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 information requirements,
- 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 Economy.
Do you have questions about MxM?
We’re here to help. Email us with your questions at firstname.lastname@example.org.
And, to learn more about EnterWorks and MxM, download our new e-book, MxM: Meeting Consumer Expectations in a Behavioral Economy.
[i] Roberts, Kevin. “Brand Identity 2000: Redefining the World.” Advertising Age. November 29, 1999 and Sviokla, John. “The Attention Economy.” Industry Standard. March 6, 2000.