Customer Experience
Amazon Is Even More Top-of-Mind than You May Think
According to a study by Feedvisor, 74 percent of consumers head to Amazon when they’re ready to buy a product. “Consumer loyalty to Amazon is at an ‘all-time high,’ with 48 percent of people visiting Amazon at least a few times a week, and 89 percent of people visiting Amazon at least once a month. Unfortunately for its rivals, ‘Amazon has deeply integrated itself into consumers’ daily lives,’ the group said.” Unless, you’re Amazon, this data is startling. Brands will need to find new ways to make put their touchpoints between consumers and Amazon.
Google Unveils Console-less Gaming Service
Google has unveiled a new service, Stadia, that “lets players stream videogames from the cloud without needing pricey hardware—an elusive feat that could change the way people buy and play games.” It pays to see what other industries are doing. Essentially, Google is bringing the streaming model made popular by Netflix to the gaming space. As this move appeals to the contemporary consumer’s behavior, it is likely to succeed.
Russian Hotel Accepts Knowledge as Currency
At last, a place for those of us who have more facts about Star Trek in our memories than dollars in our bank accounts. Hasbro is launching a Trivial Pursuit Hotel outside of Moscow that will be open only from May 20 to June 14. Guests will be able to pay for their stay by answering trivia questions. Of the alternate payment methods we’ve encountered, this is hands-down the quirkiest. That said, it’s an exciting promotion that will get consumers hyper-engaged with the Hasbro brand. It will be fascinating to see how effective this move will be.
Workplace
Paper Is the Enemy of On-Time Payment
Paper-based processes in accounts payable can create problems. “Consider the consequences of a single typo as a paper invoice is processed. Working from an incorrectly entered due date, the company fails to pay the vendor early, losing out on a vendor discount. If it misses the correct due date, its supplier takes things a step further and delays delivery of essential goods. A core product is delivered late to market, thus missing its revenue targets.” Still, globally, 70 percent of all invoice processing is paper-based. Brands looking for streamlined, trustworthy processes need to consider going paperless.
Leadership Advice from “The King of Restaurants”
David Novak, retired Chairman and CEO of Yum! Brands (which owns KFC, Pizza Hut, and Taco Bell) has given an interview with Forbes, in which he shares his take on leadership. One highlight: “Recognition is so powerful because it shows people you care and it drives great results. But you have to do the right kind of recognition. It can’t just be willy nilly and left to chance. You need to define what behaviors drive business results and then recognize those behaviors. This is what I call purposeful recognition.”