360° Coverage : Can A Goldfish Show You How To Excite Your Customers?

2 Updates
Can A Goldfish Show You How To Excite Your Customers?

Can A Goldfish Show You How To Excite Your Customers?

Feb 14 2014, 9:11am CST | by

By Fabian Hieronimus Big data, supercomputers, and advanced analytics are delivering big breakthroughs in marketing. But at a time of data deluge, it’s the small, unexpected  touches that can make...

Filed under: news

 
 
 

36 weeks ago

Can A Goldfish Show You How To Excite Your Customers?

Feb 14 2014, 9:11am CST | by

By Fabian Hieronimus

Big data, supercomputers, and advanced analytics are delivering big breakthroughs in marketing. But at a time of data deluge, it’s the small, unexpected  touches that can make all the difference to your customers.

Guests at the Soho Grand Hotel in New York are offered a pet goldfish for their room. They may take stylish décor, comfortable beds, and welcoming service for granted, but the fish is a quirky extra that gets them talking. It may not fulfill any need identified by surveys or focus groups, yet it typifies the kind of thoughtful, unusual touch that can attract a dedicated following.

Put simply, satisfying customers is no longer enough; companies need to go a step further and excite them to generate word of mouth. That word of mouth can deliver real value: studies have shown that it’s the driving force behind 20 to 50 percent of all purchasing decisions and that a 10 percent lift in word of mouth increases sales by up to 1.5 percent.

Do something unexpected, noteworthy, and shareable, and you can kindle lasting memories, build customer loyalty, and harness the power of word of mouth.

Ten best ways to excite
By analyzing best practices, we have identified ten directions that companies can take to generate customer excitement:/>

Extreme simplicity: Devise processes that are exceptionally easy and intuitive to use. Amazon set the standard for simplicity by offering a “one-click” option to streamline online buying. Users of the OpenTable reservation website can check availability at member restaurants, read reviews, and book a table, all within a few

clicks, for free, and with the bonus of loyalty points to redeem against future meals.

Premium quality and design: Develop products that are outstanding in look and feel as well as performance. Some customer segments are excited by the flawless design and build of a Mercedes car, say, or a Bang & Olufsen sound system, with its aspiration to “combine technological excellence with emotional appeal.”

Exceptional service: Create a friendly personalized approach that takes the pain out of purchasing. To foster a customer-service culture, Ritz-Carlton gives its staff a budget of $2,000 each to use at their discretion to solve customer complaints. Kind gestures can surprise and excite customers too: in the UK, Interflora monitored Twitter to find users who were feeling down and offered them free bouquets; in the US, staff from healthy quick-service café Sweetgreen reward people for cycling to work by putting shower caps over bike saddles on rainy days and slipping gift cards under the covers.

Innovative technology: Develop revolutionary solutions that raise the bar of customer expectations for all competitors. Continuing its tradition of transforming the user experience in category after category of consumer electronics, Apple replaced browsers with apps as a user interface in the then embryonic tablet format and scored a runaway success with the launch of its iPad.

Exclusivity: Appeal to status-seekers with pr

emium-priced luxury services. According to the Veblen effect, the perceived value of a product increases as its price grows; exclusivity breeds excitement. Consider Quintessentially, a private club that provides privileged access to information, events, and venues via a 24-hour concierge service in return for membership fees of up to $45,000.

Hedonism: Provide fun, freedom, and shared experience through adventure or entertainment. Red Bull has engaged in so many extreme sports to excite its customers, from wingsuit flying to competitive ice-climbing, that it looks more like an event marketer than a drinks company. Hedonism is also on offer from the Burning Man festival, a week of community art, self-expression, and self-reliance attracting tens of thousands of followers who agree to abandon money, cars, and mobile phones in an escape from everyday life.

Mystique: Cultivate an aura of secrecy or intrigue around a product specification or launch. On its release in March 2013, rock musician David Bowie’s album The Next Day went straight to number 1 in the album charts in the UK and number 2 in the US and went on to top the charts in more than a dozen countries, despite the total secrecy surrounding the recording and the absence of interviews and promotional tours, demonstrating that mystique can trump marketing hype as a way of exciting an audience.

Taboo breaking: Reject stereotypes for a more daring approach. Instead of using professional models, skincare company Dove featured ordinary women in its Campaign for Real Beauty, putting authenticity at the core of its customer appeal. This break with convention enabled Dove to score success through viral campaigns that attracted more than 15 million viewers on YouTube./>/>

Co-creation: Foster shared ownership through participation, contribution, and community. The rise of social media has made co-creation a popular and accessible way to excite customers. When Ford relaunched the Fiesta, it gave cars to a hundred social-media-savvy young people and asked them to blog about it, using customer-created content to create a powerful marketing force.

Authenticity: Show unusual frankness and openness to win – or woo back – skeptical customers. When takeaway chain Domino’s Pizza used documentary-style ads in the US to voice common complaints (“Your pizzas taste like cardboard”), customers were impressed with its willingness to face up to its failings: “I always hated Domino’s, but now I’d give them another chance.”

Thought starters
Excitement doesn’t come from serendipity, but from deliberate steps that leaders take to attract new customers and turn existing ones into lifelong advocates. To begin, think about:/>

Choosing your territory. No company can succeed at all of these options for exciting customers; it’s vital to select two or three directions that you want to own. What’s your territory?

Generating ideas for “Wow!” moments. Try “invention through transfer” – identify breakthrough ideas in other markets and emulate the logic behind them. Build a pipeline to deploy and track excitement ideas systematically. Who needs to be on your “wow” team?

Gearing up your organization. Splice excitement into your company’s DNA and make it a source of pride for employees. Ensure leaders take symbolic actions to underpin the change they want to see, whether it’s by rewarding employees for contributing excitement ideas or taking part in the new activities themselves. What is the one thing you want your leaders to start doing?

Adopting a new philosophy of measuring. Because excitement is disruptive, it needs a new set of qualitative measuring tools to capture the emotional impact on individuals. What metrics and tools should you be using?

Customer excitement is the next step in a successful customer journey, offering you a chance to make your customers more loyal, more talkative, and more profitable.

Fabian Hieronimus  is a partner in McKinsey’s Marketing & Sales Practice, with expertise in helping companies create customer excitement and build above-market growth. Learn more about customer experience and other topics on the McKinsey on Marketing & Sales site, and please follow us on Twitter @Mck_MktgSales.
/>

Source: Forbes Business

 
Update
2

8 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) and slashing the workforce of 20 ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

8 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of t ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Microsoft co-founder to donate $100 mn to fight Ebola
New York, Oct 25 (IANS/EFE) US billionaire Paul Allen, one of the founders of Microsoft, will donate $100 million to the fight against the Ebola virus, the daily New York Times said.
 
 
Kenya to remove ghost workers from payroll
Nairobi, Oct 25 (IANS) The Kenyan government Friday said it will remove all ghost workers from its payroll in November.
 
 
Mexico joins efforts to combat Ebola outbreak in West Africa
Mexico City, Oct 25 (IANS) Mexico is joining the international efforts to combat an outbreak of the deadly Ebola virus in West Africa, the foreign affairs ministry said Friday.
 
 
Both US nurses recover from Ebola: hospitals
Washington, Oct 25 (IANS) Both US nurses who contracted Ebola while caring for a patient from Liberia have recovered from the potentially deadly disease, the hospitals that treated them said Friday.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla