The BOSS Model: How To Win In The Digital Economy

The BOSS Model: How To Win In The Digital Economy
SHARE
THIS



Speaking at Online Retailer via video conference this week, consumer shopping behavior expert Professor David Bell (pictured below) ran through his BOSS model on how to win in the digital economy. Here it is in Bell’s own words… david-bell

In retail, there are two functions we have to accomplish. An exchange of information: I go into a store, try it on and get information from the sales assistant. Stage two: fulfilment. I need to pay for the jacket and walk out with it.

These days, we have integrated retail and unified commerce. Online and offline have to work together because consumers operate in both environments so we have to as well.

The customer is boss and the BOSS model tells us how to win in the digital economy.

B = Bonding, not brand

Bonding is a close relationship that develops as a result of shared experiences. We need to bond with our customers.

For example, does anyone know who the ceo of Gillette is? No…. however, many of us know the CEO of the dollar shave club. It’s more than a brand, it’s a bond.

How to create bonding, not branding:

  1. Have a functional, emotional and symbiotic value
  2. Be authentic and transparent
  3. Develop compelling content, and an engaged community. Often the community is built before the product is sold. For example, beauty bloggers who then develop and sell products.

Comparing Gillette and Dollar Shave, Gillette controlled a lot of the IP, got the message across that Gillette is the best (via extensive advertising) and controlled distribution.

Dollar Shave doesn’t own any of its own product creation, did not spend billions on traditional advertising and instead created a video that went viral and rather than turn over the consumer relationship to retailers, they sold directly to their customers.

O = Orator, not customers

An orator is a public speaker, especially one of great eloquence. We need these, not customers.

We want what we do to be so compelling that they want to tell other people. In the digital economy, your audience has an audience.

How to develop orators:

  • Your brand/bond has to have a good start.
  • Identify relevant influencers (big ones and micro-influencers).
  • Motivate people to spread the word. This could be intrinsic incentives (eg. buy a pair, give a pair). Or something more extreme like offering stock in exchange for referrals like Jet did in 2014.

 S = Showrooms, not stores

Retailers need a setting or place for displaying and creating experiences. This could even be moveable showrooms. In the case of mattress company Casper, it could be ‘Napmobiles’ where you can take a nap for 30 minutes.

napmobile

It needs to be a place where you can experience the brand. This needs to:

  1. Be operationally efficient. There are now zero inventory stores where you can try everything on, choose what you want and have it sent home. This massively cuts down inventory management and fulfilment is ecommerce.
  2. Put technology into the space like iBeacons. How can you know more about your consumers?

S = Science, not service

Science is defined as systemic knowledge of the world gained through observation and experimentation. We need to:

  1. Allow surfacing of information as opposed to searching. There’s a difference between me searching for shoe stores near me on my phone and getting a notification on my phone when I walk past the shoe store telling me that the shoes I was looking at yesterday are available in the store across the street.
  2. Understand the DNA of our customers and customise service. A great example is Stitch Fix, an online clothing retailer that asks what styles you like and then sends you a box of clothes to try on. It then learns more and more about your style from what you send back and gets better and better at tailoring looks to you.
  3. Connect pieces of information that may (on the surface) seem to be orthogonal. Find little nuggets of data that seem to be unrelated to your product but actually give you customer insight.

 

Please login with linkedin to comment

BOSS model David Bell digital economy ONline retailer

Latest News

Microsoft Says Cannes In Cairns Is Worth Its Salt
  • Media

Microsoft Says Cannes In Cairns Is Worth Its Salt

Cannes in Cairns, presented by Pinterest, is thrilled to announce that none other than Microsoft will be hosting an offsite networking lunch at Cairns’ stunning Salt House restaurant on Thursday the 3rd of February as part of the event’s packed agenda. As a silver partner to the event, Microsoft (who, we’re sure you’ll agree needs […]

by B&T Magazine

B&T Magazine
DesignCrowd Registers One Million Global Users
  • Media

DesignCrowd Registers One Million Global Users

Creative design marketplace, DesignCrowd, has announced reaching the milestone of one million registered designers on its global platform. The Aussie crowdsourcing start-up currently has a 1,004,000-strong freelance designer network, which has grossed over $A62 million since the company’s 2008 launch. The network have completed over 26 million graphic, logo and web designs for both small […]

The Chiefs & Optus Renew Gaming Partnership
  • Campaigns
  • Technology

The Chiefs & Optus Renew Gaming Partnership

The Chiefs and Optus today announce a partnership extension that will see the brands continue to collaborate around gaming content in Australia for a further 12 months. The news follows a successful 12-month partnership, including members of The Chiefs featuring in Optus’ Gamer Plan launch supporting the development of Optus’ Streaming Booth. Much of the […]

Digital Travel Ad Impressions Up 40% Reports Nielsen Ad Intel
  • Advertising

Digital Travel Ad Impressions Up 40% Reports Nielsen Ad Intel

During the month of October, $A8.5 million was spent in digital travel advertising and digital impressions were up almost 40 per cent from September, according to the Nielsen Ad Intel report. The report found that the top advertisers amongst cruise lines from October in order are Emerald Cruises, Oceania Cruises, and Royal Caribbean. Amongst the […]

IAS Enhances Context Control For Advertisers And Publishers
  • Advertising

IAS Enhances Context Control For Advertisers And Publishers

Integral Ad Science (IAS) announced the expansion of its context control solution for advertisers and publishers globally to give customers more control over the context of digital ad placements. IAS CEO, Lisa Utzschneider (featured image), gave insight into the enhancement, saying: “We first launched context control to help our customers transform their targeting strategies, and […]

Picture of a crowd of people holding and raising rainbow flags, symbol of the homosexual struggle, during a gay demonstration. The rainbow flag, commonly known as the gay pride flag or LGBT pride flag, is a symbol of lesbian, gay, bisexual and transgender (LGBT) pride and LGBT social movements. Other older uses of rainbow flags include a symbol of peace.
  • Opinion

Where Did All The Rainbow Flags Go?

This adlander muses over brands ditching the rainbow flag. Or, has it merely been usurped by the fossil fuel flag?

Opinion

by B&T Magazine

B&T Magazine
Unruly Launches Content Level Targeting That Enhances Publishers’ CTV and Video Inventory
  • Campaigns
  • Technology

Unruly Launches Content Level Targeting That Enhances Publishers’ CTV and Video Inventory

Programmatic video advertising platform Unruly has introduced content level targeting that standardises attributes across genre and rating segments enabling scaled buying on premium video content. Today Unruly announced the introduction of its content level inventory that segments inventory based on publisher bidstream attributes that mirror linear TV buys, such as genre and rating. The solution […]

Golden Circle Wants Aussies To ‘SmilePay’ This Summer
  • Campaigns

Golden Circle Wants Aussies To ‘SmilePay’ This Summer

Golden Circle is bringing a splash of sunshine to the Australian Summer with the launch of an innovative, SmilePay vending machine. The machine was created by 72andSunny, and software development company, Enabled 2 GO Technologies. It uses existing smile recognition software to recognise an Aussie smile and in return release a complimentary ice-gold Golden Circle fruit drink […]

New Report Says Managers Are Ignoring Employee Mental Health
  • Media

New Report Says Managers Are Ignoring Employee Mental Health

Almost half (49 per cent) of Australia’s marketing, media, and communications employees feel their managers are showing little, if any, concern for their mental wellbeing, a new report has found. The report – conducted on behalf of the Australian College of Applied Professions in October 2021 – surveyed 1000 nationally represented workers and found some […]

Meta Works With Now We Collide To Champion Aussie Small Businesses
  • Campaigns
  • Technology

Meta Works With Now We Collide To Champion Aussie Small Businesses

Meta has partnered with creative agency, Now We Collide to showcase the strength and resilience of small businesses around Australia. The campaign “Good Ideas Deserve To Be Found,” features the stories of four Australian businesses including Singing Magpie (SA), BoardSox (VIC), D-STILL Drinkware (QLD) and Survival Emergency Solutions (NSW). Each story shows how the business […]

Digital Lives of Australians: Cyber Security Fears Keeping People Offline
  • Campaigns
  • Technology

Digital Lives of Australians: Cyber Security Fears Keeping People Offline

The internet is invaluable but cyber security fears are keeping Australians offline. According to new research released today by the .au Domain Administration (auDA), almost 90 per cent of Australians say the Internet has a positive impact on their lives. Moreover, almost all small businesses (98 per cent) depend on the Internet as an invaluable […]