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What's the Future of Business?                                                                                            ...
What's the Future of Business?                                                                                            ...
What's the Future of Business?                                                                                            ...
What's the Future of Business?                                                                                            ...
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What's the Future of Business? Changing the Way Businesses Create Experiences via GetAbstract

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Today’s consumers share their experiences on social media and consult each other when making buying decisions. Establishing an online presence is only one part of reaching connected consumers. Retailers also should ensure that customers have positive experiences they can share. Providing good experiences is far more cost-effective than repairing bad ones. The experience begins the moment a customer starts researching a product.
Subsequent customer behaviors measure product performance and the quality of your customer service. Social media offer businesses a set of “Moments of Truth” (MOTs) – or “touch points” marketers can use to engage customers. Connected customers prefer businesses that share their values. Marketers should use data about individual customers to add a “human touch” to
company messages. Success in new media means more than creating mobile apps or viral videos. The goal of your digital activity is to create a connection with your consumers.

What You Will Learn
In this summary you will learnr1) How digitally connected consumers influence each other’s buying decisions
and 2) How to create positive experiences that turn your customers into your online advocates.

www.wtfbusiness.com
www.briansolis.com

Audio summary of WTF: https://www.getabstract.com/ShowAbstract.do?dataId=25718

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What's the Future of Business? Changing the Way Businesses Create Experiences via GetAbstract

  1. 1. To purchase personal subscriptions or corporate solutions, visit our website at www.getAbstract.com, send an email to info@getabstract.com, or call us at our US office (1-877-778-6627) or at our Swiss office (+41-41-367-5151). getAbstract is an Internet-based knowledge rating service and publisher of book abstracts. getAbstract maintains complete editorial responsibility for all parts of this abstract. getAbstract acknowledges the copyrights of authors and publishers. All rights reserved. No part of this abstract may be reproduced or transmitted in any form or by any means – electronic, photocopying or otherwise – without prior written permission of getAbstract Ltd. (Switzerland). 1 of 5 What's the Future of Business? Changing the Way Businesses Create Experiences Brian Solis Wiley © 2013 224 pages [@]   Rating 7 Applicability 8 Innovation 7 Style 7   Focus Leadership & Management Strategy Sales & Marketing Finance Human Resources IT, Production & Logistics Career & Self-Development Small Business Economics & Politics Industries Global Business Concepts & Trends Take-Aways • Today’s consumers share their experiences on social media and consult each other when making buying decisions. • Establishing an online presence is only one part of reaching connected consumers. • Retailers also should ensure that customers have positive experiences they can share. • Providing good experiences is far more cost-effective than repairing bad ones. • The experience begins the moment a customer starts researching a product. • Subsequent customer behaviors measure product performance and the quality of your customer service. • Social media offer businesses a set of “Moments of Truth” (MOTs) – or “touch points” marketers can use to engage customers. • Connected customers prefer businesses that share their values. • Marketers should use data about individual customers to add a “human touch” to company messages. • Success in new media means more than creating mobile apps or viral videos. The goal of your digital activity is to create a connection with your consumers.
  2. 2. What's the Future of Business?                                                                                                                                                      getAbstract © 2016 2 of 5 getabstract Relevancegetabstract getabstract What You Will Learn In this summary you will learnr1) How digitally connected consumers influence each other’s buying decisions and 2) How to create positive experiences that turn your customers into your online advocates. getabstract Review People talk about your business. In restaurants, on transcontinental flights and in the aisles of big-box retailers, customers share experiences on social media in real time. Depending on how they react to the experiences you offer, consumers can become your brand ambassadors or dangerous detractors. Cultivate more ambassadors by using social media platforms not as newfangled billboards, but as a way to connect with people, learn their priorities and values, and offer experiences they will praise. Digital strategist Brian Solis argues that you must engage in a new kind of 24- hour marketing to reach this new digitally “connected customer.” Transferring traditional marketing to interactive media isn’t enough. Instead, “design the experience” people have with your brand online so that every minute results in positive web commentary. Solis conveys the urgency of creating these encounters, though he doesn’t go into a lot of hands-on detail about how to do it. Most of his discussion stays on a theoretical level, and his few examples of best practices are short. Still, getAbstract recommends his conceptual arguments to marketers and customer service reps who aren’t digital natives as an excellent intro to a fresh marketing paradigm. getabstract getabstract Summarygetabstract getabstract getabstract “The future of business is about creating experiences, products, programs and processes that evoke splendor and rekindle meaningful and sincere interaction and growth.” getabstract getabstract The “behavior of connected consumers is not only changing, it’s opening and closing traditional touch points, places and ways to engage customers in real time and at the right time.” getabstract Disruption Customers are changing. How they make decisions, what sources they trust for guidance, the sales channels they prefer and what they expect from each transaction are all in transition. Firms that satisfy customers’ new expectations will thrive. However, the factors that today’s customers value the most may surprise you. They want more than quality; they demand a positive experience at every step of the buying process, including the customer support you provide after the transaction. With today’s technology, consumers have the clout to insist on getting their way. If they have a disappointing experience – if an airline loses their luggage, for instance – they share it in real time on Twitter or Facebook or describe their negative experience in a review on Yelp. The power of word-of-mouth is burgeoning, and companies ignore it at their peril. Too many marketers focus on the technology itself and overlook how people use it. Sellers must engage with customers, understand the experience they want and design a digital strategy that delivers it at every “touch point” or “Moment of Truth” (MOT) in the buying process. “Generation C” The traditional demographic approach to defining markets – segmenting people according to age, income level or education – isn’t relevant for marketing to the growing group of consumers who connect with you digitally. Generation C – the C stands for “connected” – includes consumers who share a digital lifestyle. They come from all of the traditional demographic segments. Reaching them requires connecting with their interests and values.
  3. 3. What's the Future of Business?                                                                                                                                                      getAbstract © 2016 3 of 5 getabstract “Creating real-world ‘customer experiences’ is a critical role businesses must create in a new era of consumerism.” getabstract getabstract “Investing in creating the desired experience before, during and after it’s experienced is...critical to the future of relationships and word of mouth.” getabstract getabstract “Just because a business is embracing new technology doesn’t mean that it is creating meaningful, productive or measurable experiences.” getabstract getabstract “Think about the experience we want people to have and share and then use new digital channels to steer each step along the journey to win in each moment of truth.” getabstract The distinct characteristic of this group’s members is that they’re always plugged in to their mobile devices as they share a wide range of experiences – such as attending concerts and purchasing consumer electronics – via Facebook, Twitter, YouTube or blogs. When retailers try to reach these consumers via new media, marketers tend to overlook the customers’ desire for engagement and experience. Businesses turn management of their Facebook pages or Twitter feeds over to marketing teams, who attempt to translate traditional sales messages to new media. But ignoring the way customer share information doesn’t mean they aren’t talking about you. Don’t take the risk of leaving what they say up to random happenstance. This gap between the customer and your business is never greater than when a customer visits your corporate social media site to make a comment, lodge a complaint or ask a question. Fewer than 50% of companies engage with customers’ comments or questions on social media. And even if you do solve a customer’s problem, you’ve already allowed his or her negative experience to spread among untold numbers of Twitter and Facebook accounts. But if you proactively design the customer experience at every touch point, from initial evaluation through purchase to post-transaction support, you’re giving your customers many reasons to act as your advocates. Begin by listening. Learn how customers connect with each other digitally, and absorb what they talk about. Uncover their routes to your products, and determine what they value most in those offerings and in their relationship with your business. “The Customer’s Journey” To be effective with generation C, recognize the transformation in your customers’ decision-making journey. If you still use a traditional model of that progression, you may be relying on outdated, ineffective strategies for product development, marketing and customer service. The traditional model depicts the customer journey as a “sales funnel.” In this scenario, you scoop up lots of prospects through marketing initiatives and guide them through a linear process of evaluation, transaction and support. If all goes well, you ultimately produce a loyal customer. Today, the customer’s journey more closely resembles a loop studded with four moments of truth, or touch points. P&G devised the moment-of-truth concept when it identified two such turning points. P&G marketers say the “First Moment of Truth” (FMOT) happens when shoppers initially see a product. During this encounter, a marketer has just a few seconds to motivate shoppers to pick one brand over another by appealing to their “senses, values and emotions.” The “Second Moment of Truth” (SMOT) occurs during the customer’s experience with the product after the purchase. Two more moments of truth serve as bookends for the first and second moments: Google defined the “Zero Moment of Truth” (ZMOT) as the time before shoppers encounter the actual product. Today’s consumers begin their decision-making process before they go to stores or place online orders by digitally connecting with other consumers. The “Ultimate Moment of Truth” (UMOT) occurs during the point after the transaction when consumers share their experiences.
  4. 4. What's the Future of Business?                                                                                                                                                      getAbstract © 2016 4 of 5 getabstract “Businesses that place people and what they feel, think, do and share as a priority in not just product design but overall marketing and business strategy outperform those who don’t.” getabstract getabstract “Among the greatest difficulties associated with change is the ability to recognize that change is needed at a time when we can actually do something about it.” getabstract getabstract “The increasingly important role of technology, combined with global economic unrest, means that a company’s brand is more important today than it has ever been.” getabstract getabstract “Consumers tend to ignore most information available and instead slice off a few relevant information or behavioral cues that are often social to make intuitive decisions.” getabstract A 2011 Google study conducted by Shopper Sciences illustrated how important these new moments of truth can be. It reported that the average number of resources customers consulted pre-purchase rose from 5.27 in 2010 to 10.4 in 2011. Automotive customers consulted an average of 18.2 sources, while consumer-electronics buyers relied on an average of 14.8. The overall percentage of consumers consulting online social media rose by 19%, while use of mobile devices rose 16%. The influence of television and radio dropped 14%, while print and outdoor advertising plunged 21%. Clearly, having an effective presence in the new online channels is imperative. Managing the Moments of Truth Learn your customers. Track their online behavior as if you were an anthropologist: Look for patterns. How do they make decisions? What resources do they trust? What do they report that they value? Coordinate your marketing, customer-service, product-development and other silos to work together to create a strategy for each step of your customer’s experience, beginning with stimulating the customer’s interest: 1. “Stimulus” – The customer first hears about the product. Previously, businesses relied on advertising or “in-store visibility” to provide the stimulus. As the influence of traditional media channels like television and print wane, you need creative ways to reach consumers via new channels. For instance, Toms Shoes uses Facebook to promote its One for One program, under which it donates a pair of shoes to needy children for each pair it sells. The company set up a platform on its e-commerce site so visitors can vote on various shoe styles by clicking buttons labeled “Want,” “Love” or “Own.” Toms’ site sends updates on these vote tallies to visitors’ Facebook news feeds. 2. Zero moment of truth – The customer begins to research the product through online searches and interactions. Don’t leave the customer’s findings up to chance. Identify the peers and experts whose opinions carry the most weight; listen to them for clues to designing your customer’s journey. Adventure outfitter Giantnerd, for instance, engages with and learns from customers by providing a platform for them to share their experiences and opinions. Customers earn rewards by offering buying advice to other consumers. Their reviews, tweets and posts contribute to and form the zero moment for your subsequent customers As you listen, keep your antenna tuned for common themes and terms that pop up frequently in conversations. Those terms can help improve your search-engine results. Engage potential customers and enhance your credibility by offering your own expertise as a resource. For instance, provide useful content, such as educational videos or customer reviews that prospects can use to evaluate products. 3. First moment of truth – Consumers focus on their possible choices. Today the majority of the decision-making process – such as comparing prices, researching product features or talking to company representatives – takes place on mobile devices. Carefully design your e-commerce strategies so they engage mobile users with the right data and dialogues that lead to purchases. 4. Second moment of truth – This phase comes after the purchase, when customers experience the product and formulate the opinions they will share with others. Design the experience to try to shape customers’ reactions during this stage. Use this opportunity to gather feedback from customers that you can apply to improving your products. Remember that delivering the product is never the end point of marketing. The user’s experience of the product now becomes part of your marketing strategy, because the customer’s positive experience leads to the final moment of truth. 5. Ultimate moment of truth – Here the loop comes full circle as customers share their experiences with your product. Offering customer support after the purchase is one of the keys to ensuring a positive experience. More and more customers expect companies
  5. 5. What's the Future of Business?                                                                                                                                                      getAbstract © 2016 5 of 5 getabstract “You have to be totally connected with everyone who touches your brand.” – Angela Ahrendts, VP Apple and former CEO Burberry getabstract getabstract “The brilliance of social networks is the opportunity to transform negative experiences into positive outcomes.” getabstract getabstract “People are going to talk, so give them something to talk about.” getabstract to read and respond to customer tweets. Dedicate a team of staff members to track users’ experiences in important media, and proactively empower your team to turn negative customer experiences into positive ones. Encourage happy customers to share their positive reaction online. Designing the Customer Experience Success in new media doesn’t end with creating mobile apps or viral videos. The real goal of your digital activity is to create a connection with your consumers. To do that, you must be clear about your vision and about the meaning of your brand. Appeal to your customers’ aspirations. Invite them to be a part of something bigger and more meaningful than mere consumerism. That’s what Apple accomplished with its “Think Different” campaign. Apple’s vision encompasses more than making desirable products. According to its late co-founder Steve Jobs, the slogan reflected Apple’s belief that “people with passion can change the world.” Lead your business to adopt a unified, “top-down” effort to design its customers’ experience. Put together a team to bring your vision of customer experience alive. Include representatives from social media, customer service, and sales and marketing. Currently, the task of shaping your customer’s experience is probably fractured among these self-enclosed silos. Have the customer-experience team define a common vision, map out the right journey, lead efforts to listen to and learn from buyers, and write a “playbook” that integrates the experience across the organization. The Road to Transformation Change is never easy. As you lead the charge for this transformation you will confront obstacles, including budget restrictions, naysayers and corporate politics. You’ll spend a lot of time outside your comfort zone, but your comfort zone will widen to embrace these new tactics and strategies. That expansion will reward you and your business. Seek and welcome support especially from your Generation C employees and customers. If you stay the course, you’ll turn a corner. You’ll see resistance transform into excitement. But you must stay vigilant because, as the buzz builds, so does the possibility of a backlash and a push to return to the way things were. Eventually you’ll reach your goal, but that’s only the beginning of the process. If you are truly successful, you will recast your organization as one that embraces continual change and is ready for anything the future brings. getabstract getabstract getabstract getabstract getabstract About the Authorgetabstract getabstract A principal of the advisory firm Altimeter Group, Brian Solis is a digital analyst, sociologist and futurist. He also wrote Engage! and The End of Business as Usual; he blogs at BrianSolis.com.

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