Customer Centricity

Ability to write a review

Gives control to consumers in regards to their experience (more likely to report a bad experience)

benefit assertion

all benefits approach (can only offer so many benefits; important to focus on a main one or two)

moments of truth

any episodes, transactions, or experiences in which a customer comes into contact with any aspect of the delivery system, however remote, and thereby has an opportunity to form an impression

why are Cyrus McCormick & Peter Marsh important

brought recognition to the importance of valuing your customers; companies that did this, lasted longer

Best Buy's customer centric strategy

categorized customers as "Angels & Devils" then made sub-categories to help understand which customers were more profitable

customer perceived value

consumers want the greatest benefits at the lowest possible cost of the product or service (Value = Benefits - Cost)

successful organizations have these in common

customer centric, deeper customer insights, integrate branding with customer centricity, reward employees for customer focused innovation

Resonance Focus Model

demonstration of a deep understanding of customer needs and differentiating and highlight offerings on the few elements that matter the most to the target customers (ex: Lay's making healthier chip options)

touch points

each intersection of how a product, service, or brand intersects in time and space with consumers occasions to live, play and work (ex: rental car)

Technology in Marketing Transformation

interactive and social media dimensions of the Internet due to technology has shifted the Power from companies to consumers

Web 2.0

interactive and social medial dimension of the web which focuses on user-generated content, usability and ease of use, and interoperability

Understanding the customer

making the effort to understand what benefits customers are seeking (functional, emotional, psychological)

Cyrus McCormick

pioneered customer-focused business practices (closer to customers, valuing loyalty, driven by customer insights, advertising, social networking, pricing terms)

Customer Centricity

set of values that consistently reinforce a customer focus throughout the organizations - puts the customers' interest first (proactive business strategy)

TAJ hotel & Singapore Airlines

two companies that have strong customer centric cultures

Creating a customer demand landscape

understanding the complex and dynamic ecosystem of customer demand (needs, wants, pleasures, pain)

Customer Relationship Management (CRM)

A way to manage the external interactions and relationships that drive success

Peter Marsh

Co-founder of British Ad Agency; recognition that companies aren't thinking about how they are treating their customers

Measuring customer satisfaction

Customers are frequently given opportunities to provide feedback about a product, service, or organization (focus groups, in-person interviews, surveys, phone interviews)