Monday, 26 September 2016

New insights for new growth: What it takes to understand your customers today

Companies that know how and when to use the wide array of research tools available today have a big competitive advantage in generating insights that lead to new organic growth.
What do Unilever, Philips, Amazon, and Netflix have in common? At first sight, nothing much. They compete in very different industries, and while Unilever and Philips are firmly rooted in the 19th century, Amazon and Netflix are unthinkable without the Internet.
What they have in common, though, is that they drive growth by meeting consumer needs better than their competitors do. Core to this consumer focus is a strong belief in insights, and in the active use of a diverse mix of insight tools—new and old, qualitative and quantitative, digital and analog—to get better answers.
Unilever, for example, has successfully engaged in consumer cocreation to launch TRESemm√©, a fast-growing dry-shampoo brand that is now one of the best-selling mass hair-care products in the US. Philips has achieved major market-share gains in highly contested home-appliance categories through city-level growth analysis. Thanks to its data-driven recommendation engine, Amazon attributes more than one third of its revenue to cross-selling, and Netflix saw its subscribers triple between 2011 and 2015, largely because of its ability to develop hit shows such as House of Cards, based on advanced analysis of subscribers’ past viewing behavior.
Developing a better understanding of customers is increasingly a strategic necessity, because fast-moving markets, new technologies, and new business models are changing what customers want and how they shop. Yet many companies still spend the bulk of their research budget on traditional techniques (e.g., focus groups, interviews, and surveys), or treat insights as an afterthought, which leaves them with a limited and often incorrect view of what customers want. That is a recipe for obsolescence in today’s economy.
While there is a vast array of marketing analytics and insights capabilities, this article focuses on those tools, techniques, and approaches that specifically lead to new commercial growth, i.e., new products, services, or markets. (An insight is defined as the discovery of a fundamental consumer need that companies can use to create value for the customer and the business.)
[For rest of article, read HERE]

Tuesday, 13 September 2016

Winning the expectations game in customer care

Call centers aren’t what they used to be. Here’s how to capture the loyalty of increasingly demanding customers.
The customer, so the saying goes, is always right—and these days it’s increasingly evident that customers don’t hesitate to flaunt their power. Assisted by technology, they wield unprecedented influence over the purchase of goods and services, as well as the ongoing care from the companies that offer them. Customers want service now: experiences marked by immediacy, personalization, and convenience. When they don’t receive it, substantial numbers defect, often after just one bad customer experience.1
This rising bar of customer expectations has significant implications for customer-care organizations in all regions and sectors. As channels—in-person visits, telephone calls, web contacts, and mobile platforms—proliferate, customers are demanding seamless and consistent service in all of them, not to mention human interaction and security for personal information.
In short, this added power is posing novel challenges for managers as a new era unfolds. We believe that customer care will change dramatically in coming years around two key dimensions: first, understanding the evolving value and complexity of transactions and, second, choosing the right level of human interaction and automation for superior service.
[For rest of article, read HERE]