larger retailers had the resources to adapt quickly, smaller retailers often had a tougher time in updating their physical stores. Unfortunately, this inability to adapt in-store digital signage undermined the delivery of effective communication with customers
Tips for Implementing Digital Signage on a Dime Read More »
We recently highlighted the relationship between behavioral finance, a banks’ brand strategy, and how prospect theory changes our perception of experience design. Now we will continue to explore the topic of brand strategy based on customers’ behavior patterns. Are Your Customers Rational or Irrational? Probably Both. Traditional business analysis assumes that consumers and other market
How Banks Can Appeal to Both Rational and Irrational Customers Read More »
Rebranding is a risky business. Done well, it can dynamically change the future of a company. Done wrong, it can be an embarrassing public relations snafu and seriously harm your brand equity. But doing nothing is not an option. Consumers are changing, the market is changing – brands have to change too. The question is,
What Type of Rebrand is Right for Your Brand? Read More »
The COVID-19 pandemic has accelerated digital transformation initiatives by financial institutions and retailers, bringing the need for a robust digital ecosystem to the forefront. In a study we recently conducted with over 500 banking and retail executives, we have seen that though many realize a digital transformation is essential, there is still some confusion as
The Shift to Digital Ecosystems Read More »
Commercial banks operate in a buyer’s market. Since products and services of commercial banks are highly homogenous, banks find themselves trapped in a semi-perfect competition market, where they might be forced to play the price war, leading to dwindling profit margins. All banks hope to break free from this trap through differentiation and in offering
Using Behavioral Theory to Improve Bank Customer Experience Read More »
It has been a rollercoaster couple of weeks for Walmart, who have gone from losing out on a joint bid with Microsoft to take over TikTok’s operations in the United States to now partnering with Oracle and claiming a 7.5 percent stake in the Chinese social media platform. While it may seem bizarre for Walmart
What Walmart’s TikTok Bid Means for Retail Read More »
It’s no secret that the role of packaging has evolved from being strictly focused on practicality to now having a central role in a brand’s identity. These days, packaging serves as an effective marketing tool – especially with augmented and mixed reality innovations – and gives brands an opportunity to use their packaging to creating
How Mixed Reality Can Elevate Your Packaging Design Read More »
To most, shopping means paying a visit to your favorite store or mall to give yourself a feel-good experience that results in instant gratification. You leave the store feeling satisfied and well taken care of. Often, retail associates are there to offer assistance every step of the way, and, most importantly, give a sense of
Online Personalization Strategies for Fashion Retailers Read More »
Over recent years, most financial institutions have embraced mobile apps as a way to provide better service and convenience for their customers. In 2019, over 75 percent of Americans said that they used their mobile device to check their bank account, and as COVID-19 has forced branches to temporarily close, the number is even higher for 2020. However, simply
Super Apps and the Future of Banking Read More »
WHY ARE SOME PEOPLE AGAINST MASKS? The vocal minority of anti-science activists appear to be hogging the spotlight as the pandemic surges on, with anti-mask communities spreading misinformation on social media to the general public. This misinformation ranges from dangerously believable to full conspiracy theories. One approach is spreading “alarmist” statements, for example claiming that
Four Ways That Brands Can Encourage Mask-Wearing Read More »
COVID-19 has accelerated many trends, one of which is the demise of poor performing retail chains. In recent recent news, brands such as Brooks Brothers and Pier 1 Imports have joined an extensive list of retailers filing for Chapter 11. For many retailers, even before the pandemic the size of their network was bloated and brought down the overall performance
Why Retail Stores Are More Important Than Ever Read More »
2020 will surely be remembered for a lot of things. From a global pandemic to growing social movements, 2020 has presented enormous obstacles as well as opportunities for those that rise to the challenge. For financial institutions, one way to take advantage of these opportunities for transformation is through 5G. Some experts estimate that within five years,
How 5G Will Change the Banking Industry Read More »
Your brand’s reputation does a great deal of heavy lifting: it draws in and retains loyal consumers while paving a path to long-term success. Unfortunately, brand reputation is also the most fragile asset your brand owns. As Warren Buffet put it, “it takes 20 years to build a reputation and five minutes to ruin it.”
How to Overcome Negative Brand Perceptions Read More »
While COVID-19 has been the primary concern for brands around the world over the past few months, the recent killing of George Floyd and subsequent protests in both America and abroad have changed the focus for many brands. Over the weekend it became common to see companies voice their support for racial equality and the
How Retailers Can Help Reduce Consumer Anxiety Read More »
