The Amazon Effect is a term that has taken on a life of its own in modern commerce, a catch-all phrase that might have started in logistics, but is now applicable to disruption in general. From supply chain to marketing, customer service to content management, Amazon is blazing a distinctive trail that has industry sitting up straight in their chair and taking copious notes. This isn't a course companies can afford to flunk.
In other words, if a rising tide lifts all boats, then your firm's metaphorical ship better be seaworthy or risk capsizing in the wake of progress. In the age of Amazon, clients and customers demand more, want to pay less, be dazzled with engaging data, and have it all available at their fingertips. Traditional client reporting might have served you well in years past, but the stakes are now higher, client expectations growing by the day, and if you don't meet those expectations, there's a company somewhere down the street that is more than willing to take your place.
Old fashioned, linear reporting with bone-dry statistics that lack context and charisma just won't suffice. Your reporting needs to immerse the client in an interactive experience that engages, advances the narrative while retaining transparency and, as misplaced as it might seem at first glance, entertains while it informs. Yes, Amazon has raised the bar for everyone, even in tangential, indirect ways, and you must meet the challenge or risk the future viability of your entire organization.
Thankfully, there are practical solutions that lend convenience to your reporting without sacrificing impact and scope. At Xinn, we pride ourselves on providing innovative reporting solutions in the hypercompetitive age of Amazon. In fact, by taking a peek down the road into trends in the client reporting space, you can makes changes today that equip you to handle the rigors of tomorrow.
Your client base is always connected. Smartphones are essentially small computers that give people seemingly infinite information available on a whim. For that reason, they expect instant reporting from you that is informative but secure, immediate but thorough.
Such dynamics have given rise to on-demand reporting through client portals that provide demanded immediacy to customers while giving firms the ability to conveniently publish out a wealth of account information and data, trends within the particular space, and overall marketplace news that is relevant and timely.
AIG, for instance, has developed its myAIG client portal to better serve the needs of the crowded and competitive insurance industry, designing a dashboard that simultaneously serves the needs of its own customer base - brokers and agents - as well the broker's clients.
myAIG provides immediate access to customized reports specifically tailored to the particular needs of each broker and client. Every portal is housed separately on the myAIG platform with unique login screens that can utilize shared branding between AIG and the broker, simultaneously satisfying both broker and client needs.
Obviously, a mountain of data and statistical analysis, as insightful and pertinent as it might be, lacks personality. While graphs and interactive charts are nothing new to client reporting, they continue to evolve to meet skyrocketing expectations, stretched attention spans, and busy schedules. Furthermore, clients also want to have equity in the reporting, having input into the content provided, help shape reporting agendas and goals, and rate the experience for effect and impact.
Looking down the road to a potential trend that might emerge in the financial services industry, UBS has recently created a digital clone -- collaborative robot in technical terms -- of one of its chief economists that can interact with the most lucrative segment of its client base.
The bot is conversational with the client, providing on-demand graphs and other content to enhance the experience. In fact, the clone is so observant, it will even remove its tie if it sees that the client isn't wearing one. While the technology is still very much a work in progress, it leverages the emergence of AI and associated innovations as a possible solution for escalating client expectations.
Harkening back to our original thesis, Amazon continually measures their customer experience, analyzing nuanced data through a variety of technologies to gauge the impact their content and platform have on the customer's journey. Other companies are adopting a similar approach, placing content effectiveness and associated metrics as a primary goal for client service teams.
By measuring key data points - including opens, downloads, reading duration, interactivity, engagement, shares, conversation analysis, team member engagement, and a host of others - content's impact can be analyzed at the granular level and continuously honed to enhance effectiveness.
Roku, the streaming media provider, has recently unveiled a new marketing content platform that allows advertisers to analyze the effectiveness of their ad content relative to customized audience segmentation, revealing insights and impact that otherwise would be extremely difficult, if not impossible, to achieve.
The platform provides impact data according to the viewing device, audience demographics, and a variety of customer affinities across Roku's entire 19 million person viewership base. While Roku designed the platform specifically for streaming media advertising, virtually any business or industry can incorporate similar platforms.
Amazon has forced all market participants to raise their game. However, companies don't have to recreate the proverbial wheel to meet client expectations and enhance their reporting to fit newer, demanding standards. Through immediate reporting via dedicated client portals, interactive content and, perhaps most importantly, the ability to analyze performance to inform strategy better, companies have convenient solutions to equip themselves for this dynamic age of Amazon. At Xinn, we pride ourselves in providing our own clients these very solutions, helping prepare them for the rigors of an ever-evolving marketplace and growing customer expectations.