Companies like Disney, Nike, Amazon, and Netflix are all building continuous relationships with customers by implementing a “connected strategy” — a way to reduce customer pain points; create a better customer experience; all at a lower cost. Any company can do the same, but there’s no one-size-fits-all approach. Christian Terwiesch and Nicolaj Siggelkow, professors at the Wharton School and co-directors of Penn’s Mack Institute for Innovation Management, join the podcast to talk about their latest book, Connected Strategy: Building Continuous Customer Relationships for Competitive Advantage. They walk through the four primary types of connected strategies companies use today — respond to desire, curated offering, coach behavior, and automatic execution — and why connected strategies are the future of business.
Listen to this podcast episode to learn:
- What is a connected strategy, and what are the benefits for companies and customers alike?
- The differences between the four types of connected strategies, and how and when to implement them
- How understanding the customer journey can be used to create value and remove pain points for the customer
- Why effective connected strategies can anticipate certain customer needs — sometimes before customers even know they have one!
- The implications of privacy and trust when building a connected strategy — how do companies even begin to understand what’s acceptable vs. what’s creepy?
- Challenges organizations face when designing and implementing a connected strategy
- Why trust can only be earned when a company shows how it creates value for the customer — it happens incrementally over time
- Examples of successful connected strategies in different industries, including health care, transportation, retail, and entertainment
For more information: www.connected-strategy.com