Cambridge Consultants Innovation Day 2012: Touch point enhancement maximising product uptake
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Customers increasingly look at value/attributes when purchasing products. Attributes can be features and specification or service models enhancing the value of the individual products. This talk examines methods to determine the impact of key offerings which enhance uptake of products in favour of competing products and technologies, while also examining the different types of customers that exist, and how their needs vary in response to different levels of benefits associated with how such products are offered.
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Cambridge Consultants Innovation Day 2012: Touch point enhancement maximising product uptake
- 1. 'Touch Point' enhancement: maximising product uptake Innovation Day 2012 Tim Clay Commercially Confidential 12 November 2012 INNOV12-P-054 v1.0
- 2. Rate of product uptake will depend on the relative segment in which the customers exist - target messaging should apply only to receptive customers Customer types Behaviours Innovators – Well Less likely to be influenced informed risk takers willing by peer recommendations to try unproven products Use only after peer Early Adopters – Ride recommendation on innovators coat-tails Use only after peer Early Majority – Careful recommendation & waiting consumers avoiding risk for product to be proven Late Majority – Sceptical Need to be led by the consumers who acquire hand products once established Laggards – Avoidance of Not influential change Commercially Confidential 2 12 November 2012 INNOV12-P-054 v1.0
- 3. Offerings and messages will vary according to the position of the product within the product life-cycle – as customers will have different needs Introduction Growth Maturity Introduction Phase Product Establish branding & Quality Enhanced features quality maintained, for differentiation Building product additional awareness & market features & development services added Pricing Low to take market Maintained with Potential price Growth Phase share, high for high - increasing decline with Build Brand preference end utility or recovery demand competition & increase market of development costs share Distribution Selective to key New channels More intensive customers until with increasing with incentives Maturity Phase routine adoption demand Defend market share, Promotion Aimed at Innovators Broader Emphasises maximise profit & Early Adopters audience product differentiation Commercially Confidential 3 12 November 2012 INNOV12-P-054 v1.0
- 4. Vendors need to deliver product messages to different customer segments at different phases of the life-cycle Q: How do we define our A: To continuously understand customers and understand the the behaviour of each customer compelling messages to be segment and continuously define delivered at any point in the and refine the ‘Touch Points’ that product life- cycle? will enhance customer adoption and retention Commercially Confidential 4 12 November 2012 INNOV12-P-054 v1.0
- 5. Understanding customer characteristics and reinforcement of key messages with ‘Touch Points’ by segment leads to greater perception of ‘Brand Benefit’ “Repeated interactions that Touch points strengthen the emotional, psychological or physical investment a customer has in a Brand” Brand Benefit Ron Shevlin Segmentation Commercially Confidential 5 12 November 2012 INNOV12-P-054 v1.0
- 6. Understanding customer characteristics and reinforcement of key messages with ‘Touch Points’ by segment leads to greater perception of ‘Brand Benefit’ Touch Points Goal is to leverage customer experience as a competitive advantage to create positive and consistent experience at all ‘Touch Points’ ‘Touch points’ are physical, communications and human interactions that customers experience during their relationship lifecycle with your company allowing compelling messaging to create a ‘Brand Benefit’ ‘Touch Points’ need to be mapped across the Customer Relationship Lifecycle Commercially Confidential 6 12 November 2012 INNOV12-P-054 v1.0
- 7. The Customer Relationship Lifecycle (CRL) is a continuum of activities designed to take the customer from a pre-purchase to advocacy relationship “Customer satisfaction is worthless, customer loyalty is priceless” Jeffrey Gitomer Awareness Consideration Satisfaction Advocacy Knowledge Selection/ Loyalty Trial Pre-Purchase Post-Purchase Purchase Increasing repeat sales – customer will be willing to pay price premium Increased Brand awareness – customer will champion your product Improving customer retention – customer will form partnership with you Commercially Confidential 7 12 November 2012 INNOV12-P-054 v1.0
- 8. ‘Touch Points’ can be optimised for the customer type according to the product life-cycle phase and through the customer relationship life-cycle Awareness Consideration Satisfaction Advocacy Knowledge Selection/ Loyalty Trial Pre-Purchase Post-Purchase Purchase • Customer needs vary throughout the CRL • Optimise and deploy ‘Touch Points’ which will move prospects and customers through the CRL • What ‘Touch Points’ are valued highly by one customer or segment may not be by another Commercially Confidential 8 12 November 2012 INNOV12-P-054 v1.0
- 9. ‘Touch Point’ mapping is an essential tool to quantify and refine activities on a continuous basis through the product lifecycle Interviews with internal stakeholders and customers List ‘Touch Points’ and determine customer needs and levers in each CRL stage Internal stakeholder and customer ratings of the efficacy and value of ‘Touch Points’ are recorded Map data along the stages of the CRL Analysis yields intelligence that forms the customer ‘Touch Point’ management plan (CTM) to be measured and monitored over time Commercially Confidential 9 12 November 2012 INNOV12-P-054 v1.0
- 10. Compelling reasons why it is recognised that touchpoint mapping works – saving money in the sales process, increasing sales and allowing profitable growth Saves Money: An increase of customer loyalty of 1% is equivalent to 10% cost reduction (Source: Bain & Co.) Touchpoint Management – is effective communications, Increases Sales: paired with compelling Probability of selling to a new arguments, to drive repeat prospect is only 5 – 20%; the sales to customer increasingly probability of selling to an engaged with a product or existing customer is 65%. service (Source: Marketing Metrics) Grows Profitably: Customer Loyalty accounts for 38% of margin, 40% of revenue growth, and 38% of shareholder value (Source: Accenture Research) Commercially Confidential 10 12 November 2012 INNOV12-P-054 v1.0
- 11. Through key targeting and messaging, Intuitive Surgical provides enhanced patient, surgeon and hospital value Growth of Intuitive Surgical 2,500,000 2,000,000 Revenue ($m) Intuitive Surgical, one of Gross Profit ($m) Revenue ($m) the fastest growing 1,500,000 companies, currently in 1,000,000 a growth phase 500,000 0 2005 2006 2007 2008 2009 2010 2011 2012 Year Provide patients with procedures options that are both highly effective and less invasive than other surgical options Provide surgeons with reliable and easy to use products Da Vinci surgical robot Increase surgical revenue and reducing costs through lower complication rates and reduced length of patient stay Commercially Confidential 11 12 November 2012 INNOV12-P-054 v1.0
- 12. Direct hospital, surgeon and patient advertising leads to increasing patient numbers and recruitment of sugeons wishing to make Da Vinci a career Hospital Surgeon Patient Introduction of Da Vinci Commercially Confidential 12 12 November 2012 INNOV12-P-054 v1.0
- 13. Reinforcement of ‘Touch Points’ can be seen across every aspect of Intuitive’s services Training – 25 training centres throughout US, Europe, Asia and Latin America and on-line communities Hospital Management – Design and management of Da Vinci suites Although the operating room is responsible for 20% - 40% of a hospital’s costs, 68% of the hospital’s annual revenues were related to surgery Education – Clinical robotics fellowship, clinical robotics research grants, technology research grants Reimbursement Management – Advising institutions and surgeons Commercially Confidential 13 12 November 2012 INNOV12-P-054 v1.0
- 14. A serendipitous collision of events can drive successful sales of product – the secret is to build good collateral from such events………. Results of Madit II Publicity that Dick trial showing a 63% Cheney had one fall in heart failure implanted risk In 2002, Medtronic Inc and St Jude Medical saw ICD sales rise by 54% and 57% respectively to a combined market size greater than $460m Implantable Cardioverter Defibrillator In 2003, Medicare and Medicaid approved reimbursement for ICDs Commercially Confidential 14 12 November 2012 INNOV12-P-054 v1.0
- 15. However, be careful what you wish for…......’Touch Points’ you do not want Boston Scientific/Guidant recalled approximately 73,000 Guidant Implantable Cardiac Defibrillators (ICDs) in 2005 Commercially Confidential 15 12 November 2012 INNOV12-P-054 v1.0
- 16. Reinforcement of ‘Brand Benefit’ by deployment of ‘Touch Points’ across different customer ‘Segments’ will enhance customer retention • Understand key customer segments by behavioural type and target them appropriately to improve their experience • Following segmentation, ‘Touch Points’ can be used to enhance customer acquisition and retention over the product life-cycle • Evaluating ‘Touch Points’ by segment leads to greater perception of ‘Brand Benefit’ • ‘Touch Points’ can be optimised through customer relationship life-cycle • ‘Touch Point’ mapping is an essential process to qualify, quantify and refine results oriented sales activities throughout the lifetime of a product Commercially Confidential 16 12 November 2012 INNOV12-P-054 v1.0
- 17. Contact details: Cambridge Consultants Ltd Cambridge Consultants Inc Science Park, Milton Road 101 Main Street Cambridge, CB4 0DW Cambridge MA 02142 England USA Tel: +44(0)1223 420024 Tel: +1 617 532 4700 Fax: +44(0)1223 423373 Fax: +1 617 532 4747 Registered No. 1036298 England info@CambridgeConsultants.com www.CambridgeConsultants.com Cambridge Consultants is part of the Altran group, the European leader in Innovation Consulting. www.Altran.com Commercially Confidential This Presentation contains ideas and information which are proprietary to Cambridge Consultants Limited and/or Cambridge Consultants Inc: it is given to you in confidence. You are authorised to open and view any electronic copy we send you of this document within your organisation and to print a single copy. Otherwise the material may not in whole or in part be copied, stored electronically or communicated to third parties without the prior written agreement of Cambridge Consultants Limited and/or Cambridge Consultants Inc. © 2010 Cambridge Consultants Ltd, Cambridge Consultants Inc. All rights reserved. Commercially Confidential 17 12 November 2012 INNOV12-P-054 v1.0