Sunday, September 04, 2016
Change Management , during the times of resistance
ET Citings
“Winning hearts and minds in the 21st century” by Tessa Basford & others
TESSA BASFORD ET AL
The psychological contract that traditionally bound employees to their employers has been fraying.…
Job-hopping has been described as the ‘new normal’, and millennials are expected to hold 15-20 positions over the course of their working lives.
Meanwhile, middle management — the executives who traditionally act as a conduit for communication from the top to the bottom of companies — has been hollowed out !
So it’s no surprise that in the face of these 2 trends, leaders struggle to get their employees to embrace big change programmes. Rather than adapt to the demands of organisational transformation, employees are more likely to resist passively, undermining the effort and spreading that contagion across the organisation.
Or they might simply decide that such a transformation is not worth the risk and look for their next opportunity elsewhere. To counter these problems, it’s more important than ever for companies in transition to invest time and effort in changing the mindsets and behaviour of the workforce.
Example :
Digital advances can turbocharge efforts to foster understanding and conviction, thereby helping employees to feel more involved in change efforts and better able to play a role in shaping them.
Consider how modern digital communications make it easy to PERSONALIZE messages, TAILORING them to the needs of individuals and delivering them DIRECTLY to frontline employees.
From “Winning hearts and minds in the 21st century”
“Winning hearts and minds in the 21st century” by Tessa Basford & others
TESSA BASFORD ET AL
The psychological contract that traditionally bound employees to their employers has been fraying.…
Job-hopping has been described as the ‘new normal’, and millennials are expected to hold 15-20 positions over the course of their working lives.
Meanwhile, middle management — the executives who traditionally act as a conduit for communication from the top to the bottom of companies — has been hollowed out !
So it’s no surprise that in the face of these 2 trends, leaders struggle to get their employees to embrace big change programmes. Rather than adapt to the demands of organisational transformation, employees are more likely to resist passively, undermining the effort and spreading that contagion across the organisation.
Or they might simply decide that such a transformation is not worth the risk and look for their next opportunity elsewhere. To counter these problems, it’s more important than ever for companies in transition to invest time and effort in changing the mindsets and behaviour of the workforce.
Example :
Digital advances can turbocharge efforts to foster understanding and conviction, thereby helping employees to feel more involved in change efforts and better able to play a role in shaping them.
Consider how modern digital communications make it easy to PERSONALIZE messages, TAILORING them to the needs of individuals and delivering them DIRECTLY to frontline employees.
From “Winning hearts and minds in the 21st century”
Labels: Citings
Saturday, September 03, 2016
Cutomer Lifetime Value ( CLV ) and how to find it ? by Peter Fader
Book Extract
Cutomer Lifetime Value ( CLV ) and how to find it ?
By Peter Fader
As I celebrate year 30 on the faculty here, I’ve spent about half that time — well, I’ve spent all that time — building mathematical models to predict different things about consumer behaviour.
But I spent about half that time on this notion of customer lifetime value.
Can we look at what a customer has done in the past and make a pretty accurate projection of what they are likely to do in the future? And it’s not only coming up with a single number, it’s breaking it down into how long will this customer maintain the relationship with us?
How many more transactions will they have?
What will be the size of those transactions?
So, it takes in a number of predictive elements that, when you combine them all together, gives you CLV [Customer Lifetime Value]. I’ve been…developing these models, and they’re really accurate and diagnostic, and really good. I’ve been going to companies and saying, “Here is a cool new thing that can really help you run your business better,” and a lot of companies, especially retailers, say,
“Ah, we’re busy.We can’t deal with all of that math stuff, we’re trying to sell things here.”
Let’s try to motivate retailers, or the companies, gaming companies, pharmaceutical firms, telecommunications firms, by thinking about this big, broad strategy of putting the right customers at the centre of everything that we do.
From “How to Find Your Most Valuable Customers” by Peter Fader
Cutomer Lifetime Value ( CLV ) and how to find it ?
By Peter Fader
As I celebrate year 30 on the faculty here, I’ve spent about half that time — well, I’ve spent all that time — building mathematical models to predict different things about consumer behaviour.
But I spent about half that time on this notion of customer lifetime value.
Can we look at what a customer has done in the past and make a pretty accurate projection of what they are likely to do in the future? And it’s not only coming up with a single number, it’s breaking it down into how long will this customer maintain the relationship with us?
How many more transactions will they have?
What will be the size of those transactions?
So, it takes in a number of predictive elements that, when you combine them all together, gives you CLV [Customer Lifetime Value]. I’ve been…developing these models, and they’re really accurate and diagnostic, and really good. I’ve been going to companies and saying, “Here is a cool new thing that can really help you run your business better,” and a lot of companies, especially retailers, say,
“Ah, we’re busy.We can’t deal with all of that math stuff, we’re trying to sell things here.”
Let’s try to motivate retailers, or the companies, gaming companies, pharmaceutical firms, telecommunications firms, by thinking about this big, broad strategy of putting the right customers at the centre of everything that we do.
From “How to Find Your Most Valuable Customers” by Peter Fader
Labels: Citings
