- Research Feature
- Read Time: 20 min
Most companies can benefit from mass customization, yet few do. The key is to think of it as a process for aligning a business with its customers’ needs.
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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?
Companies that provide professional services have not always been eager to invest in customer education initiatives. For such companies, it has remained unclear what economic benefit they would gain by providing customers with the skills and abilities needed to become more knowledgeable customers.
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.
Marketers cannot avoid discounted sales, and consumers have come to expect them. The average shopping mall, grocery store or online shop is littered with discounted products: Tide detergent is 10% off; books are sold with free shipping; Nike sneakers are buy-one, get-one-free.
Last September, executives from Arla Foods amba, the Danish dairy giant, probably paid scant attention to a series of caricatures of the prophet Muhammad in the Danish newspaper Morgenavisen Jyllands-Posten. Six months later, they learned a hard lesson about religion and commerce.
When one company acquires another, executives have 10 distinct options for the corporate rebranding. Selecting the right strategy can set forth a compelling vision for the combined entity and send important signals to employees and the outside world.
Electronic information can easily overwhelm people with large volumes of data. An abundance of information often strains human limits: attention, memory, motivation or other factors. In response to this challenge, software that assists humans in filtering and organizing information into more digestible amounts and formats have appeared (Alba et al.,
Using net promoter score, a metric that, in most industries, correlates well with a company’s growth rate, managers can evaluate how investments aimed at improving the customer experience actually affect the bottom line.
Consumers are a fickle lot. Case in point: It’s long been known that a consumer will be unhappy if he or she realizes that someone else got a better deal. So marketers tread very carefully when considering a promotion that targets one set of consumers for fear of alienating another.H
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