Meeting Customer Needs in A Rapidly Changing World: Lessons From The American Innovation Index ®
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The Year 2020 has had a dramatic effect on consumer lifestyles that will fundamentally transform the manner in which firms must deliver their services. Consumers are increasingly being forced to use and are being educated in the use of digital technologies in every aspect of life. Examples include the use of mobile apps for financial services, online ordering of products, and telemedicine. As the world emerges from the COVID-19 pandemic, companies must ask the questions of “what is the new normal?” and “what do customers expect from us?” In this presentation, you will learn: • Winners and Losers: which companies are successfully navigating the new normal and which ones aren’t based on the latest data from the American Innovation Index™ that ranks 174 U.S. companies across 20 industries on company innovativeness based on the experiences of their customers? • Changing Business Models for the Future: What are the consumer mindsets that exist across industries and what are their expectations in the future for service delivery? • How a channel segmentation can guide strategy in the new normal
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Meeting Customer Needs in A Rapidly Changing World: Lessons From The American Innovation Index ®
- 1. THE AMERICAN INNOVATION INDEX™ CUSTOMER-FOCUSED & SOCIAL INNOVATION Meeting Customer Needs In A Rapidly Changing World: Lessons From The American Innovation Index™ Lerzan Aksoy, Fordham University, aksoy@fordham.edu Gina Woodall, Rockbridge Associates, gwoodall@rockresearch.com
- 2. • Introduction of the American Innovation Index™ • Winners and Losers in the Pandemic • Changing Business Models for the Future • How to Develop a Winning Strategy in the New Normal Agenda
- 3. An ambitious research program that quantifies the innovativeness of nearly 200 companies in 20 industries from the customer point of view Methodology. Nationally representative online survey of over 5,000 U.S. adults, comprising over 23,000 customer relationships Customers rated companies on key metrics: • Innovation • Social innovation • Customer Loyalty • Attractiveness About the American Innovation Index™ (Aii)
- 4. Perceived innovation and social innovation jumped 5 points 64.6 59.0 63.9 58.4 68.6 63.2 2018 2019 2020 2018 2019 2020 American Innovation Index (Aii) Social Innovation Index (Sii)
- 5. 81-85 INNOVATIVE COMPANIES IN THE U.S. TOP 50 71-75 76-80 Industry Aii Range COMPANIESRANKED21-50 Hyundai Bridgestone Tire Goodyear JetBlue Chrysler Dell Aldi Uber Costco eBay Google/Youtube Chick-fil-A Fidelity Tik Tok Southwest Airlines Spotify TJX T-Mobile Whirlpool Corporation J.P. Morgan LG Honda Starbucks Intuit Priceline Domino's Quicken Loans Geico HP Airlines/Trains General Merchandise Restaurants Wireless/Cell Auto/Property & Casualty Hotels Specialty Retailers Automotive Investments Supermarkets Consumer Durables Lenders Technology
- 6. 76-80 SOCIALLY INNOVATIVE COMPANIES IN THE U.S. TOP 50 66-70 71-75 Industry Aii Range COMPANIESRANKED21-50 Stanley Black and Decker Charles Schwab Quicken Loans Netflix Kaiser Permanente Publix Super Markets Geico UnitedHealthcare LG Dunkin' Donuts Apple Dell Whole Foods Market FedEx Amer. Family Insurance Microsoft Chick-fil-A New York Life Insurance Honda Samsung Whirlpool Corporation Hyatt Ameriprise Financial Humana Sprint Southwest Airlines U.S. Cellular Airbnb Fidelity Domino's Airlines/Trains Delivery/ Shipping Investments Specialty Retailers Auto/Property & Casualty General Merchandise Lenders Supermarkets Automotive Health Ins. Life/Disability Technology Consumer Durables Hotels Restaurants Wireless/Cell
- 7. Winners and Losers in the Pandemic
- 8. Service Transformation During the Pandemic Leonard L. Berry, Texas A&M University; Tracey S. Danaher, Monash University, Australia; Lerzan Aksoy, at Fordham University; Tim Keiningham, St. John’s University; Service Safety in the Pandemic Age, Journal of Service Research, July 29, 2020
- 9. 32% 26%26%26%25%25%25%24% 22%22% 19%19%19%19%18%18%18%18%17%17%17%17%17%16%16%16%16%16%16% -2% -3% -5% -5% -5% -5% -5% -5% -6% -7% -10%-10% -18% USAA Am.FamilyInsur. Ford Chick-fil-A KaiserPermanente TraderJoe's GeneralMotors Nissan PublixSuperMarkets Costco Aldi JohnDeere FifthThirdBank UPS TikTok Chrysler Hyundai Weber Geico Humana Toyota LG WholeFoodsMarket ProgressiveInsurance BridgestoneTire Domino's AlaskaAirlines Spotify ChaseBank SiriusXMRadio AT&T Motel6 BankofAmerica UnitedAirlines Spectrum Facebook CoxCommunications AmericanAirlines DISHNetwork Navient Frontier Altice The Winners and Losers of the Pandemic 15 60 7 33 55 3 12 11 53 30 28 4 133 57 34 25 22 5 49 76 6 42 52 81 22 47 67 36 59 145 148 154 139 146 147 137 140 149 115 152 158 157Aii Rank Financial Services, Insurance, Automotive, QSR, and Grocery Responded Best Differences in Rate of Response to Pandemic (Expectations exceeded – expectations fell short)
- 14. Changing Business Models For the Future
- 15. Despite the Pandemic, Consumers Behave Similarly to Their Preferences 13% 30% 32% 19% 6% 17% 30% 31% 17% 6% All in-person Mostly in-person Equal amounts of both Mostly virtual All virtual How I prefer to interact if no risks or restrictions due to pandemic OUTER RING How I interact now (late June 2020) INNER RING Methods of Interacting with Businesses to Gather Information, Get Advice, Learn and Transact
- 16. Consumer Mindsets Towards Service Delivery in the Covid Era 14% 23% 22% 28% 13% Channel Hoppers These younger, diverse shoppers have a love/hate relationship with technology and use both channels almost equally because in-person gives them control and virtually saves them time. Safety First Consumers These diverse shoppers prefer shopping in stores because there is a reduced risk of mistakes but will shop online to avoid face-to-face interaction. Control Seekers Shopping in stores not only gives these shoppers control but reduces the risk of mistakes being made. Digital Avoiders These older shoppers prefer shopping in stores so they don’t have to deal with technology but also because of the perceived convenience and control that it gives them. Digital Firsts Shopping online gives these unmarried shoppers a safer experience with reduced stress but also time to do other activities. Degree of digital preference
- 17. One-stop shopping in-person channels for primarily older customers who shun technology and do not feel it is fun. Implications for Service Delivery Strategy One-stop shopping virtual services for customers who want to save time and find it stressful interacting with employees. Mostly Virtual Mostly Storefront Integrated channels for customers who want to do things in-person but are willing to leverage virtual channels as well to ensure a more holistic experience. These customers expect physical locations even when they are not necessary for the underlying service, but will rely on technology like online interfaces, apps and robots to save time. Blended Channels 23 % 47 % 31 %
- 18. How to Develop a Winning Strategy in the New Normal
- 19. 1. Is there a fundamental shift in the market? 2. How much have your customers been impacted? 3. Have customer needs changed? Answer Some Key Questions…
- 20. Segmentation studies are rooted in the idea that markets are composed of sub-groups, or segments, with unique needs and behaviors that distinguish them from each other. These types of studies are used: 1. To conduct a high-level overview of a marketplace to plan long range strategy 2. To implement a targeted approach Understanding Your Customers Describes how customers think Predicts behavior Reaches targets An Effective Segmentation
- 21. • Companies that innovate enjoy higher customer loyalty and increase in their bottom-line • The pandemic accelerated company innovation, including service delivery adaptations and transformation • Even so, many consumers prefer a mix of in-person/human-centered, and virtual service delivery • Use research, such as a segmentation study, to understand your market and develop a winning strategy for the future Key Takeaways
- 22. QUESTIONS? ANY Lerzan Aksoy, Fordham University, aksoy@fordham.edu Gina Woodall, Rockbridge Associates, gwoodall@rockresearch.com AmericanInnovationIndex.com #TheAii