Would the Real Mobile Wallet Please Stand Up? (or at least stand ...
Title
Would the Real Mobile Wallet Please Stand Up? (or at least stand out?) iMedia Breakthrough Summit – Mobile Bootcamp October 20, 2013 Dr. Phil Hendrix Director, immr and Gigaom Research analyst www.immr.org 1 (770) 61211488 [email protected] @phil_hendrix #iMediaSummit
1
More Information in these Reports Engaging Connected Consumers
@phil_hendrix #iMediaSummit
Mobile Shopping
Download at www.immr.org/reports.html
2
Topics for Discussion
Topics for Discussion
Mobile Payments, Wallets & M1commerce Frameworks PEERSM 8 Layers of Location M4M (Metaphors for Mobile) Implications/Strategies for Brands @phil_hendrix #iMediaSummit
3
About me Research Consultant Research based Strategy for Very New Products and Markets
Advisor – Startups • Product Market Fit • Value Proposition • Growth strategy
Catalyst • Innovation • Strategy
Analyst • Emerging Technologies • Mobile/M Commerce • Location, Context
Previously Mercer
@phil_hendrix #iMediaSummit
Diamond Cluster
4
Mobile Payments and Mobile Wallets @phil_hendrix #iMediaSummit
5
Drivers of M1Payments Speed/ Ease of Use Awareness/ Familiarity Value to Consumers
Merchant Acceptance
Mobile Payment
Unique Benefits
Value to Merchants
Incentives to Adopt/Use Security
@phil_hendrix #iMediaSummit
6
M1Payments Unique Benefits Speed/ Ease of Use Awareness/ Familiarity Value to Consumers
Merchant Acceptance
Mobile Payment
Unique Benefits Authentication (visual, proximity, etc.) Digital receipts Integration w/ shopping, offers, rewards Others TBD @phil_hendrix #iMediaSummit
Value to Merchants
Incentives to Adopt/Use Security
7
What Will Spur Adoption of M1Payments?
@phil_hendrix #iMediaSummit
8
Significance for Brands
@phil_hendrix #iMediaSummit
9
Examples
@phil_hendrix #iMediaSummit
10
“The Remote for Our Lives”
@phil_hendrix #iMediaSummit
11
A Broader View of Mobile Wallets Mobile Marketing Mobile Concierge
Mobile Payment Mobile Rewards
@phil_hendrix #iMediaSummit
12
Mobile Wallet Enabling M1Commerce Mobile Marketing
Influencing prospective buyers with communications, incentives Search
Mobile Payment
Operators
Challengers
Brands and businesses rewarding customers via mobile devices Points
Mobile Concierge
Offers
Enabling payment for goods and services via mobile devices FIs/Issuers
Mobile Rewards
Advertising
Offers
Experiences
Brands, businesses and TPPs assisting mobile customers
(including shopping) Information
@phil_hendrix #iMediaSummit
Recommendations
Assistance
13
Data Fueling M1Commerce
Data
Mobile Concierge
Mobile Marketing Data
Mobile Rewards @phil_hendrix #iMediaSummit
Data
Mobile Payment Data
14
Frameworks
@phil_hendrix #iMediaSummit
15
Wroblewski’s Theorem
Luke Wroblewski
“Anything that can be connected to the Internet, will be.”
Philips Hue Bulbs
@phil_hendrix #iMediaSummit
Nest Learning Thermostat
16
Corollary – “Everything’s a Pixel” 8 Layers of Location
@phil_hendrix #iMediaSummit
17
Evolving toward Micro1Locations
@phil_hendrix #iMediaSummit
18
PEER
@phil_hendrix #iMediaSummit
19
From the 4 P’s to PEER Learn† & Adapt
Surprise/ Delight
Remove Frictions Reinforce
†
Securely, with full transparency
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix, immr
@phil_hendrix #iMediaSummit
20
PEER Strategies Personalize
Leverage data about consumers and their context to increase the relevance, timeliness and value of communications, offers and customer experiences
Enable
Help customers complete tasks and accomplish their goals by minimizing the risk, time, and effort as they shop, compare, purchase and use your products
Enhance
Surprise and delight customers by anticipating and helping them fulfill functional requirements, emotional needs and aspirations
Reward
Using feedback, encouragement, rewards and social influence, reinforce customers as they engage in behaviors that are mutually beneficial
@phil_hendrix #iMediaSummit
Allows airports to tailor info for travelers based on profile, destination
Mini owners can detect other owners, share tips
Guests can manage experience (FastPasses, reservations, rides, etc.)
Allows hotels to personalize rewards, experiences based on guest’s social profile
21
M4M (Metaphors for Mobile
@phil_hendrix #iMediaSummit
22
More Metaphors for Mobile
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
23
Propositions Consumers Value
@phil_hendrix #iMediaSummit
24
Frictions, Shoulds and Wants
@phil_hendrix #iMediaSummit
25
Path1to1Purchase and Ownership
Discover
Buy
@phil_hendrix #iMediaSummit
Choose
Use
26
Consumers’ Love1Hate Relationship
†
@phil_hendrix #iMediaSummit
Source: immr Shopping Survey
27
Can Mobile Save Shopping?
Source: If Shopping is Broken, Can Mobile Fix It? Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit
28
Social = Currency
@phil_hendrix #iMediaSummit
29
Litmus Tests for Your Strategy
@phil_hendrix #iMediaSummit
30
Are You Tuned in to Consumers’ Digital Signals?
Location
Social
History
Source: Tuning into Consumers’ Digital Signals, Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit
31
Expectations
Are you Engaged? Or Merely Engaging? KnowK What I Like
Who I am…
Where I am
What I respond to
What’s Nearby
What I’ve bought
What’s going On
Where I’ve been
What I need
Where I’m going
Source: How SoLoMo is Empowering Consumers, Transforming Shopping and Disrupting Advertising and Retailing, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
32
Are You Engaging by Consumers’ Rules? Personalized Relevant Right1time Rewarding Source: Drive Revenue and Loyalty by Engaging Mobile and Social Consumers, Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit
33
Are You Tapping into PEER? Learn† & Adapt
Surprise/ Delight
Remove Frictions Reinforce
†
Securely, with full transparency
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix, immr
@phil_hendrix #iMediaSummit
34
Are You Managing Numerator and Denominator?
Loyalty = f
Customer Benefits Customer Effort
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
35
Are You Enabling Customers?
@phil_hendrix #iMediaSummit
36
Have You Defined Your Role(s) in Customers’ Lives?
And Aligned Organization around Role(s)?
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
37
Is Your House of Loyalty “Built to Last?”
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
38
Are You Doubled Down on Innovation?
@phil_hendrix #iMediaSummit
39
Are You Making the Right Strategic Bets?
@phil_hendrix #iMediaSummit
40
Are You Hitting on All 8 Cylinders?
@phil_hendrix #iMediaSummit
41
More Info
@phil_hendrix #iMediaSummit
42
immr – Recent and Forthcoming Reports
@phil_hendrix #iMediaSummit
43
Bio – Dr. Phil Hendrix Dr. Phil Hendrix is the founder and director of immr, a research and advisory firm focused on market opportunities afforded by new technologies, and an analyst with GigaOm Pro. He specializes in helping organizations evaluate and capitalize on opportunities that are new3to3customers and new3to3market. Dr. Hendrix has extensive experience uncovering customer needs, identifying triggers and hurdles to adoption, and developing strategies that unlock market opportunities, both B2C and B2B. Dr. Phil Hendrix Director, immr www.immr.org +1 (770) 61211488 [email protected] @phil_hendrix
As an analyst, Phil focuses on mobile innovation and the implications for companies across industries. He is a regular contributor at leading industry conferences, including GigaOm’s Mobilize, Structure:Data, Street Fight (hyperlocal), ad:tech, iMedia Summit, Social3Loco and others. His current work focuses on mobile and its impact on consumer behavior, especially shopping, M3commerce and mobile payment. As a consultant and advisor, Phil has led significant engagements with startups and Fortune 100 clients in mobile, consumer electronics, and related categories, including financial services, transportation, insurance and others. He works closely with senior management and project teams on key issues, including market sizing, segmentation, positioning, and branding as well as innovation, user experience, and customer retention. Over the course of his career, Phil has helped clients conceive and successfully launch dozens of new products, services and businesses. Before founding immr, Phil was a partner with DiamondCluster (strategy and technology consultancy), founder and head of IMS (Integrated Measurement Systems), and a principal with Mercer Management Consulting (now Oliver Wyman). He has held faculty positions at Emory University and the University of Michigan, where he taught courses in marketing, research, and buyer behavior for MBAs and executives. While at Michigan Dr. Hendrix also held a joint appointment as a research scientist in the Survey Research Center, Institute for Social Research. Additional information on immr perspectives and reports prepared by Dr. Hendrix is available at immr and Slideshare, with additional information available at GigaOm Pro.
@phil_hendrix #iMediaSummit
44
Would the Real Mobile Wallet Please Stand Up? (or at least stand out?) iMedia Breakthrough Summit – Mobile Bootcamp October 20, 2013 Dr. Phil Hendrix Director, immr and Gigaom Research analyst www.immr.org 1 (770) 61211488 [email protected] @phil_hendrix #iMediaSummit
1
More Information in these Reports Engaging Connected Consumers
@phil_hendrix #iMediaSummit
Mobile Shopping
Download at www.immr.org/reports.html
2
Topics for Discussion
Topics for Discussion
Mobile Payments, Wallets & M1commerce Frameworks PEERSM 8 Layers of Location M4M (Metaphors for Mobile) Implications/Strategies for Brands @phil_hendrix #iMediaSummit
3
About me Research Consultant Research based Strategy for Very New Products and Markets
Advisor – Startups • Product Market Fit • Value Proposition • Growth strategy
Catalyst • Innovation • Strategy
Analyst • Emerging Technologies • Mobile/M Commerce • Location, Context
Previously Mercer
@phil_hendrix #iMediaSummit
Diamond Cluster
4
Mobile Payments and Mobile Wallets @phil_hendrix #iMediaSummit
5
Drivers of M1Payments Speed/ Ease of Use Awareness/ Familiarity Value to Consumers
Merchant Acceptance
Mobile Payment
Unique Benefits
Value to Merchants
Incentives to Adopt/Use Security
@phil_hendrix #iMediaSummit
6
M1Payments Unique Benefits Speed/ Ease of Use Awareness/ Familiarity Value to Consumers
Merchant Acceptance
Mobile Payment
Unique Benefits Authentication (visual, proximity, etc.) Digital receipts Integration w/ shopping, offers, rewards Others TBD @phil_hendrix #iMediaSummit
Value to Merchants
Incentives to Adopt/Use Security
7
What Will Spur Adoption of M1Payments?
@phil_hendrix #iMediaSummit
8
Significance for Brands
@phil_hendrix #iMediaSummit
9
Examples
@phil_hendrix #iMediaSummit
10
“The Remote for Our Lives”
@phil_hendrix #iMediaSummit
11
A Broader View of Mobile Wallets Mobile Marketing Mobile Concierge
Mobile Payment Mobile Rewards
@phil_hendrix #iMediaSummit
12
Mobile Wallet Enabling M1Commerce Mobile Marketing
Influencing prospective buyers with communications, incentives Search
Mobile Payment
Operators
Challengers
Brands and businesses rewarding customers via mobile devices Points
Mobile Concierge
Offers
Enabling payment for goods and services via mobile devices FIs/Issuers
Mobile Rewards
Advertising
Offers
Experiences
Brands, businesses and TPPs assisting mobile customers
(including shopping) Information
@phil_hendrix #iMediaSummit
Recommendations
Assistance
13
Data Fueling M1Commerce
Data
Mobile Concierge
Mobile Marketing Data
Mobile Rewards @phil_hendrix #iMediaSummit
Data
Mobile Payment Data
14
Frameworks
@phil_hendrix #iMediaSummit
15
Wroblewski’s Theorem
Luke Wroblewski
“Anything that can be connected to the Internet, will be.”
Philips Hue Bulbs
@phil_hendrix #iMediaSummit
Nest Learning Thermostat
16
Corollary – “Everything’s a Pixel” 8 Layers of Location
@phil_hendrix #iMediaSummit
17
Evolving toward Micro1Locations
@phil_hendrix #iMediaSummit
18
PEER
@phil_hendrix #iMediaSummit
19
From the 4 P’s to PEER Learn† & Adapt
Surprise/ Delight
Remove Frictions Reinforce
†
Securely, with full transparency
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix, immr
@phil_hendrix #iMediaSummit
20
PEER Strategies Personalize
Leverage data about consumers and their context to increase the relevance, timeliness and value of communications, offers and customer experiences
Enable
Help customers complete tasks and accomplish their goals by minimizing the risk, time, and effort as they shop, compare, purchase and use your products
Enhance
Surprise and delight customers by anticipating and helping them fulfill functional requirements, emotional needs and aspirations
Reward
Using feedback, encouragement, rewards and social influence, reinforce customers as they engage in behaviors that are mutually beneficial
@phil_hendrix #iMediaSummit
Allows airports to tailor info for travelers based on profile, destination
Mini owners can detect other owners, share tips
Guests can manage experience (FastPasses, reservations, rides, etc.)
Allows hotels to personalize rewards, experiences based on guest’s social profile
21
M4M (Metaphors for Mobile
@phil_hendrix #iMediaSummit
22
More Metaphors for Mobile
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
23
Propositions Consumers Value
@phil_hendrix #iMediaSummit
24
Frictions, Shoulds and Wants
@phil_hendrix #iMediaSummit
25
Path1to1Purchase and Ownership
Discover
Buy
@phil_hendrix #iMediaSummit
Choose
Use
26
Consumers’ Love1Hate Relationship
†
@phil_hendrix #iMediaSummit
Source: immr Shopping Survey
27
Can Mobile Save Shopping?
Source: If Shopping is Broken, Can Mobile Fix It? Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit
28
Social = Currency
@phil_hendrix #iMediaSummit
29
Litmus Tests for Your Strategy
@phil_hendrix #iMediaSummit
30
Are You Tuned in to Consumers’ Digital Signals?
Location
Social
History
Source: Tuning into Consumers’ Digital Signals, Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit
31
Expectations
Are you Engaged? Or Merely Engaging? KnowK What I Like
Who I am…
Where I am
What I respond to
What’s Nearby
What I’ve bought
What’s going On
Where I’ve been
What I need
Where I’m going
Source: How SoLoMo is Empowering Consumers, Transforming Shopping and Disrupting Advertising and Retailing, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
32
Are You Engaging by Consumers’ Rules? Personalized Relevant Right1time Rewarding Source: Drive Revenue and Loyalty by Engaging Mobile and Social Consumers, Dr. Phil Hendrix, immr @phil_hendrix #iMediaSummit
33
Are You Tapping into PEER? Learn† & Adapt
Surprise/ Delight
Remove Frictions Reinforce
†
Securely, with full transparency
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix, immr
@phil_hendrix #iMediaSummit
34
Are You Managing Numerator and Denominator?
Loyalty = f
Customer Benefits Customer Effort
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
35
Are You Enabling Customers?
@phil_hendrix #iMediaSummit
36
Have You Defined Your Role(s) in Customers’ Lives?
And Aligned Organization around Role(s)?
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
37
Is Your House of Loyalty “Built to Last?”
Source: Raising the Bar – How Leading Companies are Boosting Customer Loyalty with Mobile and PEER Strategies, Dr. Phil Hendrix
@phil_hendrix #iMediaSummit
38
Are You Doubled Down on Innovation?
@phil_hendrix #iMediaSummit
39
Are You Making the Right Strategic Bets?
@phil_hendrix #iMediaSummit
40
Are You Hitting on All 8 Cylinders?
@phil_hendrix #iMediaSummit
41
More Info
@phil_hendrix #iMediaSummit
42
immr – Recent and Forthcoming Reports
@phil_hendrix #iMediaSummit
43
Bio – Dr. Phil Hendrix Dr. Phil Hendrix is the founder and director of immr, a research and advisory firm focused on market opportunities afforded by new technologies, and an analyst with GigaOm Pro. He specializes in helping organizations evaluate and capitalize on opportunities that are new3to3customers and new3to3market. Dr. Hendrix has extensive experience uncovering customer needs, identifying triggers and hurdles to adoption, and developing strategies that unlock market opportunities, both B2C and B2B. Dr. Phil Hendrix Director, immr www.immr.org +1 (770) 61211488 [email protected] @phil_hendrix
As an analyst, Phil focuses on mobile innovation and the implications for companies across industries. He is a regular contributor at leading industry conferences, including GigaOm’s Mobilize, Structure:Data, Street Fight (hyperlocal), ad:tech, iMedia Summit, Social3Loco and others. His current work focuses on mobile and its impact on consumer behavior, especially shopping, M3commerce and mobile payment. As a consultant and advisor, Phil has led significant engagements with startups and Fortune 100 clients in mobile, consumer electronics, and related categories, including financial services, transportation, insurance and others. He works closely with senior management and project teams on key issues, including market sizing, segmentation, positioning, and branding as well as innovation, user experience, and customer retention. Over the course of his career, Phil has helped clients conceive and successfully launch dozens of new products, services and businesses. Before founding immr, Phil was a partner with DiamondCluster (strategy and technology consultancy), founder and head of IMS (Integrated Measurement Systems), and a principal with Mercer Management Consulting (now Oliver Wyman). He has held faculty positions at Emory University and the University of Michigan, where he taught courses in marketing, research, and buyer behavior for MBAs and executives. While at Michigan Dr. Hendrix also held a joint appointment as a research scientist in the Survey Research Center, Institute for Social Research. Additional information on immr perspectives and reports prepared by Dr. Hendrix is available at immr and Slideshare, with additional information available at GigaOm Pro.
@phil_hendrix #iMediaSummit
44
