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Digital transformation > Chapter 2 - Customers > Flashcards

Chapter 2 - Customers Flashcards

1
Q

What are characteristics of modern customers?

A

Customers control what they want

Customers are always connected

Customers expect personal connections

Customers constantly compare everything

Customers trust word of mouth

Customers want to get everything right away

Customs are highly opinionated

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2
Q

What is marketing funnel?

A

The stages a customer goes through before making the final purchase

At each stage of the marketing funnel, the number of potential customers diminishes, therefore it is described as a funnel

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3
Q

What are the 6 stages of the marketing funnel?

A

Awareness

Consideration

Preference

Action

Loyalty

Advocacy

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4
Q

Awareness

A

Knowing the company or product exists

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5
Q

Consideration

A

Recognise the potential value of a product

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6
Q

Preference

A

The intention to purchase a product or having a preferred company

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7
Q

Action

A

The purchase of a product or service

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8
Q

Loyalty

A

Staying loyal to the firm

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9
Q

Advocacy

A

Writing reviews, recommending the company to others

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10
Q

What are the 5 core customer behaviour

A

Access

Engage

Customise

Connect

Collaborate

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11
Q

Access strategy

A

They seek to access digital data, content, and interactions as quickly, easily and flexibly as possible

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12
Q

What is mobile commerce

A

Travellers are already accustomed to using QR codes on their phone screens as tickets to board planes and trains, receive discounts, redeem coupons, purchase

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13
Q

Omni channel experiences

A

Increasingly, businesses are recognising that customers are looking for an integrated experience across all digital and physical touch points

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14
Q

On demand services

A

Start ups like the Khan Academy, Coursera, and EdX are pushing the limits of on demand education

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15
Q

Engage strategy

A

They seek to engage with digital content that is sensory, interactive, and relevant to their needs. From the early popularity of Web portals, to the spread of online video, to next generation virtual realities - their digital desires are marked by a thirst for content

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16
Q

Product demos (engage strategy)

A

Content that demonstrates the value proposition of a business or product in a compelling and engaging way can be extremely effective

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17
Q

Storytelling (engage strategy)

A

In other cases, brands can reach a broader audience by creating an emotionally compelling story that is less product specific

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18
Q

Utility (engage strategy)

A

Content is not always about stories and emotions, however it can also be about utility

Brands can effetely engage customers by providing useful content at just the right time

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19
Q

Brands as publishers (engage strategy)

A

In some cases, brands move beyond individual pieces of content and engage customers by becoming publishers in their own right

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20
Q

Customise strategy

A

They seek to customise their experiences by choosing and modifying a wide assortment of information, products, and services

21
Q

Recommendation engines (customise strategy)

A

To help viewers find what to watch from its large catalog of streaming television and move titles

22
Q

Personalised interfaces (customise strategy)

A

Lance’s magic mirror on its Facebook page allows customers to select one of their Facebook photos and then try out various beauty products

23
Q

Personalised products and services (customise strategy)

A

Coke sales were declining among young adults in Australia when Coca Cola introduced its personalised Share a Coke cans there. The company chose the 150 most popular names for young adults in Australia and printed those names on the cans in place of the brand’s own name

24
Q

Connect strategy

A

They seek to connect with one another by sharing their experiences, ideas, and opinions though text, images, and social links

This behaviour has driven the entire explosion of social media - from blogging, to social networks like Facebook or LinkedIn.

25
Q

Social listening (connect strategy)

A

Customer conversations can be a tremendous source of market insight for businesses, which can listen and learn wit the help of numerous tools

26
Q

Social customer service (connect strategy)

A

Many businesses find that social media can serve as an effective channel within their customer service mix, alongside call centres, instant chat, and other tools

27
Q

Joining the conversation (connect strategy)

A

Test if social media could help its corporate communications

28
Q

Asking for ideas and content (connect strategy)

A

Many times, companies will connect with customers by using social media to ask them for ideas, suggestions, or content in the form of photos or videos

29
Q

Hosting a community (connect strategy)

A

In some cases, ti may make sense for a business to host its own online community around a shared topic of interest

30
Q

Collaborate strategy

A

As social animals, they are naturally drawn to work together

Accordingly, they seek to collaborate on projects and goals through open platforms

31
Q

Passive contribution (collaborative strategy)

A

As little as customers’ consent so that actions they are already taking can be used to power a collective project

32
Q

Active contribution (collaborative strategy)

A

Customers are invited to contribute their efforts directly to a cause, taking on a small part of a large project

33
Q

Crowdfunding (collaborative strategy)

A

Seeking collaborators to contribute to and raise funds for a new project, product launch, or initiative

34
Q

Open competitions (collaborative strategy)

A

Can be used to enlist a diverse group to find theist answer or solution

35
Q

Collaborative platforms (collaborative strategy)

A

In this approach, the burins creates a context for collaboration but lets the network of collaborators define the challenges to be addressed

36
Q

What are the different steps in customer network strategy generator?

A

Objective setting

Customer selection and focusing

Strategy selection

Concept generation

Define impact

37
Q

What are the two types of objectives for objective setting?

A

Direct objectives

Higher order objectives

38
Q

Direct objectives

A

Objectives that you are directly responsible for addressing in your project

39
Q

Higher order objectives

A

Higher order, objectives you are are seeking to support through your initiative

These are objectives that you are not solely responsible for but that your project should support

40
Q

What is the customer selection and focusing step?

A

It is to get a clear picture of the customers that you are seeking to address. This starts with selecting which customer segments are most relevant to your stated objectives

41
Q

What the strategy section step?

A

Access, engage, customise, connect, collaborate

42
Q

What is concept generation step?

A

A concept is a specific, concrete idea for a product, service, communication, experience, or interaction you design for customers

43
Q

What is the defining impact step?

A

To articulate a measurable benefit to your company and clarify how you think the strategic concepts you have developed will achieve this outcome

44
Q

What are challenges of customer networks?

A

Enabling the network inside

Adding new skills and replace old habits

Bridging silos

45
Q

Enabling the network inside (challenges of customer networks)

A

Important to also use the five customer network strategies internally

Should also be used by employees

Most difficult is to change company culture, reducing the hierarchical control and spiking information more widely across the company

46
Q
A
47
Q

Bridging silos (challenges of customer networks)

A

The firm should anticipate that rivalries may arise due to the clashing objectives of departments and confusion about leadership

For instance, which department will be in charge of the social media accounts?

48
Q

What are silos?

A

Departments working independently and avoid sharing information with each other

49
Q
A

Digital transformation (4 decks)

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