Multi-Domain Experience Management Ensures Companies Meet Consumer Expectations in a Behavioral Economy
By Kerry Young on Mar 5, 2019
In recent weeks, EnterWorks has discussed its Multi-Domain Experience Management (MxM) umbrella solution, which provides a foundation to help people and companies visualize products, materials, and assets across physical and digital touchpoints. In today’s blog article, we’re diving into understanding the background of MxM and how companies can leverage the technology to reach today’s consumers.
Evolving from “Attention Economy” to “Behavioral Economy”
A couple of decades ago, there was a lot written about “The Attention Economy,” as media consumption began to fragment across the web, mobile, smartTV, and traditional outlets. This disintermediation of consumer eyeballs fueled a fight for consumer attention and the subsequent business it brought. Kevin Roberts, John Sviokla, and others were instrumental in developing the idea[i]. In addition, Thomas H. Davenport and John C. Beck literally wrote the book on it in “The Attention Economy: Understanding the New Currency of Business.”
At its heart, the theory purported
that throughout the early 2000s, marketing departments in retail and other
industries fought just to get their brands in front of consumers as the limited
resource of attention spread out across different platforms. Today, however, as marketing departments
better understand the modern consumer and modern media they consume, capturing
the consumer’s attention is not enough. It is now important to manage the overall
consumer interaction and experience with brands. One way brands are better managing the
consumer experience is through behavioral analysis. This has given rise to
increased interest in Behavioral Economics and “The Behavioral Economy.”
Of course, Behavioral
Economics is not new – Herbert Simon, Amos Tversky, Daniel Kahneman, and Richard
Thaler, the University of Chicago professor who just won the Nobel Memorial
Prize in Economic Sciences, could be credited with starting the relatively new
field that combines insights from psychology, judgment, decision making, and
economics to generate a more accurate understanding of human behavior. However, it is the current revolution in
technology and the resulting increase in consumer expectations that has led to
its current popularity.
Francesca Gino, Tandon Family Professor of Business Administration at Harvard Business School, describes a few practical examples in her October 10, 2017 HBR article, “The Rise of Behavioral Economics and Its Influence on Organizations.”[ii] Additional applications can be applied to online consumer purchase paths and overall consumer interactions. It can be argued that the continued rise in consumer expectations of personalized, cross-channel service and the adoption of Behavioral Economics theory and tactics by retailers and ecommerce companies is giving rise to a “Behavioral Economy.” The Behavioral Economy will put a premium on capturing, analyzing, and predicting consumer behavior across channels and touchpoints to provide unparalleled consumer experiences.
Ushering in the New Concept of MDM to MxM
Since its beginnings, Master
Data Management (MDM) has been a key enabling technology for managing the
consumer experience. MDM aggregates,
cleanses, normalizes, and enriches holistic master data describing key entities
involved in the customer experience management process such as customers,
products, vendors, store locations, employees and other assets. Having this data available – not just in a
single, central repository but also automatically synchronized with operating
applications – has allowed leading companies to better meet their customers
expectations across channels.
In order to further optimize the consumer experience using Master Data Management, EnterWorks has become the leader in a new concept – Multi-Domain Experience Management, or MxM. The EnterWorks MxM solution will foster the convergence of EnterWorks’ machine learning inspired Combinatorial Intelligence™, which provides continuous insights into the effectiveness of precise, contextual engagement of customers, suppliers and associates.
As Rick Chavie, CEO of
EnterWorks, said in the recent press release announcing the solution, “The MxM
solution embraces the full engagement needed to master experiences in a
multi-domain context. We believe that companies need to move beyond just
product experience management to fully address experiences for the customer,
associates, suppliers, and brand experience managers that can only be delivered
within a contextual MxM platform.”
According to Chavie,
examples of MxM include:
- orchestration with suppliers who fulfill supply chain
- benchmarking of content effectiveness from
brand/product stories by merchants and marketers,
- assisting store and web managers to create experiences
in the physical and digital demand chain, and
- allowing customers to express preferences in a
customer-to-business (C2B) model as contributors to the experience ecosystem.
Through MxM, companies
will be able to manage master data, the relationships between master data
entities like Products, Customers, Vendors, Stores, etc., and analyze optimal
merchandizing and marketing strategies across channels.
MxM will leverage Machine
Learning and Artificial Intelligence to predict consumer behavior in context,
going far beyond traditional personalization capabilities. This is because MxM will offer far better underlying
foundational data – structured, unstructured, relational, and Big Data – than
current approaches in order to predict and react to customer behavior. As a result, MxM will be essential for
companies to succeed with today’s consumer in the emerging age of the Behavioral
Do you have questions about MxM?
We’re here to help. Email us with your questions at email@example.com.
And, to learn more about EnterWorks and MxM, download our new e-book, MxM: Meeting Consumer Expectations in a Behavioral Economy.
Roberts, Kevin. “Brand Identity 2000: Redefining the World.”
Advertising Age. November 29, 1999 and Sviokla, John. “The Attention
Economy.” Industry Standard. March 6, 2000.
About the author
Kerry Young joined EnterWorks in 2006 when Ennovative, Inc., the multi-channel publishing software company he co-founded, was acquired by EnterWorks. He directs EnterWorks’ operations and leads EnterWorks’ professional services and consulting organization, ensuring effective customer implementations and ongoing success. Mr. Young brings more than 25 years of technology and business management experience to EnterWorks, having served as CTO for a subsidiary of the Dow Chemical Company, and earlier as VP, Information Technology for Marshall Industries, a $1.7 billion industrial electronics distributor. He previously managed information systems for a subsidiary of McDonnell Douglas Corporation. Mr. Young holds a B.S. degree in Computer Science from Cal Poly, San Luis Obispo and an M.B.A. from California State University Fullerton.
Questions or comments about this article?
Tweet @Winshuttle to continue the conversation!