I’m often asked what the biggest takeaways are when it comes to technology, data, and business. The truth is that there are a lot of things we need to be aware of. However, in the book Blue Goldfish, I share nine important takeaways that I think you’ll find helpful.
- Technology has paved the way for every company to know more about their customers and build deeper relationships with them.
- Customer expectations are binary. You either exceed them, or you fall short. Similarly, if you’re trying to keep up with increasing consumer expectations, you’re fighting an uphill battle. Empowered customers are starting to take for granted that a company will know and understand their individual needs. They expect that companies will know what they searched for and their past ordering history. Amazon has raised the bar on customer expectations.
- 89 percent of companies expect to compete mostly on the basis of customer experience, versus 36 percent four years ago.
- There are only two sources of competitive advantage: the ability to learn more about our customers faster than the competition and the ability to turn that learning into action faster than the competition.
- Info-sense is “the ability to utilize data to really understand customers as people and personalize their service.” This sixth-sense capability will enable companies to learn more about customer’s individual needs and put that insight into action in real time. Companies who embrace info-sense can provide customers with exactly what they need right when they need it.
- The overarching lesson of “data myning” for customer experience is empowerment. We believe companies who use personal data to empower their customers have an opportunity to create transformative change for those customers. With empowerment and then success, gratitude and loyalty are often the next set of emotions.
- To personalize is to design or produce something to meet someone’s individual requirements. The key is the individual. In our current landscape focusing on the individual can be almost impossible for companies. Stymied by legacy technology and distributed workforces, personalization is difficult. The companies who overtake those barriers tend to see impressive results.
- Companies need to start leveraging technology, data and analytics to deliver the next level of customer service. A level we call 3.0.
- The more you know and the faster you can respond allows you to create differentiation. Sometimes it’s surprising and delighting a customer with speed. Other times it’s identifying and correcting an issue before a customer even knows about it. And when necessary, it’s responding to correct a bad situation before it gets worse.