Section 1: Meet Customer CEO
1: Introduction with Chuck Wall
- Understand your customer
- Customer is in charge.
- Information flows from the customer to the company
- 9 powers the customers possess
- Strategy on how to engage customers
- How to profit.
- 11 profit centers you can profit from by understanding your customers better.
2. It’s Time to Stop, Look, and Listen
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/8427138#overview
- Stop viewing everything from your own point of view
- Look at thing from your customers’ point of view
- Listen for what your customer really mean
- Not just what they say!
3. The new Boss in Town
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/8420398#content
- Customers tired of how they are treated
- Multiple vendor options
- Poor treatment can very quickly lead to bad press
Why listen to customer?
- Influence their perception into your brand
- Build long-term relationships with them
- Respond to their feedback in a timely way
- Create marketing based on their preferences
- Resolve negative market buzz by the disgruntled.
- Gain fresh insight and innovation for moving forward
- Provide a sounding board for them.
- Change your culture
4. New Winds are Blowing
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/8427088#content
Customer Statistics
- 89% switch to a competitor every single bad experience.
- 60 Million hours wasted on hold with call centers
- 50% give you a week to resolve a problem, then they leave
- $83 Billion cost to economy due to bad customer service
- 86% will pay more for a better experience
- 80% of vendors say they deliver a great customer experience
- Only 8% of customers agreed.
Personal Questions
- Why did you choose Business as a career?
- Did you have big ideas on how to change the world?
- Did you break the code that no one else could?
- Financial independence?
- To do good by serving others in some way?
- …
The Customer Engagement Pyramid
- Rational
- I’m satisfied, likely to continue and will recommend
- Confidence
- Always delivers on promises. They are a name I can always trust
- Integrity
- Fair resolution of my problems and always treats me with respect
- Pride
- Treats me with respect and I feel proud to be a customer
- Passion
- Can’t imagine a world without you. You are the perfect company for people like me.
5. Customer Insight
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/707238#overview
What is Customer Insight?
An illuminating discovery of either obvious or hidden customer needs and values that any enterprise can use to create exceptional customer value and decisive competitive advantage.
- illuminating discovery
- Those “Eureka!” moments when you say “Why hadn’t we thought of this before?”
- customer needs and value
- Often “hidden in plain sight” or deeply buried nuggets that need to be clearly understood.
- exceptional customer value
- You must believe you can deliver something of greater value to the customer in order to survive.
- decisive competitive advantage
- More than just differentiation, you want a decisive, unfair edge to win.
Why Insight is so important
“… there are only two sources of competitive advantage, the ability to learn more about your customers faster than the competition and the ability to turn that learning into action faster than the competition.”
– Jack Welch, Former Chairman & CEO General Electric
Value All Of Your Customers
- Right now, someone, somewhere is actively listening to your customers.
- To steal them from you.
- Help them do their jobs better, cheaper or faster.
This can happen to you
- Land lines – Cell phones
- Travel Agents – Online purchasing
- Record makers – iTunes
- Big Box stores – Amazon
- Newspapers – Online news sites
- Video Stores – Streaming video
6. Four Spinning Plates
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/707240#overview
4 Forces that drive Business
Business Forces
- Macro-Economic
- Industry
- Key Trends
- Acounting
- Finance
- Economic Analysis & Policy
- Human Resources
- Operations
- Information Technology
- Marketing
Competition Forces
- Market
- Key Trends
- Enrepeneurship
- Strategy
- Pricing
- Promotion
- Products
- Services
- Experiences
Technology Forces
- Key Trends
- Engineering Analysis
- Statistics & Dynamics
- Electronics & Mechatronics
- Multi-diciplinary branch of Electronics and Mechanics…
- Think Robotics
- Programming Methodology
- Bioengineering
- Materials
- Thermodynamics
- Chemical Engineering
- Web Analytics
- Big Data
Customers
Without Customers, nothing else matters. This is the one plate you have the most control over.
- Psychology
- Anthropology
- Humanities, social sciences, natural sciences
- Sociology
- Study of human behavior
- Ethnography
- The study of culture from the point of view of the subject.
- Customer Segmentation
- Need finding
- Existing Customers
- Future Customers (non-customers)
Key Points
- Deep Customer Understanding is the Most Powerful and Untapped Secret Weapon in business.
- The Purpose of Business is to Create and Keep a Customer
- This requires the ability to clearly see your customer.
7. Proposition
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/707242#overview
5 Steps from Data to Solutions
1. Raw Data
- The initial data gathered
- Example: Answers to questions asked during a survey
- What the customers say and do
- Market Data
- Big Data
2. Findings
- Customer barriers and motivations
- Trends
- Changing Attitudes
- New Beliefs
3. Insight
- Illuminating discovery of either obvious or hidden customer needs and values that any enterprise can use to create exceptional customer value and decisive competitive advantage.
4. Proposition
- Translate and Interpret
- Create powerful and concrete written statements backed by customer stories as proof.
5. New and Improved Solutions
- Products
- Services
- Experiences
- Innovations
Examples of Customer Insight
- I want to find what I’m looking for right now
Apple
- I want beautiful, easy to use products that are integral to my everyday life
Starbucks
- I need a third place to go to relax and socialize besides my office or home
Ikea
- I need functional, stylish furniture at an affordable price, and I’m willing to put it together myself so I can have it today.
Insight moves to meaningful solutions
Insight + Proposition
- Insight = What do the customers need
- Proposition = Invent a solution
Steps in Proposition
Deploy the Proposition across all platforms and functionality
- Product and service development
- Customer Experience
- Channels
- Communications
- Pricing
Product Centric vs. Customer Centric Companies
Product Centric
- Strategy: Create the best product
- Culture: New Products
- Processes: New Product Development
Customer Centric
- Strategy: Solve Customer Problems
- Culture: Fill needs and Engage
- Processes: Gain Insight and Manage Experiences
8. The Nine Powers
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/707244#overview
Focus on being the solution to your customer’s problems
- Power of Me
- What’s in it for me
- Ikea
- Power of Worth (Value)
- What’s this worth?
- Hiundea
- Power of Performance
- Does this really do the job?
- Apple
- Power of the Heart
- How does this make me feel
- Lu Lu Lemon
- The Power of Yes
- Why do you keep saying No?
- Discount Tire
- Power of Simple
- Why is this so complicated
- In N Out Burger
- Power of the Platform
- What about my ideas?
- Morton Steakhouse
- Power of Rebellion
- How do I break the rules
- Dos XX
- Power of Purpose
- Do we share the same values
- Tom Shoes
9. Don’t wait until your customer fires you
https://www.udemy.com/course/how-to-profit-from-your-customers/learn/lecture/8439330#overview
Customer relationships have become impersonal.