As social media rapidly continues to establish itself as a conversation enabler on the web, enterprises are looking at ways of deriving value from this. While organizations are using social analytics to track brand mentions and user affinity, this information is currently restricted to leveraging the data for building efficient customer response mechanisms, CRM, and fortify areas around customer service. The larger opportunity lies in using social media for engaging customers for enterprise collaboration and in shaping product contours by putting consumers at the center of product innovation.
Crowdsourcing has been the buzzword for quite some time now. Crowdsourcing allows you to obtain information into a particular task or project by enlisting the services of a number of people, paid or voluntary, typically via the Internet. Of late, ‘crowdfunding’ has emerged as a concept. This refers to the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. As the social maturity curve moves up, there will be many more such innovative ways of reaching out to and leveraging from the strengths of the collective whole that social media really is.
E-commerce is a significant business opportunity for enterprises. What you sell online is a key attribute for success. Letting customers define the contours of what you sell is taking it to the next level. There are examples of leading automobile and desktop/laptop manufacturers offering product customization via their websites. ‘Threadless,’ an e-commerce startup, is an interesting example of collaboration to churn out designs. Threadless designs are created and chosen by an online community. Each week, about 1000 designs are submitted online and are put to a public vote. After seven days the staff reviews the top-scoring designs. Based on the average score and community feedback, about 10 designs are selected each week, printed on clothing and other products and sold worldwide. Designers whose work is printed receive monetary compensation.
Social media is being used to drive product enhancements, long term behavioural changes and drive key influencers to shape purchase decisions. Old Spice conducted a study to understand how they can take up product enhancements basis how women are favourably influenced by and perceive male hygiene products. Social media conversations around the subject were tracked extensively. Subsequently, in 2010, they launched a campaign called “The man your man could smell like!” The campaign targeted female viewers, despite the product's target market being male, as the company determined that women frequently make purchase decisions in respect of hygiene products even for male members in the household. The campaign received significant popularity and became viral on YouTube!
As social media moves up the maturity curve, there will be more e-commerce models that will open up aspects of product design and configuration to end consumers. Democratization of product design empowers customers. Also, behaviorally, it brings in a sense of involvement that will help drive affinity, loyalty and advocacy to eventually help brands cast a wider web on consumer immersion with brands. From the standpoint of the enterprise, this will help build stickiness, reduce time-to-market, drive superior market research, perhaps reduce cost and cycle times and most importantly have consumers participate in the product innovation journey.
Mr. Tripathy joined HDFC Life in 2004 and has been responsible for Marketing Strategy, Brand Planning, Advertising, Communication & Media, Customer Insights, New Product Development, Product Life Cycle Management, Online and Digital Strategy, E-Commerce, Customer Analytics, & Corporate communication. He started his career with GCMMF Ltd. in 1992. Since then he has worked with various reputed organizations like Frito-Lay (PepsiCo), Mattel and Reliance Infocomm before moving on to his current role at HDFC Life.View Complete Profile
A critical aspect of a retirement plan is how and where to invest. The assets you choose to invest will vary depending on several factors, which include your risk tolerance and investment time horizon.
According to a study by the Insured Retirement Institute, only a few women consider becoming financial planners because they deem the job stressful and uninteresting. The time has come to stop relying on someone else for financial security. Financial planning is nothing but determining short and long-term financial goals, and creating a balance to meet these goals.
Swabhimaan Careers is one of HDFC Life’s strategic initiatives to build long-term customer relationships. The overall objective of insurance is to compensate the financial loss caused due to untimely death of a bread winner.
The Vision and the Mission continue to be relevant and set out aspirations for an organization. But the question that an organization needs to ask is how do they get there? Is it possible to define a 'decision architecture' that guides actions of each employee?
For millions of people in India, the concept of life insurance still remains a mystery. Thanks to the new media channels, more and more people are becoming aware of the significance of life insurance. For those, who wish to develop fundamental understanding of the concept of life insurance, here is a quick snapshot.
Consumer is king. With the shifting of focus on the goods and services reaching out to the consumer rather than the other way round, Mobile learning embodies just that, by taking training not just to the doorstep but also to the learner in person. Just as an individual is empowered to carry his office with him at all times, M Learning empowers him to carry his training program with him, shattering the barriers of space and time.
Reinsurance is an insurance that is purchased by an Insurance company from one or more other insurance companies to manage the risk. Reinsurance helps in transfer of risk from one insurance company to another. It is also called “insurance for insurers” or “stop-loss insurance”.Read More