Apps come of age. (Translation: Average app revenues are cratering.)

Smartphone app developmentWell, it was nice while it lasted.

App developers have had a pretty lucrative playing field over the past several years. But like so much else in cyberspace where there’s a “drive to the bottom,” paid apps are no longer the path to guaranteed revenue riches they might have been once.

According to mobile market research firm Research-2-Guidance, total paid app revenues continued to grow in 2012 – and by a healthy rate of 27% — to reach $8 billion.

But at the same time, the average revenue generated per paid app fell at the very same 27% rate.

As a result, the average revenue generated per paid app declined from ~$26,700 in 2011 to just ~$19,500 in 2012.

Research-2-Guidance posits that the decline in average sales per paid app could ultimately lead to a situation where developing paid apps is no longer a profitable endeavor.

“There are now so many applications available that supply even exceeds demand,” company spokesperson Vincenzo Serricchio noted in a summary statement.

In line with the notion that “everything in cyberspace wants to be free,” information technology research and advisory firm Gartner projects that by 2016, nearly 95% of app storefront downloads will be free rather than paid apps.

And even among the paid apps, the Gartner analysis estimates that nine out of ten of these app downloads will be priced at $3 or lower.

Yet another forecast – this one by Strategy Analytics – predicts that the average price for all phone apps (free and paid combined) will drop to just 8 cents per app by 2017.

Most major brands don’t really care about pushing paid versus free apps, as they typically use them for boosting branding exposure and engagement rather than for revenue generation per se. However, with so many quality free app options being offered, the question is how many app developers – particularly those in the gaming field – ultimately will find the new landscape unprofitable or otherwise unpalatable.

Stay tuned.

Delaware’s unclaimed property gambit: Small state … Big bucks.

The state of Delaware is serious about collecting unclaimed property at corporations.The state of Delaware has a reputation for being very friendly to corporations. And that’s not just talk, because there are more corporations registered in Delaware than in any other state.

In fact, more than half of all publicly listed U.S. companies have chosen to incorporate in Delaware.

But it turns out that there’s another side to the coin: This “business friendly” state is also ruthless about going after the unclaimed property that these corporations possess.

Companies that are incorporated in Delaware are obligated to turn over all unclaimed monetary property to the state. And the state is relentless in pursuing those funds.

For unclaimed dividends and securities, the Delaware law kicks in after three years. For other unclaimed property such as gift certificate balances and life insurance benefits, the state claims possession after five years.

There’s criticism, of course. Many contend that Delaware is unduly onerous in its unclaimed property dictates when compared to other states.

Chances are, such criticism falls on deaf ears. Why? I like what Chris Hopkins, a lawyer with Crowe Horwath LLP, says about the situation: “Unclaimed property is crack for the state of Delaware,” he contends.

And how much is the unclaimed property worth? Estimates are that Delaware has collected more than $1.2 billion in property, interest and penalties in just the past three years. The state uses the proceeds it collects to conduct state business – just as it would using state income tax revenues.

And woe to any company that neglects to keep proper tabs on its unclaimed property, because Delaware looks back more than 30 years when it conducts audits.

How many companies have robust records going back that far?

No records? No problem! The state will cheerfully estimate the amount your company owes – along with all of the accrued interest and penalties, of course. And they’ll accept your payment with a smile.

But there’s been enough grumbling about the record-keeping requirements that the state has grudgingly initiated a “temporary voluntary disclosure program,” wherein companies can make a good faith effort to identify unclaimed property dating back to “only” 1996.

If companies can show that they aren’t hiding any problems, the state will forego further auditing back into prior years.

Delaware Secretary of State Jeffrey Bullock stated this about the new voluntary program: “There was a recognition that we had to come up with a better system to meet the ultimate goal, which is to have companies in compliance.”

So which goal is it?  Companies in compliance? … Or a cool billion in added revenues for the state’s coffers?

You know the answer.

The corporate resource commitment to social media: Plenty of talk … but how much action?

Social media staffing prospects for 2013 are no better than they were in 2012.With social media activity seemingly bursting at the seams, it’s also risen near the top of many marketing departments’ punch lists of tactics to reach, engage with and influence their customers and prospects.

But when it comes to putting serious resources behind that effort, how much of a commitment is really there?

A recent Ragan Communications/NASDAQ OMX Corporate Solutions survey suggests that the commitment to social media may be a lot of “talk” … and a lot less “walk.”

The November 2012 survey of ~2,700 social media professionals found that two-thirds of the respondents perform their social media tasks above and beyond their regular marketing duties:

  • Social media tasks are on top of current responsibilities: ~65% of respondents
  • Have established a team for social media activities: ~27%
  • Use an in-house team along with an outside social media agency or planner: ~5%
  • Outsource all social media efforts: ~3%

For the distinct minority of companies that have seen fit to devote some degree of dedicated personnel to their social media program, nearly 85% of them have created teams of three people or fewer … and in more than 40% of the cases, it’s just a single individual instead of a team.

What departments within companies are involved in social media activities?  No surprise here:  It’s the usual suspects (marketing and public relations) with a variety of other departments having their toe in the water as well:

  • Marketing: ~70% of departments are involved in social media activities
  • Public relations: ~69%
  • Corporate communications: ~49%
  • Advertising: ~26%
  • Customer service: ~19%
  • Information technology: ~17%
  • Legal personnel: ~14%

As to whether we’re on the cusp of something much bigger in terms of resourcing social media activities, this isn’t evident much at all from the future plans of the businesses surveyed by Ragan.

Let’s begin with budgets. Excluding salaries and benefits, half of the companies surveyed have social media budgets of $10,000 or less – and one-quarter have essentially no dollars at all earmarked for social media:

  • Annual social media budget $1,000 or less: ~23% of respondents
  • $1,000 to $5,000: ~14%
  • $5,000 to $10,000: ~13%
  • $10,000 – $50,000: ~22%
  • $50,000+: ~26%

When asked whether companies had expanded their social media personnel assignments during 2012, fewer than one-third of the respondents answered affirmatively.

… And the trend doesn’t look much different for 2013, with more than three-fourths of the respondents reporting that there aren’t any plans to hire additional social media practitioners this year.

What about interns, that fallback position for cheap and easy labor?

Fewer than one-fourth of the respondents reported that interns are employed by their companies for social media tasks. Most others believe that using typically inexperienced interns for the potentially sensitive customer engagement aspects of social media is a “non-starter,” as they consider those sensitivities to be a disqualifying factor.

And in the cases where interns do help out in social media efforts, the vast majority of their activity is confined to Facebook and Twitter, as compared to LinkedIn, blogging,creating online “thought leadership” articles and the like.

How satisfied are companies with how they’re doing in the social media realm? According to this study, there’s rampant dissatisfaction with the degree to which companies feel able to measure the impact of social media on their sales and their businesses.

The tracking mechanisms put in place by companies range the gamut, but it’s not clear how convinced practitioners are that the information is accurate or actionable.

  • Track interaction and engagement (e.g., followers, fans, likes): ~86% of respondents
  • Track web traffic: ~74%
  • Track brand reputation: ~58%
  • Track customer service and customer satisfaction: ~41%
  • Track new lead generation: ~40%
  • Track new sales revenues: ~31%

The vast bulk of tracking activity happens using in-house mechanisms or free measurement tools (~59% use those), although the paid measurement tools offered by HootSuite and Radian6 do have their share of users.

The takeaway from the Ragan/NASDAQ research is this:  Company staffing and resource allocations have a ways to go to catch up with all the talk about social media.

Chances are, those resources will be easier to allocate once proof of social media’s payback potential can be shown.  But that might take substantially more time to prove than some people would like.

As if to underscore this notion, statistics compiled by IBM researchers covering the past holiday season found that less than 1% of all online purchases on Black Friday emanated from Facebook.  The percentage of purchases from Twitter was even lower — undetectable, in fact.

And similarly paltry results were charted for the rest of the 2012 holiday season.

As long as social media marketing continues to contribute such pitiful sales revenues, get used to seeing scant social media budgets and near-zero increases in dedicated human resources.

As direct marketing specialist and raconteur Denny Hatch has so pointedly remarked:

“Social media marketing is an oxymoron.  You cannot monetize a giant cocktail party.”

What do you think?  Is Mr. Hatch onto something … or is he just reaching for dramatic effect?  Share your own thoughts if you’d like.

Right on Cue: More insights into e-mail engagement.

Groaning e-mail inboxes
According to Cue’s 2012 user statistics, on average, people receive more than six e-mail messages for every one that they send.

As if we needed any more proof that people are getting more and more e-mails — and reading fewer and fewer of them — along comes some aggregated data that confirm our beliefs.

Cue (formerly known as Greplin) is a mobile app for organizing and searching online data across a variety of functions such as e-mail, cloud storage and online calendars.

Because of the large number of people who use the app, Cue has amassed huge amount of data when it comes to knowing users’ online activities.

Earlier this month, Cue released some anonymized aggregate data gleaned from a cross-selection of app users. Some of the interesting findings from that study, which covered all of 2012, include these “factoids”:

  • Average number of e-mail words written per person: ~41,400
  • Average number of e-mail messages sent: ~870
  • Average number of e-mail messages received: ~5,600

With over six times the number of e-mail messages received compared to sent, it’s no wonder people are busily trashing e-mails right and left with nary a glimpse at them.

Not only that, users are becoming slower in responding to the e-mails that they do read. In 2012, the average length of time for response was ~2.5 days, compared to ~2.2 days in 2011.

But more than half of all e-mail responses happened within the first hour – and nearly 90% within 24 hours. This means that the other ones were responded to a really long time afterward in order to result in the 2.5-day average.

There were some other interesting tidbits Cue gleaned from its user analysis. For instance, “dogs” topped the list of most-mentioned animals; they were mentioned 38% of the time versus 32% for cats and just 19% for fish.

And in terms of swear words – what everyone wants to know even if they won’t admit it – the “S” word outscored the “F” word by ~43% to ~39%, with the “D” word bringing up the rear at just ~18%.

[Come to think of it, wouldn’t it have been more apropos if the “S” word was bringing up the rear?]

A new milestone for LinkedIn: 200 million users.

LinkedIn reaches a new milestone:  200 million registrants.
LinkedIn is adding new registrants at a rate of two per second.

It may have gotten lost in the shuffle amongst the news about other social platforms like Twitter, Facebook … and now Pinterest and Instagram … but LinkedIn has quietly signed up its 200 millionth user.

While LinkedIn may have only a fraction of the 1 billion users who have signed up on Facebook, reaching the 200 million milestone is a pretty big deal for a professional networking site, and in fact makes LinkedIn the 800 lb. gorilla in the professional social segment.

LinkedIn is adding nearly 175,000 new registrants each day; that averages out to about two per second. So it comes as no surprise that if you look at LinkedIn’s trajectory over the recent years, it like one of those exponential lines:

  • January 2009: 32 million user registrations
  • March 2011: 100 million
  • December 2012: 200 million

LinkedIn has gone worldwide, too – although it’s not as international as Facebook. There are LinkedIn members in more than 200 countries and territories.  The United States continuing to lead the pack, but it now represents well fewer than half of registrants:

  • USA: ~74 million user registrants (37%)
  • India: ~18 million (9%)
  • United Kingdom: ~11 million (6%)
  • Brazil: ~11 million (6%)
  • Canada: ~7 million (4%)

There are detractors to look at Facebook and its user profile and see a lot of chaff among the wheat: a large portion “wannabe” professionals who are sole proprietors of varying degrees of consequence or even validity.

But at least these people actually exist, which is much more than you can say about the Twittersphere – the very archetype of the “digital Potemkin Village.”

LinkedIn’s growth isn’t just noteworthy in and of itself. It’s also become much more of a revenue machine … to the tune of an 80%+ rise in 2012 3rd Quarter revenues in over the same period in 2011. Look for that trend to continue.

Launched a decade ago, LinkedIn’s been fluttering around the periphery of the “big boys’ club” in social media for the better part of a decade.

Clearly, they’ve joined the club now.

Grand Funk: PC Sales are in the Doldrums

PC sales decline in 2012
Eyebrow-rasing stat: Worldwide PC shipments declined in 2012 … the first drop since 2001.

If people had any doubts about the inexorable rise of tablet devices and smartphones, the sales results for the holiday season would surey erase them.

In fact, for the first time in five years, holiday PC sales have actually declined. Tech industry tracking firm IDC reports that personal computer manufacturers sold just shy of 90 million units worldwide during the last quarter of 2012. That’s down more than 6% compared to PCs sold in the final quarter of 2011.

What makes the news doubly troubling for the PC segment is that, unlike in 2009 when sales of all tech devices were hammered by a worldwide recession, this time around sales of other devices such as tablets and smartphones have grown substantially.

And considering 2012 as a whole, the news is even worse. The estimated 352 million PCs sold were ~3% lower than in 2011, which makes this the first annual decline in more than a decade – since 2001 in fact, when the 9/11 attacks roiled markets and impacted sales of all goods across the board.

And it isn’t trouble for just one manufacturer, either: The 2012 sales drop hit all of the big players including Dell, HP and Lenovo.

What about the prognosis for 2013?

It’s not much better. IDC is forecasting mediocre growth in the PC segment (less than 3%) — although at least that isn’t a decline.

But on the downside, it’s very possible that tablets will actually outsell PCs in 2013 – a possibility that would have seemed unthinkable just one or two years ago.

We’re hearing a number of explanations for the slump in PC sales. One of those is that Microsoft’s new Windows 8 operating system isn’t doing much to excite buyers – at least not so far.  The surge in new PC hardware purchases, which commonly occurrs when newer versions of Windows have been introduced, hasn’t happen this time around.

More fundamental than the Windows 8 conversion rate are signs that PCs are losing their edge over other devices in the perception that they’re the most secure, reliable and efficient options.

This shift may be less about PCs themselves or their quality, and more about the aggressiveness by folks like Apple iPad and their incursions into the PC “space.”

Weighing the Odds on Marketing Predictions for 2013

MarComm Crystal Ball Predictions for 2013One thing each New Year invariably brings is a passel of marketing and communications forecasts for the upcoming year.

And 2013 is no exception. I’ve seen more than 25 articles in the business press over the past several weeks that take a stab at predicting the future – and that’s without even looking to find them.

With each prediction list containing anywhere from 5 to 25 items, there’s a lot to consider – and also a good deal of overlap. The big question is, how many of these predictions will turn out to be accurate, as opposed to wishful thinking?

I thought I’d highlight some of the more interesting forecasts and list them here  — along with my odds on the likelihood they will come true.  So here goes … see what you think:

2013 MarComm Predictions from the Experts

Responsive design” and its ability to detect devices and deliver a satisfying viewer experience will take center stage in 2013 now that smartphone sales have overtaken PCs and more e-mails than ever are being read on mobile devices.
(Michael Della Penna, Responsys)
Chance of happening (my odds): 100%.

Special characters in e-mail subject lines are here to stay.
(Chad White, MediaPost E-Mail Insider)
Chance of happening: 100% (unfortunately).

Twitter will start personalizing Twitter feeds in 2013, based on an algorithm consisting of influence, engagement, alignment, gravity, and subscriber interests.
(Rich Brooks, Flyte New Media)
Chance of happening: 90%.

Google+ will become a “must use” service not because of its social elements, but because it will be the central hub for managing a company’s “official” online public presence in the eyes of Google.
(Anita Campbell, Small Business Trends)
Chance of happening: 80%.

Mobile transactions and payments will become huge – the biggest “disruption” in local search – and making it much easier to close the research-online/buy-offline loop and calculating actual ROI on specific marketing campaigns.
(David Mihm, SEOmoz)
Chance of happening: 70%.

After struggling for years to gain adoption, the QR Code will die – a good concept done in by its clunky interface and application.
(Peter Platt, iMedia Connection)
Chance of happening: 70%.

Triggered e-mails will give sophisticated marketers a sustainable competitive edge over other markers.
(Chad White, MediaPost E-Mail Insider)
Chance of happening: 60%.

More industries such as the financial, legal, accounting and medical fields will get serious about social media in 2013 as clarity about potential regulatory issues is established.
(Stephanie Sammons, Wired Advisor)
Chance of happening: 60%.

2013 will be the year of visual marketing. Video in e-mail will finally take off, thanks to HTML5 video capabilities.
(Ekaterina Walter, Intel)
Chance of happening: 60%.

2013 will be the “year of the invisible computer,” finally fulfilling writer Donald Norman’s prophecy made back in 1999 wherein people don’t focus on the technology at all, but on what information and services the technology can deliver.
(Peter Platt, iMedia Connection)
Chance of happening: 50%.

Marketers will use fewer social sites in 2013, preferring to have a solid presence in one or two channels rather than to try to dominate in every single platform.
(Ed Gandia, International Freelancers Academy)
Chance of happening: 50%.

Apple will launch iRadio, taking on Pandora in Internet radio and integrating into the iTunes iOS app.
(Richard Greenfield, BTIG)
Chance of happening: 50%.

2013 will not be the “year of the [fill in the blank],” but will build on the digital accomplishments of the past.
(Peter Platt, iMedia Connection)
Chance of happening: 40%.

By the end of the year, one in three paid clicks will come from a tablet or smartphone as the “living room on the go” enables seamless content portability for consumers.
(Sid Shah, Adobe)
Chance of happening: 30%.

SlideShare will be the fastest growing social network in 2013.
(Joe Pulizzi, Content Marketing Institute)
Chance of happening: 20%.

The number of podcasters will double in 2013, tapping into 1 billion smartphone users and their desire for accessing quality, on-demand talk.
(Michael Stelzner, Social Media Examiner)
Chance of happening: 20%.

Voice assistants will become the rule than the exception, in response to consumers’ increasing expectations for immediate and customized support in all forms of outreach.
(Robert Passikoff, Brand Keys)
Chance of happening: 20%.

The age of the PC is over in 2013, as a true “pivot point” is reached due to the penetration of smartphones and tablets.
(Will Margiloff, IgnitionOne)
Chance of happening: 20%.

2013 will be the year marketers stop using the term “social media” when referring to campaigns … and Facebook will “own” mobile advertising.
(Peter Shankman, Geek Factory founder)
Chance of happening: 10%.

Marketing budgets will now be established based on outcomes, not history, eclipsing the traditional dynamic of building budgets based on “last year” figures.
(David Cooperstein, Forrester Research)
Chance of happening: 10%.

2013 will bring the death of static web pages.
(Raj de Datta, BloomReach)
Chance of happening: Nil.

So, what do you think of these fearless predictions? Which ones are most likely to come true?  Would you place different odds on some of them? Feel free to share your observations with the other readers.

Observations on the Newtown Tragedy and its Larger Societal Implications

Shady Hook School, Newtown, CTI’m going to take a step away from the usual focus of my blog posts to address the larger cultural factors that really need to be on everyone’s radar screen as we “process” the horrific actions in Newtown, CT. The school massacre has left a community reeling and I’m sure many are re-examining their thinking about what this all means in the “larger context” of our society and culture.

A good friend of mine I’ve known since college, Wesley Green, is someone whose opinion I value highly. He’s been a “media person” for decades and always has interesting observations to share about the “bigger meaning” of events as they occur.

Wes sent me his observations about Newtown, meant for my eyes only, but I found them thought-provoking and compelling enough to want to share with my blog audience. With his permission, here is what Wes shared with me:

We all wonder how something like this could happen …

The natural disposition of humans is to be compassionate and outward looking. We are by nature people of community—predisposed to love and take care of each other. But … when afflicted by a psychological or neurological injury, humans lurch towards some form of narcissism.

Common in small children whose frontal lobes are not fully developed, narcissism re-emerges, sometimes with a vengeance, in adults as an unconscious reaction to neurological/psychological disequilibrium. As far as I can tell, all mental illness is accompanied by some form of narcissism in that one’s capacity for empathy is somehow impaired.

How narcissistic tendencies are enabled …

The modern world unfortunately gives people novel opportunities to indulge any narcissistic tendencies. Video games allow people to be the heroes of their own virtual worlds – worlds in which they have power and prestige.

Websites, including social sites, also allow people to feel more … consequential.

But I think the most insidious modern innovation remains television. Not only does TV blur the lines between fantasy and reality, it can actually turn fantasy into reality.

Why TV may be a linchpin …

More than any other media, television has the power to take “nobodies” and transform them into “somebodies” almost overnight. We see it on American Idol, The X-Factor, and a host of reality TV shows (Jersey Shore, anyone?). So much celebrity is doled out, it becomes an achievable goal to many – including people with weapons.

TV also has power no other media have to legitimize formerly illegitimate behavior. The Brady Bunch did more than people realize to legitimize blended families. Years later, shows like Modern Family and Glee helped change our attitudes about gays.

But … there is a flip side: Behaviors once considered not just off-limits but barbaric also have gained some legitimacy when those behaviors are seen to bring global attention to a “worthy” cause and thus advance it. For years now, violent demonstrations and terrorist attacks have been scripted to maximize broadcast exposure.

It doesn’t take much imagination for a narcissist to connect dots and suffuse his/her own personal fantasies with the same import. “Round-the-clock international newsfeeds” and “deadly impulses” make for a combustible mixture.

Newtown TragedySo, what does this mean?

It seems to me that the problem isn’t that these “suburban terrorists” see too much violence on television and in the news. It’s that they yearn to see themselves on television and in the news.

While they may have an impulse to vent their rage, what they really covet is the immortality that comes with a leading role in some sort of Götterdämmerung—in prime time.

Regulating automatic weapons may help, but when glory beckons a twisted ego, I suspect that ego will find a way to answer the call.

Alas, ironically, as we become increasingly connected to each other through technology, we’re being forced to put up new barricades to protect ourselves from those who want to use that “connectedness” to advertise their own perverse agendas and/or raise their own humiliatingly low profiles.

Is it something particular about America and our culture?

It’s too pat a response to contend that more restrictive gun control laws are all that stand in the way of solving the problems of mass shooting in the United States. I think that answer is deceptively easy – and insufficient.

The more I think about this, I suspect there may be one more important ingredient in the toxic brew: the central place of “aspiration” in the American psyche.

In the U.S., self-worth is largely defined by achievement. We are what we manage to accomplish in life. (Not so much in most other countries/cultures. At least, not historically.) All of us — except African-Americans and Native Americans — are descended from people who came here chasing dreams.

Even today, we measure ourselves by milestones along similar personal journeys. In fact, so important is “accomplishment” in our culture that we now have a website that purports to be able to quantify it: Klout.

It is instructive, I think, that all the young gunmen who have perpetrated these awful acts are males of European or Asian descent. They come out of middle-class, strongly aspirational cultures. It leaves one to wonder if the same ethos that drives innovation in Silicon Valley and entrepreneurial activity coast to coast also factors heavily into the narcissistic fantasies of disturbed young men. Mass murder is simply the shadow side of headline personal success: headline personal failure.

Remember this line from Arthur Miller’s play Death of a Salesman:

“I’m gonna show you and everybody else that Willy Loman did not die in vain. He had a good dream. It’s the only dream you can have — to come out Number One man.”

Interesting, no?

When you understand the strong impulse middle-class Americans have to make a splash in life — our fascination with the BIG statement … and then factor in the disorientation of mental illness and the opportunities for really big statements afforded by the modern media, maybe the questions “Why in America?” and “Why these middle-class young men?” begin to answer themselves a little more easily.

What’s ahead?

It’s chilling to contemplate, but the future may look a lot like this:

We’ll increasingly live in gated communities.
 We’ll increasingly shop in malls with airport-like security.
 We’ll increasingly worship behind doors outfitted with metal detectors.
 We’ll increasingly send our kids to schools that look like Fort Knox.
 Our physical connectedness will dissipate even as our virtual connectedness expands.

A horrific thought. What’s worse, I suspect there isn’t a whole lot we can do about it – gun control regulations or no.

In addition to Wesley’s observations above, I’d be interested in your own views about Newtown and what it says about our society and culture. Please share your thoughts below if you feel so inclined.

Bank of America: The Financial Institution Everyone Loves to Hate

Bank of AmericaIf you’ve ever had an unpleasant or unfulfilling experience regarding Bank of America and how it handles transaction fees, branch operations or customer service in general, raise your hand.

Uh-huh.  I thought so. 

Our family’s lone experience working with BofA (when an inherited bank CD matured a few years back) was enough to elicit the famous cry:  “Never again!”

Evidently, we’re not alone.  According to the latest American Customer Satisfaction Index report, customers give Bank of America its lowest satisfaction score in more than a decade.

In fact, BofA’s 2012 score of ACSI score of 66 out of possible 100 points is two points lower than its 2010 score.

There’s more:  Not only does BofA trail all of its main banking competitors, it’s the only financial institution with a customer satisfaction grade that is actually lower than its pre-recession level.

Not surprisingly, the bank is also the least popular one among consumers.  It’s had that ignominious distinction for four years running.

Just how are big banks faring in general?  The ACSI report reveals the following index scores (out of a possible 100):

  • JPMorgan Chase:  74 (up 7 points from 2010)
  • Wells Fargo:  71 (-2)
  • Citigroup:  70 (-1)
  • Bank of America:  66 (-2)

In general, consumers tend to rate smaller banking institutions, with an aggregate score of 79, higher than their big-bank rivals.  But the highest ratings in this sector are reserved for credit unions (82).

Incidentally, the American Customer Satisfaction Index is also calculated for the major insurance carriers — one of the 47 industries and 10 sectors that it surveys quarterly.  Who’s on top there?  Blue Cross/Blue Shield scores best among health insurance firms with a 73 rating, while Aetna brings up the rear with a 67 score.

As for property and casualty insurance providers, the scores are somewhat better.  State Farm and Progressive lead in this category with an 81 score … but none of the other major firms do significantly worse.

If you’re interested in exploring the results in greater depth, you can review the current and historical ACSI scores here.

The Confluence of “Mature Marketing” and B-to-B MarComm

Conference attendees, mature marketing and B-to-B buyersIn recent years, a seemingly endless stream MarComm literature has been published focusing on how to communicate effectively with different target groups. 

Whether it’s seniors … baby boomers … Gen-X or Gen-Yers … minority populations … B-to-B or technical audiences, marketers have all sorts of helpful advice coming in from all sides.

The more I’ve been reading this material, the more I’m seeing confluence rather than divergence. 

For example, there’s a high degree of commonality between marketing to “mature” consumers and B-to-B audiences.  The overlap is huge, actually.

Consider these aspects of crafting strong MarComm messages that make good sense for both B-to-B and mature audiences:

  • Sticking to the facts about products or services.  Both audiences tend to make judgments and decisions based on “information and intelligence” rather than “emotions or peer pressure.”
  • Providing lots of content.  “More is more” with these audiences, which tend to be far more voracious in their reading habits and appreciate the availability of copious information.
  • Avoiding “hype” in MarComm messages.  These audiences have “seen it all” and aren’t easily bamboozled.
  • Avoiding “talking down” to these audiences.  They are experienced people (and experience is the best educator); they have good instincts, too.
  • Designing communications so that these audiences will stick around and absorb what marketers have to say.  This means avoiding small type, garish colors and gratuitous design elements … not to mention the slow-loading graphics or animated visual hi-jinks that pepper too many websites.

None of this is to contend that emotions don’t play a role in driving purchase decisions.  But the reasoning processes that mature audiences and B-to-B buyers use to filter and evaluate MarComm messages are far more consequential than any “creative” aspects of the message platform could possibly deliver.

It would be nice if more marketers would remember this when crafting campaigns that target the “thinking” audiences out there.