1-It's All About Customer-Centricity
Differentiation Opportunity via Customer Priority Precision
Fewer companies than you think are focused on customer priority precision. Today, only:17
- 31% of marketing executives rate their company's commitment to customer listening highly.
- 38% of companies gather customer insight from customer engagement situations.
- 32% look for ways to turn problems into new sales opportunities.
- 15% introduce new products or services to further monetize the relationship.
"Customers are not so interested in brand promotion but are looking for truly customer-centric organizations that embrace co-innovation and a high caliber of service and support."17
Why was the 1957 Ford Edsel dead-on-arrival? Interestingly, the market planning, R&D, and quality control were meticulous. The target audience was the fastest growing of four income segments originated by Alfred Sloan in the 1920s and around which GM was structured. However, in 1957, market dynamics were shifting, and consumers were buying based on lifestyle, not income. Ford didn't bother to go and see what was happening among its target market.12
In 1985 DEC and Wang appeared to have substantial competitive advantages and bright futures. Yet, within a decade, both companies had become victims of a home computing and open architecture revolution that bypassed their proprietary protections.5
"With the proper inputs in hand, companies dramatically improve their ability to execute all other downstream activities in the innovation process, including their ability to identify opportunities for growth, segment markets, conduct competitive analysis, generate and evaluate ideas, communicate value to customers, and measure customer satisfaction."9
