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)
