MARKETING

What It Is and How to Improve It

Published

2 years ago

January 19, 2022

From the moment someone applies for a job, to the moment they send their resignation letter to leave the company, they’ll experience plenty of connections and moments that determine their employee experience.

Employee experience (EX) is not far from customer experience (CX). Just as a stellar CX drives loyalty and revenue, an excellent EX attracts top employees and increases employee engagement, commitment, and productivity.

Many employers know how important it is to improve the EX to adapt to a post-covid reality and to reduce employee turnover and address employee engagement challenges. But there’s still work to do in employee experience to ensure it becomes a critical part of every business’ strategy.

What is employee experience?

In short, employee experience includes all of the touchpoints people come across when they work for an organization. This includes hiring, onboarding, performance management, and day-to-day interactions.

Improving the EX is a top priority for employers. However, few have developed an EX strategy that tackles all of the challenges of working in a post-pandemic world. An article by the Harvard Business Review points out that 4 million Americans quit their jobs in July 2021 alone, and resignations have been abnormally high for the last several months.

As a result, 92% of companies say they will prioritize EX enhancements over the next three years in an effort to prevent further resignations. This figure is up from 52% before the pandemic.

Why Employee Experience Matters

The employee experience is the bread and butter of business performance. When you focus on creating an environment where employees can thrive before, during, and after their tenure, you’re essentially building a solid brand and improving your product.

EX is made of all the experiences, positive and negative, that people go through while working. These touchpoints influence how people cooperate, how much effort they put out, and whether they want to challenge themselves to succeed at work.

From an organization’s point of view, creating a better EX is a business imperative. One of Deloitte’s studies concluded that organizations with highly engaged workforces reported a three-year revenue growth rate that was 2.3 times greater than the average.

If you can offer an excellent experience for your teams, you’ll have a higher chance of retaining them in the long run. Research from Jacob Morgan suggests that companies that invest in employee experience are 4x more profitable than those that do not.

Milestones Of The Employee Experience

When thinking about the employee experience, picture a continuous circle: attraction, onboarding, engaging and developing, and exiting.

Here’s an overview of employee experience areas based on what a person learns, does, sees, and feels at each stage.

Attraction and Recruitment

The attraction phase of employee experience is crucial because it determines the first impression potential employees have. Things like the job description style (super formal, or more casual?), how long it takes to respond to candidates (or if you do at all!), and how smooth the interview process is all impact the quality of hires.

The candidate recruitment phase is also an opportunity to ensure people become advocates for your organization, even if they do not join your organization. A bad experience in this phase can damage your brand’s reputation.

Onboarding

The onboarding phase is your chance to impress and set your employee up for success long-term. This stage is about getting an employee up-to-speed as soon as possible and about sharing your company’s culture and vision. Of course, onboarding remote employees comes with its own set of challenges, so make sure you’ve prepared.

Engage and Develop

Now that hires know your company’s processes, tools, and systems, great EX creates a space for them to thrive. By fostering an environment where constructive feedback, commitment, and motivation are a part of the day-to-day, you’ll have a higher chance of retaining top talent.

The cost of replacing an individual employee can range from one-half to two times the employee’s annual salary, so you want to avoid people leaving as much as possible. During their tenure at a company, it’s crucial to offer employees the chance to grow with the role. In practice, that means, for example, offering training opportunities so that employees keep on being challenged.

Exit

Even with a great employee experience in place, you have to accept that most employees eventually change companies. They can retire, make a career change, or simply switch employers.

Don’t miss your chance to learn from exiting employees. The fact that they are on the way out typically means they’ll be sincere. It’s a precious opportunity to gather feedback you can then use to improve the retention stage.

How To Improve Your Employee Experience

By mapping the employee experience from start to finish, you can spot the areas that need more attention. You don’t need to focus on them all at once. Instead, prioritize the low-hanging fruit first.

Follow these tips to create a great employee experience:

1. Start with the priorities.

While you might be tempted to start with various projects simultaneously, it’s more efficient to think about which stage you want to focus on. By determining what’s essential for you as a company, you’ll be more efficient at improving the areas that will have the most impact first. For example, a company might focus on improving the onboarding process during hyper-growth. Use employee surveys to uncover possible areas of improvement.

Foster a healthy culture.

Company culture is a significant component for acquiring and retaining top employees. Needless to say, when you foster good company culture, you’ll have happier employees – and this, in turn, leads to more successful businesses.

A culture that attracts high talent can lead to 33% higher revenue. Ensuring a routine of giving and receiving constructive feedback is part of healthy company culture.

Design a great onboarding experience.

A stellar onboarding is crucial to get that new hire up to speed as soon as possible and increase the chance of them staying at the company. Studies have found that up to 20% of all new hires resign within the first 45 days of their role.

Make sure you create an onboarding process that focuses on giving employees the tools they need to work, including access to software, and clarifies the expectations on their first weeks and months. A great way to get people excited about your brand during this phase is to send them employee swag they can use, like hoodies or water bottles.

Invest in employee wellness.

A wellness strategy contributes to making employees happier, which improves your company’s performance. Having happy and healthy employees enhances productivity, lowers healthcare costs, and less turnover. While it can sound expensive, it doesn’t need to be. For example, you can offer wellness benefits such as flexible hours or organize lunchtime yoga sessions.

Offer career development schemes.

Career development is a win-win. A career development plan pays attention to the employee’s specific needs for growth and learning and offers the assistance they need to get there. Offering a training budget can be part of a career development plan.

On the one hand, you’re giving employees the tools they need to get even better at their job. On the other hand, they can learn new skills that make them more competitive in the job market. By offering employees the chance to improve, you demonstrate that you want them to grow personally and professionally.

Improving Employee Engagement With EX

The employee experience encapsulates all of the moments people go through during their work at an organization. Businesses that develop an EX strategy are more successful as it fosters engaged employees. This, in turn, means more revenue.

For your organization to master employee experience management, you need to listen to what employees say during each of those touchpoints of the employee lifecycle, paying particular attention to the areas they consider most important.

Fostering a great culture, developing an onboarding strategy, and listening to what employees on their way out have to say, are all part of a well-rounded EX strategy.

Sure, congratulating people on their birthday alone won’t improve the employee experience. However, this little gesture as part of a broader culture of recognizing the small things can mean a lot for employees.

For example, consider spending time during all-hands meetings to announce work anniversaries and promotions. Then, every person involved has the chance to speak to the entire company. This accessible approach sends a powerful message: everyone in the company matters. What better experience is there?

MARKETING

Ecommerce evolution: Blurring the lines between B2B and B2C

Published

21 hours ago

April 18, 2024

Entireweb News Bot

Ecommerce evolution: Blurring the lines between B2B and B2C

Understanding convergence

B2B and B2C ecommerce are two distinct models of online selling. B2B ecommerce is between businesses, such as wholesalers, distributors, and manufacturers. B2C ecommerce refers to transactions between businesses like retailers and consumer brands, directly to individual shoppers.

However, in recent years, the boundaries between these two models have started to fade. This is known as the convergence between B2B and B2C ecommerce and how they are becoming more similar and integrated.

Source: White Paper: The evolution of the B2B Consumer Buyer (ClientPoint, Jan 2024)

What’s driving this change?

Ever increasing customer expectations

Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels. They also prefer to research and purchase online, using multiple devices and channels.

Forrester, 68% of buyers prefer to research on their own, online . Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels. They also prefer to research and purchase online, using multiple devices and channels

Technology and omnichannel strategies

Technology enables B2B and B2C ecommerce platforms to offer more features and functionalities, such as mobile optimization, chatbots, AI, and augmented reality. Omnichannel strategies allow B2B and B2C ecommerce businesses to provide a seamless and consistent customer experience across different touchpoints, such as websites, social media, email, and physical stores.

However, with every great leap forward comes its own set of challenges. The convergence of B2B and B2C markets means increased competition. Businesses now not only have to compete with their traditional rivals, but also with new entrants and disruptors from different sectors. For example, Amazon Business, a B2B ecommerce platform, has become a major threat to many B2B ecommerce businesses, as it offers a wide range of products, low prices, and fast delivery

“Amazon Business has proven that B2B ecommerce can leverage popular B2C-like functionality” argues Joe Albrecht, CEO / Managing Partner, Xngage. . With features like Subscribe-and-Save (auto-replenishment), one-click buying, and curated assortments by job role or work location, they make it easy for B2B buyers to go to their website and never leave. Plus, with exceptional customer service and promotional incentives like Amazon Business Prime Days, they have created a reinforcing loyalty loop.

And yet, according to Barron’s, Amazon Business is only expected to capture 1.5% of the $5.7 Trillion addressable business market by 2025. If other B2B companies can truly become digital-first organizations, they can compete and win in this fragmented space, too.”

If other B2B companies can truly become digital-first organizations, they can also compete and win in this fragmented space

Joe Albrecht
CEO/Managing Partner, XNGAGE

Increasing complexity

Another challenge is the increased complexity and cost of managing a converging ecommerce business. Businesses have to deal with different customer segments, requirements, and expectations, which may require different strategies, processes, and systems. For instance, B2B ecommerce businesses may have to handle more complex transactions, such as bulk orders, contract negotiations, and invoicing, while B2C ecommerce businesses may have to handle more customer service, returns, and loyalty programs. Moreover, B2B and B2C ecommerce businesses must invest in technology and infrastructure to support their convergence efforts, which may increase their operational and maintenance costs.

How to win

Here are a few ways companies can get ahead of the game:

Adopt B2C-like features in B2B platforms

User-friendly design, easy navigation, product reviews, personalization, recommendations, and ratings can help B2B ecommerce businesses to attract and retain more customers, as well as to increase their conversion and retention rates.

According to McKinsey, ecommerce businesses that offer B2C-like features like personalization can increase their revenues by 15% and reduce their costs by 20%. You can do this through personalization of your website with tools like Product Recommendations that help suggest related products to increase sales.

Focus on personalization and customer experience

B2B and B2C ecommerce businesses need to understand their customers’ needs, preferences, and behaviors, and tailor their offerings and interactions accordingly. Personalization and customer experience can help B2B and B2C ecommerce businesses to increase customer satisfaction, loyalty, and advocacy, as well as to improve their brand reputation and competitive advantage. According to a Salesforce report, 88% of customers say that the experience a company provides is as important as its products or services.

Market based on customer insights

Data and analytics can help B2B and B2C ecommerce businesses to gain insights into their customers, markets, competitors, and performance, and to optimize their strategies and operations accordingly. Data and analytics can also help B2B and B2C ecommerce businesses to identify new opportunities, trends, and innovations, and to anticipate and respond to customer needs and expectations. According to McKinsey, data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable.

What’s next?

The convergence of B2B and B2C ecommerce is not a temporary phenomenon, but a long-term trend that will continue to shape the future of ecommerce. According to Statista, the global B2B ecommerce market is expected to reach $20.9 trillion by 2027, surpassing the B2C ecommerce market, which is expected to reach $10.5 trillion by 2027. Moreover, the report predicts that the convergence of B2B and B2C ecommerce will create new business models, such as B2B2C, B2A (business to anyone), and C2B (consumer to business).

Therefore, B2B and B2C ecommerce businesses need to prepare for the converging ecommerce landscape and take advantage of the opportunities and challenges it presents. Here are some recommendations for B2B and B2C ecommerce businesses to navigate the converging landscape:

Conduct a thorough analysis of your customers, competitors, and market, and identify the gaps and opportunities for convergence.
Develop a clear vision and strategy for convergence, and align your goals, objectives, and metrics with it.
Invest in technology and infrastructure that can support your convergence efforts, such as cloud, mobile, AI, and omnichannel platforms.
Implement B2C-like features in your B2B platforms, and vice versa, to enhance your customer experience and satisfaction.
Personalize your offerings and interactions with your customers, and provide them with relevant and valuable content and solutions.
Leverage data and analytics to optimize your performance and decision making, and to innovate and differentiate your business.
Collaborate and partner with other B2B and B2C ecommerce businesses, as well as with other stakeholders, such as suppliers, distributors, and customers, to create value and synergy.
Monitor and evaluate your convergence efforts, and adapt and improve them as needed.

By following these recommendations, B2B and B2C ecommerce businesses can bridge the gap between their models and create a more integrated and seamless ecommerce experience for their customers and themselves.

MARKETING

Streamlining Processes for Increased Efficiency and Results

Published

2 days ago

April 18, 2024

Entireweb News Bot

Streamlining Processes for Increased Efficiency and Results

How can businesses succeed nowadays when technology rules? With competition getting tougher and customers changing their preferences often, it’s a challenge. But using marketing automation can help make things easier and get better results. And in the future, it’s going to be even more important for all kinds of businesses.

So, let’s discuss how businesses can leverage marketing automation to stay ahead and thrive.

Benefits of automation marketing automation to boost your efforts

First, let’s explore the benefits of marketing automation to supercharge your efforts:

Marketing automation simplifies repetitive tasks, saving time and effort.

With automated workflows, processes become more efficient, leading to better productivity. For instance, automation not only streamlines tasks like email campaigns but also optimizes website speed, ensuring a seamless user experience. A faster website not only enhances customer satisfaction but also positively impacts search engine rankings, driving more organic traffic and ultimately boosting conversions.

Automation allows for precise targeting, reaching the right audience with personalized messages.

With automated workflows, processes become more efficient, leading to better productivity. A great example of automated workflow is Pipedrive & WhatsApp Integration in which an automated welcome message pops up on their WhatsApp

within seconds once a potential customer expresses interest in your business.

Increases ROI

By optimizing campaigns and reducing manual labor, automation can significantly improve return on investment.

Leveraging automation enables businesses to scale their marketing efforts effectively, driving growth and success. Additionally, incorporating lead scoring into automated marketing processes can streamline the identification of high-potential prospects, further optimizing resource allocation and maximizing conversion rates.

Harnessing the power of marketing automation can revolutionize your marketing strategy, leading to increased efficiency, higher returns, and sustainable growth in today’s competitive market. So, why wait? Start automating your marketing efforts today and propel your business to new heights, moreover if you have just learned ways on how to create an online business

How marketing automation can simplify operations and increase efficiency

Understanding the Change

Marketing automation has evolved significantly over time, from basic email marketing campaigns to sophisticated platforms that can manage entire marketing strategies. This progress has been fueled by advances in technology, particularly artificial intelligence (AI) and machine learning, making automation smarter and more adaptable.

One of the main reasons for this shift is the vast amount of data available to marketers today. From understanding customer demographics to analyzing behavior, the sheer volume of data is staggering. Marketing automation platforms use this data to create highly personalized and targeted campaigns, allowing businesses to connect with their audience on a deeper level.

The Emergence of AI-Powered Automation

In the future, AI-powered automation will play an even bigger role in marketing strategies. AI algorithms can analyze huge amounts of data in real-time, helping marketers identify trends, predict consumer behavior, and optimize campaigns as they go. This agility and responsiveness are crucial in today’s fast-moving digital world, where opportunities come and go in the blink of an eye. For example, we’re witnessing the rise of AI-based tools from AI website builders, to AI logo generators and even more, showing that we’re competing with time and efficiency.

Combining AI-powered automation with WordPress management services streamlines marketing efforts, enabling quick adaptation to changing trends and efficient management of online presence.

Moreover, AI can take care of routine tasks like content creation, scheduling, and testing, giving marketers more time to focus on strategic activities. By automating these repetitive tasks, businesses can work more efficiently, leading to better outcomes. AI can create social media ads tailored to specific demographics and preferences, ensuring that the content resonates with the target audience. With the help of an AI ad maker tool, businesses can efficiently produce high-quality advertisements that drive engagement and conversions across various social media platforms.

Personalization on a Large Scale

Personalization has always been important in marketing, and automation is making it possible on a larger scale. By using AI and machine learning, marketers can create tailored experiences for each customer based on their preferences, behaviors, and past interactions with the brand.

This level of personalization not only boosts customer satisfaction but also increases engagement and loyalty. When consumers feel understood and valued, they are more likely to become loyal customers and brand advocates. As automation technology continues to evolve, we can expect personalization to become even more advanced, enabling businesses to forge deeper connections with their audience. As your company has tiny homes for sale California, personalized experiences will ensure each customer finds their perfect fit, fostering lasting connections.

Integration Across Channels

Another trend shaping the future of marketing automation is the integration of multiple channels into a cohesive strategy. Today’s consumers interact with brands across various touchpoints, from social media and email to websites and mobile apps. Marketing automation platforms that can seamlessly integrate these channels and deliver consistent messaging will have a competitive edge. When creating a comparison website it’s important to ensure that the platform effectively aggregates data from diverse sources and presents it in a user-friendly manner, empowering consumers to make informed decisions.

Omni-channel integration not only betters the customer experience but also provides marketers with a comprehensive view of the customer journey. By tracking interactions across channels, businesses can gain valuable insights into how consumers engage with their brand, allowing them to refine their marketing strategies for maximum impact. Lastly, integrating SEO services into omni-channel strategies boosts visibility and helps businesses better understand and engage with their customers across different platforms.

The Human Element

While automation offers many benefits, it’s crucial not to overlook the human aspect of marketing. Despite advances in AI and machine learning, there are still elements of marketing that require human creativity, empathy, and strategic thinking.

Successful marketing automation strikes a balance between technology and human expertise. By using automation to handle routine tasks and data analysis, marketers can focus on what they do best – storytelling, building relationships, and driving innovation.

Conclusion

The future of marketing automation looks promising, offering improved efficiency and results for businesses of all sizes.

As AI continues to advance and consumer expectations change, automation will play an increasingly vital role in keeping businesses competitive.

By embracing automation technologies, marketers can simplify processes, deliver more personalized experiences, and ultimately, achieve their business goals more effectively than ever before.

MARKETING

Will Google Buy HubSpot? | Content Marketing Institute

Published

3 days ago

April 17, 2024

Entireweb News Bot

Why Marketers Should Care About Google’s Potential HubSpot Acquisition

Google + HubSpot. Is it a thing?

This week, a flurry of news came down about Google’s consideration of purchasing HubSpot.

The prospect dismayed some. It delighted others.

But is it likely? Is it even possible? What would it mean for marketers? What does the consideration even mean for marketers?

Well, we asked CMI’s chief strategy advisor, Robert Rose, for his take. Watch this video or read on:

Why Alphabet may want HubSpot

Alphabet, the parent company of Google, apparently is contemplating the acquisition of inbound marketing giant HubSpot.

The potential price could be in the range of $30 billion to $40 billion. That would make Alphabet’s largest acquisition by far. The current deal holding that title happened in 2011 when it acquired Motorola Mobility for more than $12 billion. It later sold it to Lenovo for less than $3 billion.

If the HubSpot deal happens, it would not be in character with what the classic evil villain has been doing for the past 20 years.

At first glance, you might think the deal would make no sense. Why would Google want to spend three times as much as it’s ever spent to get into the inbound marketing — the CRM and marketing automation business?

At a second glance, it makes a ton of sense.

I don’t know if you’ve noticed, but I and others at CMI spend a lot of time discussing privacy, owned media, and the deprecation of the third-party cookie. I just talked about it two weeks ago. It’s really happening.

All that oxygen being sucked out of the ad tech space presents a compelling case that Alphabet should diversify from third-party data and classic surveillance-based marketing.

Yes, this potential acquisition is about data. HubSpot would give Alphabet the keys to the kingdom of 205,000 business customers — and their customers’ data that almost certainly numbers in the tens of millions. Alphabet would also gain access to the content, marketing, and sales information those customers consumed.

Conversely, the deal would provide an immediate tip of the spear for HubSpot clients to create more targeted programs in the Alphabet ecosystem and upload their data to drive even more personalized experiences on their own properties and connect them to the Google Workspace infrastructure.

When you add in the idea of Gemini, you can start to see how Google might monetize its generative AI tool beyond figuring out how to use it on ads on search results pages.

What acquisition could mean for HubSpot customers

I may be stretching here but imagine this world. As a Hubspoogle customer, you can access an interface that prioritizes your owned media data (e.g., your website, your e-commerce catalog, blog) when Google’s Gemini answers a question).

Recent reports also say Google may put up a paywall around the new premium features of its artificial intelligence-powered Search Generative Experience. Imagine this as the new gating for marketing. In other words, users can subscribe to Google’s AI for free, but Hubspoogle customers can access that data and use it to create targeted offers.

The acquisition of HubSpot would immediately make Google Workspace a more robust competitor to Microsoft 365 Office for small- and medium-sized businesses as they would receive the ADDED capability of inbound marketing.

But in the world of rented land where Google is the landlord, the government will take notice of the acquisition. But — and it’s a big but, I cannot lie (yes, I just did that). The big but is whether this acquisition dance can happen without going afoul of regulatory issues.

Some analysts say it should be no problem. Others say, “Yeah, it wouldn’t go.” Either way, would anybody touch it in an election year? That’s a whole other story.

What marketers should realize

So, what’s my takeaway?

It’s a remote chance that Google will jump on this hard, but stranger things have happened. It would be an exciting disruption in the market.

The sure bet is this. The acquisition conversation — as if you needed more data points — says getting good at owned media to attract and build audiences and using that first-party data to provide better communication and collaboration with your customers are a must.

It’s just a matter of time until Google makes a move. They might just be testing the waters now, but they will move here. But no matter what they do, if you have your customer data house in order, you’ll be primed for success.

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Cover image by Joseph Kalinowski/Content Marketing Institute