This proven methodology can unlock new partners & new funding for your business
As the velocity of vaccinations in many major markets gathers momentum, a fragile optimism is once more coming back into the global markets. Understandably, business leaders are looking for new and impactful methods to get back the momentum and velocity they lost in 2020.
Consumers are talking openly about visiting the mall again, booking international air travel and venturing outside to go to restaurants, buy groceries and, heaven forbid, perhaps slow down on the number of Amazon packages arriving at their houses daily.
We’re seeing similar optimism among the C-Suite Executives we meet.
However, for those in categories significantly impacted by soft consumer demand, and a roller-coaster of government shutdowns, that optimism is understandably cautious.
Cautious because, like many of us, they can’t anticipate if there will be further shutdowns and cautious because many have seen real impacts in their topline revenue since the Pandemic started. Those revenue impacts have manifest in reductions in marketing & loyalty investment and a heightened desire to understand which consumer segments they can protect and grow in these unpredictable times.
Collaborative Commerce provides a unique solution to these legitimate concerns.
Collaborative Commerce enables organizations to trade and exchange goods and services directly with peers in an open, safe and transparent environment. Working together, they’re able to build fresh, new value for their consumers that far exceeds their capability (and budget) to create on their own. And, because the Kognitiv model revolves around a combination of subscription and performance fees – versus taking a bite out of margin – we get paid when we deliver against the business results and consumer impact you seek.
As breakthrough as the Collaborative Commerce solution is, it is built on a solid foundation of consumer insight and business opportunity evaluation. In our experience, identifying and sizing those foundational components are more critically important than ever for CMO and Loyalty practitioners globally.
So where to start?
With a process we call SmartJourney® Commerce.
And, by answering the four critical questions that any CMO worth his salt – and protecting his budget – needs to show to his C-Suite colleagues.
- Which consumer segments are most critical to our growth (and survival)? Understanding which customer segments generate value for your brand; how you generate value for them; and what else customers would find valuable if you could provide it for them.
- How well are we serving them during the various stages of their purchase journey with us? Spoiler alert – it’s often quite terrible. We use your data to map your segments’ customer journey – from their first interaction, through activation & growth, to potentially churning. We compare these movements across your customers and to benchmarks, to find the steps where your customers are going down a less-than-ideal path. Critically this is when we start to look at which peers, that already exist inside the Kognitiv ecosystem, might be an ideal partner for you. Are there partners perfectly positioned to address the stages of your customer journey where you’re under-serving your current consumers? Partners who would eagerly step up to assist narrow that gap in collaboration with you.
- What is the revenue impact of serving them poorly? How much money are we leaving on the table by not growing these customers? How likely are they to leave us and go to our competitors? Quantifying the difference between the movements we see, and what we’d ideally want to see, lets Kognitiv size and prioritize your opportunities so we can focus where we can have the most business impact.
- And what should – or must – we do to close those gaps? This is the fun part… We’ve identified who our target customer is, and what they find valuable; what behaviour we’d like them to change; and how much that behaviour is worth. Those are the raw materials for an intervention to put customers on a better path.
Where, historically, clients may have been cautious about their ability to address all the opportunities and threats uncovered by SmartJourney Commerce, with our Collaborative Commerce model, solving those thorny issues is no longer something they need to do, or fund, themselves. The trading and exchanging of goods and services that sits at the core of Collaborative Commerce provides a unique, and novel, set of alternatives.
Collaborating partners who share the same consumers as you. Collaborating partners who have tired of the transactional nature of current partnership models and are aggressively seeking more equitable alternatives. Collaborating partners who are enticed by a performance-based model built to deliver on core business objectives, not fluffy dreams and hopes.
It all starts with SmartJourney Commerce and a foundation of insight and deep consumer and business data analysis.
We’ve all witnessed too much unpredictability in our lives, and in our businesses, in the past year. For reinvigorated and optimistic Executives, Collaborative Commerce – built on a bedrock of SmartJourney Commerce – is a tried and tested way to give you more clarity and more confidence in where to drive your business.
Find out more about our SmartJourney methodology here.