#TIL03

#TIL03

9 May 2019

Nope, that’s not the Star of David.

Relationship Centricity – Why businesses no longer treat customers like Pokemon (Gotta catch ‘em all!)

#shifthappens
#changeisnow

Have you noticed a change in your experience when your call is on hold with customer service? It is no longer just a funky jive that causes an irritating ear-worm long after you have put the phone down. The tunes are carefully picked to placate customers. And it’s not just music anymore, there are cleverly placed ads inserted, the company’s mission and core values are read to you, and upcoming events are also mentioned. You can even take polls or participate in surveys! This seemingly small aspect is actually a vital branding tool. It enhances brand image, communication and enriches customer experience.

Companies today are shifting towards building relationships. People no longer want to buy products, they want to be affiliated with a brand. Effective advertisements do not bombard us with a barrage of platitudes. Nike does not showcase their shoes. They showcase a lifestyle and everything that is possible with it. They know that emotional currency paves the way for lifetime value. Virgin Air builds relationships that helps you capitalise on their competitors weakness. Boarding a plane no longer feels likes like you’re cattle being shepherded into a metal flying tube. There are destination tips. Your experience is personalised. Everything is upbeat and fun.

Picture from: https://futurecmo.org/2012/11/01/symbiosis-strategy-creating-the-ultimate-value-proposition/

The market place is chaotic. There is an ever-expanding range of goods, and an ever competitive lowered range of cost. To stay abreast, especially if products or services offered are expensive, the necessity to build coherent strategies to retain customers are vital.

Building relationships is now the de facto way of business. To succeed, companies need to create customer experiences that delight. Good is no longer good enough. Digital transformation is part and parcel of relationship building, and companies are willing to spend millions on data enrichment services, behavioural analytics, customer surveys and toolstack software to capture every customer interaction.

As the English sociologist and philosopher, Herbert Spencer once said: “Survival of the fittest.” If businesses do not keep up with every changing era, they will be like fallen titans of the yesteryears, Motorola, Kodak and Nokia.

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