- Research Highlight
- Read Time: 4 min
Courtesy of Citizens of Humanity Stimulating consumption has become a key ingredient in the global effort to revive economic growth.
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Companies now have unprecedented access to data and sophisticated technology that can inform decisions as never before. How successful are they at helping forecast what customers want to watch, listen to and buy?
In recent years, researchers have created a number of metrics to explain the connections between customer behavior and growth. But under the harsh reality of the marketplace, these efforts have generated more smoke than heat. Nevertheless, managers continue to search for insight into how customers feel – and how they will behave.
The benefits of engaging customers in product development, product support and related activities are increasingly visible. Having the right technology-based system can enhance the customer experience and help companies improve both their innovation and customer relationship management capabilities.
Most companies segment their markets by customer demographics or product characteristics and differentiate their offerings by adding features and functions. But the consumer has a different view of the marketplace. He simply has a job to be done and is seeking to “hire” the best product or service to do it. Marketers must adopt that perspective.
In an increasingly environmentally conscious and cost-conscious world, suppliers can make their business both more sustainable and more profitable by focusing on services that extend the efficiency and value of their products.
A restaurant patron berates a waiter for delivering the wrong entrée. A traveler cuts in line at an airline ticket counter and demands immediate service. A manager refuses to gather the documentation an outside consultant needs to provide services. As these examples suggest, the obnoxious customer has many faces.
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