Chapter 2 - Article: the age of continue connection Flashcards
The old approach
Companies used to interact with customers only episodically, when customers came to them
The new approach
Today, companies can address customers needs the moment they arise - and sometimes even earlier.
With connected strategies, firms can build deeper ties with customers and dramatically improve their experiences
What are the 3 stages when breaking the traditional customer journey?
Recognise
Request
Respond
Repeat (not a stage)
What is recognise stage?
The the customer becomes aware of a need
What is request stage?
The the or she identifies a product or service that would satisfy this need and turns to a company to meet it
What is respond stage?
When the customer experiences how the company delivers the product or service
Why is repeat also important?
It allows a company to get better at matching the needs of an individual customer with the company’s exiting products and services
Companies can learn at the population level, which helps them make smart adjustments to their portfolios of products and services
What are the connected strategies?
Respond to desire
Curated offering
Coach behaviour
Automatic execution
Respond to desire
Provide customers with the product or service they desire and do this quick and seamless. Ensure that the responds stage of the process is seamless
This works the best fo customers who like to have more control and do not want to share a lot of data with the company
Curated offering
Steer customers towards a product that will fulfil their need
This strategy helps customers in the request stage, which is when customers are aware of their need, but do not know which product will be satisfactory
This works for customers who still want to have the final say in the purchase decision but are willing to share some data
Coach behaviour
Proactively reminding customers of their needs and thereby trying to get customers to the recognise stage of the journey
It works best for customers who know they need help with acknowledging their needs, they welcome suggestions. Constant information about the customer is needed in order to know the right time to take action
Therefore two way communication is needed
Automatic execution
Meet the needs of customers before they themselves have become aware of their needs
Customers authorise the company to take care of the entire process and the company will then handle every stage of the customer journey. The company makes the decisions for the customer. Again a constant stream of data is needed for this to work along with a considerable amount of trust in the company
Repeat (stage)
It transforms stand alone experiences with customer into long lasting relationships. It helps to better match the need of a customer with the company’s products and services.
Firms can also learn at the population level and see trends, make adjustments other portfolios and create products that will be in high demand. It can eventually help companies understand the underlying needs and wants of customers
