Connected Strategy: Building Continuous Customer Relationships for Competitive Advantage ハードカバー – 2019/5/21
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Business Models for Transforming Customer Relationships
What if there were a way to turn occasional, sporadic transactions with customers into long-term, continuous relationships--while simultaneously driving dramatic improvements in operational efficiency? What if you could break your existing trade-offs between superior customer experience and low cost?
This is the promise of a connected strategy. New forms of connectivity--involving frequent, low-friction, customized interactions--mean that companies can now anticipate customer needs as they arise, or even before. Simultaneously, enabled by these technologies, companies can create new business models that deliver more value to customers. Connected strategies are win-win: Customers get a dramatically improved experience, while companies boost operational efficiency.
In this book, strategy and operations experts Nicolaj Siggelkow and Christian Terwiesch reveal the emergence of connected strategies as a new source of competitive advantage. With in-depth examples from companies operating in industries such as healthcare, financial services, mobility, retail, entertainment, nonprofit, and education, Connected Strategy identifies the four pathways--respond-to-desire, curated offering, coach behavior, and automatic execution--for turning episodic interactions into continuous relationships. The authors show how each pathway creates a competitive advantage, then guide you through the critical decisions for creating and implementing your own connected strategies.
Whether you're trying to revitalize strategy in an established company or disrupt an industry as a startup, this book will help you:
- Reshape your connections with your customers
- Find new ways to connect with existing suppliers while also activating new sources of capacity
- Create the right revenue model
- Make the best technology choices to support your strategy
Integrating rich examples, how-to advice, and practical tools in the form of "workshop chapters" throughout, this book is the ultimate resource for creating competitive advantage through connected relationships with your customers and redefined connections in your industry.
Advance Praise for Connected Strategy:
Adam Grant, author, New York Times bestsellers Originals and Give and Take--
"In a connected world, companies live and die on their ability to create great customer experiences. In this book, two leading experts on strategy and innovation team up to explore how to create those experiences in a rapidly changing world. Their lively, practical book offers rich cases, evidence, and frameworks for gaining and maintaining a competitive advantage."
Reid Hoffman, cofounder, LinkedIn; Partner, Greylock Partners; and coauthor, Blitzscaling--
"This insightful book blends academic rigor with practical, step-by-step tools that can help you design innovative business models for the Networked Age. Connected Strategy shows how to leverage continuous connectivity and emerging AI to make deep relationships that benefit customers and businesses alike. Read this book if you want to build a business model of the future."
William P. Lauder, Executive Chairman, The Estee Lauder Companies--
"A timely and practical guide and a great resource for how to create deeper relationships with consumers. In today's increasingly competitive environment, connected strategies that seamlessly link consumers, companies, and suppliers will be the future in many industries."
William McNabb, former Chief Executive, The Vanguard Group--
"In their brilliant new book, Nicolaj Siggelkow and Christian Terwiesch upend traditional thinking about how to build enduring customer relationships that create competitive advantage. What makes this book special--and a must-read--is the combination of a novel way of thinking about customer relationships with specific, practical advice on how to implement these ideas. I just ordered a stack of copies for my colleagues!"
Michael E. Porter, Bishop William Lawrence University Professor, Harvard Business School--
"Siggelkow and Terwiesch's important book addresses the major transformation in how companies interact with customers in the Digital Age--a transformation that is reshaping almost every dimension on which companies compete. These changes have led to customer information sharing, collaborative marketing, the development of new kinds of products and services together with new support models, and new business models based on product usage instead of conventional purchasing. The book provides a rich, accessible, and actionable road map for understanding these important changes and their implications, which every company and its leadership team needs to understand and address."
What I appreciate most about the book is its adaptability to any audience. Many of the firms highlighted are household names, and the examples of successful connected strategies are immediately intuitive. Furthermore, while it's not Competitive Strategy 101, fundamental concepts are clearly (and pithily) explained rather than simply assumed. In that sense, the book will resonate with readers who don't have a strategy background but need to navigate a rapidly evolving competitive landscape. At the same time, seasoned veterans of product development, CX/UX, pricing strategy, and the like will appreciate the fresh take on what it is that today creates sticky customer relationships.
Connects the key concepts you read about today in marketing (like experiential engagement) but flows it through to show how you can increase the customer experience while expanding profit opportunities (versus just investing more to achieve the experience). Highly recommended.
In this context, it is worth noting that years ago, then chairman and CEO Herb Kelleher was asked why Southwest Airlines was the most profitable airline and its cap value was greater than the cap value of its nine closest competitors COMBINED. He replied, "We take great care of our people. Our people take great care of our customers. And our customers take great care of our shareholders." Having employee evangelists is another competitive advantage and probably a key to creating customer evangelists.
Siggelkow and Terwiesch provide an abundance of information, insights, and counsel that will prepare almost any organization's leaders to recognize a customer's need, identify a product and/or service that will fill that need, request from the client feedback that either confirms the solution or modifies it to the client's satisfaction, and then respond appropriately, thereby strengthening the relationship with the client. In other words, collaborate with a client to fill a previously unmet need.
These are among the passages of greatest interest and value to me, also listed to suggest Siggelkow and Terwiesch's scope of coverage. First, three workshops that prepare readers and their organization to achieve three strategic objectives:
o Using Connectivity to Provide Superior Customer Experiences at Lower Costs (48-59)
o Building Connected Customer Relationships (121-144)
o Building Your Connected Delivery Model (217-233)
Each workshop -- all by itself -- is well worth the cost of the book. Here are other valuable passages:
o Three levels of connected strategies (Pages 5-15)
o The Efficiency Frontier (22-29)
o Creating Deeper Connections among Existing Parties (31-35, 126-130, and 136-141)
o Creating New Connections (35-39)
o Connected Strategy and Competitive Advantage (42-43)
o The Disruptive Potential of Connected Strategies (46-47)
o The four-step process of creating a connected strategy (50-57)
o Automatic execution of customer experiences (77-80 and 87-88)
o Learning analytics (101-115 and 134-136)
o Levels of customization (110-111 and 118-119)
o Connected Producers (148-153)
o Connected Market Makers (157-161)
o Crowd Orchestrators (161-165)
o Revenue Models: A Brief Overview (178-179)
o Innovative Business Models Don't Necessarily Require New Technologies (213-215)
I wholly agree with Nicolaj Siggelkow and Christian Terwiesch that "it is important to resist the temptation to create connectivity just because you can and to modernize data indiscriminately just because no one is stopping us yet. Put your customer first and remember that not all customers are the same. Building trust is at the heart of a connected strategy, and that trust can be easily lost. Trouble can ensue unless you show that the data your customer gave you creates value for him or her and is not used in undesired ways."
One final point: Estimates vary but, on average, it costs about six times as much to gain a new client as it does to keep one you already have. Go figure.