User experience -Key determinant for success and failure for any CRM application – CRM Read


via User experience -Key determinant for success and failure for any CRM application – CRM Read

My latest article in CRMRead.com. Thank you Padmajah Badri – Editor In Chief for kindly inviting me to write.

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From My fav Newsletter – Ladders. Starbucks Hacks- very interesting.


LIFE

13 Starbucks hacks you need to know

Admit it — you’re low-key obsessed with Starbucks. Starbucks is not just a restaurant — it’s a lifestyle. We wait year round for the infamous PSL (being labeled “basic,” be damned), know it’s time for Christmas when they start serving Gingerbread Lattes from Christmas cups, and look forward to summer with fruity, refreshing, and Insta-worthy iced teas.

But it can be a pretty expensive obsession to have! With typical menu drinks costing about $3-$7, plus whatever add-ins you prefer, it can add up (especially if it’s a daily occurence!). However — it doesn’t have to be that way. It’s worth looking into how to get more bang for our (Star)buck, and how many options the trusty coffee chain and cafe really can offer us. Read on for the hacks that will save you time, money, and calories at Starbucks.

1. Don’t limit yourself to what’s on the menu

In fact, the most expert Starbucks-frequenters rarely order off the menu, to get their favorite drinks and to save money! Check out the secret menu (yes, it really does exist!) or try these secret menu drink concoctions that are all $3, and never pay $5 for a coffee again! If you prefer lattes, order the cafe misto, which tastes the same (half coffee, half milk), but is significantly cheaper (and will save you calories!). More of a tea drinker? A chai latte misto is half steamed milk and half brewed chai tea, saving you money and sugar (you can also just order a hot chai tea with steamed milk if the terminology weirds you out, and save about $2).

2. Make your own drinks for a cheaper price

Iced lattes are one of the most satisfying and refreshing drinks, but can get pricey, especially if you prefer them in Venti size instead of the Tall (don’t we all on Monday mornings?). Instead of ordering a latte, order a triple espresso over ice, in a Venti cup (with room for milk), and then go to the condiments area to fill up your coffee with milk, which makes an iced latte, but for a fraction of the cost. If you prefer your lattes hot, you can also order a Tall coffee with steamed milk (still cheaper than a latte!), or a Tall hot coffee in a Grande cup, and fill up on the milk at the condiments station — a Grande latte for the price of a Tall coffee!

3. Never pay full price for two drinks during the same trip, again

Spend a lot of workdays or meetings at Starbucks where you stay for hours and get multiple drinks? Or maybe just one cup of coffee for you doesn’t cut it? Anytime throughout the day (and in any size — Tall, Grande, or Venti), refill your cup with brewed coffee or tea for just 5o cents. Just know that “refills” only count as iced or hot coffee and iced or hot tea (but remember the tricks above to turn it into a latte!). Also an insider tip: you can get a 50 cent refill with coffee or tea, even if your original drink was not just brewed coffee or tea. So feel free to fill up on a Pumpkin Spice Latte and get a 50 cent extra pick-me-up of tea before you leave!

4. Bring your own cup

Not only will you be saving the planet, one coffee cup and plastic straw at a time, but you’ll also save 10 cents on your drink whenever you bring your own tumbler, cup, or mug. We love using an ever-so-chic mason jar with a lid, or — funny you should mention it — Starbucks has amazing reusable cups of their own. We love this one, this one, and this one.

5. Sign up for Rewards

Normally I detest rewards programs at restaurants and stores — it’s just more spam emails and I probably spend more money than I save (it’s hard to resist a 30% sale or free pastry with purchase of drink). But at Starbucks, it is a must (and with no cons)! First of all, it’s free to sign up (did that convince you enough?), and besides just having a ton of perks for being a reward member (hello, free birthday drink!), you also earn points for a number of things, like purchasing anything in store and certain Starbucks items in grocery stores, that can be used for free food and drinks. Did we mention that it’s free?

6. Don’t buy a water bottle!

Never pay $3 for the plastic water bottle in the Starbucks fridge; just ask for a Venti iced water! You don’t have to worry about the water not being clean — Starbucks triple-filters their water and ice, so you know it’s as clean as possible and you could save some serious money. For an environmentally friendly option, you can also bring your own reusable bottle and ask Starbucks to fill it with water and ice, for free.

7. Order a French Press Pot of coffee

Going with friends or know you’ll want a few cups during your day at Starbucks? Order a French Press pot of coffee instead of individual cups. Each pot serves a few cups of coffee, but will be cheaper than buying each cup individually. Enjoy a pot with your friends, or get a serious caffeine buzz on your own (sometimes, we just need it!).

8. Get the most out of your iced drink

If you’re getting an iced tea, ask for “no water.” Iced teas are typically watered down from the original pitcher into your cup, so asking for no water will make the brew stronger. You can also ask for “light ice” (unless you prefer lots of ice). Ice is usually filled up much more than is necessary to keep the drink cold, limiting the volume of space the barista can fill the cup up with your favorite coffee drink or tea. Having light ice will give you more bang for your buck because you’ll be getting more of your drink, while still keeping it nice and cold.

9. Be specific about your syrup

I love the occasional PSL or Vanilla Latte as much as the next girl, but did you know that a Tall with sweetener has three pumps of syrup, a Grande has four pumps, and a Venti has five or six pumps? Just one pump is about 20 calories and 5 grams of sugar… are you keeping up with this math? That means just a Tall has 15 grams of sugar in the syrup alone. I don’t even want to think about how much is in a Venti! Asking for either one or two pumps per drink still gives the same flavor (we need that pumpkin spice!!) and sweetens up your drink, but if you order a Grande Vanilla Latte with two pumps vanilla syrup, you’d be saving 40 calories and 10 grams of sugar, for not much difference in taste.

10. Ask for a sample so you never get a drink you dislike again!

I don’t know about you, but I usually stick to the usual iced coffee, just so I don’t risk getting a drink that I end up not liking. But oh the possibilities out there in the Starbucks universe! Unless the store is super busy, the barista should be totally fine getting you a sample of a certain brew or drink, if you’re unsure whether or not you’d like it.

11. Know all the sizes

Thought “Tall” was the smallest? Think again — “Short” is an 8oz size (“Tall” is 12oz), which clarifies that age-old confusion that “Tall” was the smallest size, when it counterintuitively sounds like the largest — it’s because “Short” is the size smaller. Clears up a lot, doesn’t it? If you’re in the mood for a small drink, Short is cheaper than a Tall. The “Short” cappuccino has the same amount of espresso as the “Tall,” so if caffeine is your goal, opt for the cheaper options.

12. Are you and a friend both getting a Frappucino? Get one Venti!

A Venti size of your favorite sweet iced drink is about 24oz, while a Tall is 12oz. However, a Venti frappe is significantly cheaper than two Tall frappes would be (about $4 less, precisely). So instead of getting two, order the Venti size and ask for two Tall cups. Divide accordingly, and enjoy your frappucino with your friend, knowing you both saved money.

13. No time to wait in line? Order through your cell phone!

Using the Starbucks Mobile app, you can order ahead of time, and just go pick it up. No more waiting in long lines for your coffee! We’re busy women — we have much more important things to do.

This article was originally published on The Everygirl.com.

Re-inventing for Customer Centricity | Longitudes


via Re-inventing for Customer Centricity | Longitudes

How Behavioral Economics Could Help Reduce Credit Card Delinquency


How Behavioral Economics Could Help Reduce Credit Card Delinquency
Nina Mažar
JULY 26, 2018
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With U.S. household credit card debt at an all-time high of more than $1 trillion, delinquent payments can be more costly than ever. For companies, delinquencies can mean massive collection costs and write-offs of entire accounts. For consumers, delinquency can mean late fees, increased interest rates, downgraded credit scores, the loss of vehicles or homes, or even bankruptcy, despite their intentions to bring their accounts current by making a payment large enough to satisfy their credit card balance. Recent research indicates that simple modifications of automated phone prompts provide an inexpensive way for companies to help consumers make good on their intentions, benefiting both parties.

My colleagues Daniel Mochon and Dan Ariely and I collaborated with a large North American store that offers credit cards, aiming to study how to get recently delinquent customers to pay at least a portion of their balance. These are customers who have just missed paying at least their minimum payment and are therefore considered one month delinquent. Most credit card companies, including our collaborating card company, use interactive voice recordings (IVRs) — large-volume automated phone calls — to remind early-stage delinquent customers to pay. This assumes that there are only two groups of delinquent customers: those who are unable to pay and those who simply forgot. To take care of those who forgot, a short automated reminder is thought to suffice: “[Customer name], you have a past due amount. If you have already paid, press 1. If you are going to pay within the next three days, press 2. If you want to speak to an agent, press 3.”

However, we know from many other domains of life that people can have the best of intentions but fail to follow through on them. For example, many of us intend to save more money, live a healthier lifestyle, or start working on our taxes early instead of at the last minute. But life gets in the way; we procrastinate and end up not doing what we intended to do. My colleagues and I thought that this might also be true for some of the delinquent credit card customers. So we tested two separate modifications to the baseline IVR to see if they would help overcome this type of inaction in the case of recipients who indicated they would pay within the next three days.

Our first modified version added an interactive menu level that asked call recipients to select a concrete timeframe within which they would make their payment during the ensuing three days: “If you are going to pay within the next 24 hours, press 1” and so on, continuing through 36, 48, and 72 hours. We expected this intervention to prompt deeper mental engagement that would help them remember their intention.

Our second modified version added yet another interactive menu level right after this new one. Call recipients were asked to take a personalized pledge: “[Customer name], you have committed to pay [total amount due] within the next 24 hours. Press 1 to confirm your commitment to this pledge.” The idea was to strengthen call recipients’ sense of commitment to their expressed intention.

Over nine months we randomly assigned a small subgroup of the company’s early-stage delinquent customers, around 50,000 people, to one of the three IVRs. We found that compared with the baseline IVR, the prompt with the concrete timeframe increased customers’ likelihood to pay by 2.26 percentage points and led them to pay 0.23 days faster. Adding both the concrete timeframe prompt and the pledge increased the likelihood by 2.54 percentage points and the speed by 0.51 days.

What does this mean in dollars? The people in our small subgroup had a mean total amount due of $142. Some 15,000 indicated they would pay within the next three days. If all 15,000 had received the IVR with the timeframe prompt and pledge, instead of the baseline IVR, the improvement in response would have translated into an increase in immediate revenue of more than $56,000.

When scaled to a credit card company’s entire customer population, these interventions could result in significant revenue increases. Moreover, additional customers become delinquent every day, increasing the long-term revenue benefits of such interventions. In addition, they cost little, they scale easily, and they reduce more-costly later-stage collection efforts, which can include letters, live agent calls, and collection agency fees. Meanwhile, consumers benefit from avoiding the costs associated with debt delinquency.

These results demonstrate that even simple, minimal prompts delivered through automated, high-volume IVR calls can bridge the intention-action gap that so often prevents people from completing beneficial behaviors. Asking people to express their intentions more precisely about when they will act and to take a pledge could work in areas ranging from tax compliance to medication adherence to students’ procrastination on assignments. More generally, the results affirm that applying behavioral insights has great potential for increasing economic and individual well-being at low cost, as the recent work of Daniel Kahneman, Steven Levitt, Cass Sunstein, Richard Thaler, and others has shown.

Nina Mažar is Professor of Marketing and Co-Director of the Susilo Institute for Ethics in the Global Economy at Questrom School of Business, Boston University, and co-founder (with Dan Ariely) of BEworks, a behavioral economics consultancy.

via How Behavioral Economics Could Help Reduce Credit Card Delinquency