Chapter 2 - Customers

Question 1

What are characteristics of modern customers?

Answer 1

Customers control what they want

Customers are always connected

Customers expect personal connections

Customers constantly compare everything

Customers trust word of mouth

Customers want to get everything right away

Customs are highly opinionated

Question 2

What is marketing funnel?

Answer 2

The stages a customer goes through before making the final purchase

At each stage of the marketing funnel, the number of potential customers diminishes, therefore it is described as a funnel

Question 3

What are the 6 stages of the marketing funnel?

Answer 3

Awareness

Consideration

Preference

Action

Loyalty

Advocacy

Question 4

Awareness

Answer 4

Knowing the company or product exists

Question 5

Consideration

Answer 5

Recognise the potential value of a product

Question 6

Preference

Answer 6

The intention to purchase a product or having a preferred company

Question 7

Action

Answer 7

The purchase of a product or service

Question 8

Loyalty

Answer 8

Staying loyal to the firm

Question 9

Advocacy

Answer 9

Writing reviews, recommending the company to others

Question 10

What are the 5 core customer behaviour

Answer 10

Access

Engage

Customise

Connect

Collaborate

Question 11

Access strategy

Answer 11

They seek to access digital data, content, and interactions as quickly, easily and flexibly as possible

Question 12

What is mobile commerce

Answer 12

Travellers are already accustomed to using QR codes on their phone screens as tickets to board planes and trains, receive discounts, redeem coupons, purchase

Question 13

Omni channel experiences

Answer 13

Increasingly, businesses are recognising that customers are looking for an integrated experience across all digital and physical touch points

Question 14

On demand services

Answer 14

Start ups like the Khan Academy, Coursera, and EdX are pushing the limits of on demand education

Question 15

Engage strategy

Answer 15

They seek to engage with digital content that is sensory, interactive, and relevant to their needs. From the early popularity of Web portals, to the spread of online video, to next generation virtual realities - their digital desires are marked by a thirst for content

Question 16

Product demos (engage strategy)

Answer 16

Content that demonstrates the value proposition of a business or product in a compelling and engaging way can be extremely effective

Question 17

Storytelling (engage strategy)

Answer 17

In other cases, brands can reach a broader audience by creating an emotionally compelling story that is less product specific

Question 18

Utility (engage strategy)

Answer 18

Content is not always about stories and emotions, however it can also be about utility

Brands can effetely engage customers by providing useful content at just the right time

Question 19

Brands as publishers (engage strategy)

Answer 19

In some cases, brands move beyond individual pieces of content and engage customers by becoming publishers in their own right

Question 20

Customise strategy

Answer 20

They seek to customise their experiences by choosing and modifying a wide assortment of information, products, and services

Question 21

Recommendation engines (customise strategy)

Answer 21

To help viewers find what to watch from its large catalog of streaming television and move titles

Question 22

Personalised interfaces (customise strategy)

Answer 22

Lance’s magic mirror on its Facebook page allows customers to select one of their Facebook photos and then try out various beauty products

Question 23

Personalised products and services (customise strategy)

Answer 23

Coke sales were declining among young adults in Australia when Coca Cola introduced its personalised Share a Coke cans there. The company chose the 150 most popular names for young adults in Australia and printed those names on the cans in place of the brand’s own name

Question 24

Connect strategy

Answer 24

They seek to connect with one another by sharing their experiences, ideas, and opinions though text, images, and social links

This behaviour has driven the entire explosion of social media - from blogging, to social networks like Facebook or LinkedIn.

Question 25

Social listening (connect strategy)

Answer 25

Customer conversations can be a tremendous source of market insight for businesses, which can listen and learn wit the help of numerous tools

Question 26

Social customer service (connect strategy)

Answer 26

Many businesses find that social media can serve as an effective channel within their customer service mix, alongside call centres, instant chat, and other tools

Question 27

Joining the conversation (connect strategy)

Answer 27

Test if social media could help its corporate communications

Question 28

Asking for ideas and content (connect strategy)

Answer 28

Many times, companies will connect with customers by using social media to ask them for ideas, suggestions, or content in the form of photos or videos

Question 29

Hosting a community (connect strategy)

Answer 29

In some cases, ti may make sense for a business to host its own online community around a shared topic of interest

Question 30

Collaborate strategy

Answer 30

As social animals, they are naturally drawn to work together Accordingly, they seek to collaborate on projects and goals through open platforms

Question 31

Passive contribution (collaborative strategy)

Answer 31

As little as customers' consent so that actions they are already taking can be used to power a collective project

Question 32

Active contribution (collaborative strategy)

Answer 32

Customers are invited to contribute their efforts directly to a cause, taking on a small part of a large project

Question 33

Crowdfunding (collaborative strategy)

Answer 33

Seeking collaborators to contribute to and raise funds for a new project, product launch, or initiative

Question 34

Open competitions (collaborative strategy)

Answer 34

Can be used to enlist a diverse group to find theist answer or solution

Question 35

Collaborative platforms (collaborative strategy)

Answer 35

In this approach, the burins creates a context for collaboration but lets the network of collaborators define the challenges to be addressed

Question 36

What are the different steps in customer network strategy generator?

Answer 36

Objective setting Customer selection and focusing Strategy selection Concept generation Define impact

Question 37

What are the two types of objectives for objective setting?

Answer 37

Direct objectives Higher order objectives

Question 38

Direct objectives

Answer 38

Objectives that you are directly responsible for addressing in your project

Question 39

Higher order objectives

Answer 39

Higher order, objectives you are are seeking to support through your initiative These are objectives that you are not solely responsible for but that your project should support

Question 40

What is the customer selection and focusing step?

Answer 40

It is to get a clear picture of the customers that you are seeking to address. This starts with selecting which customer segments are most relevant to your stated objectives

Question 41

What the strategy section step?

Answer 41

Access, engage, customise, connect, collaborate

Question 42

What is concept generation step?

Answer 42

A concept is a specific, concrete idea for a product, service, communication, experience, or interaction you design for customers

Question 43

What is the defining impact step?

Answer 43

To articulate a measurable benefit to your company and clarify how you think the strategic concepts you have developed will achieve this outcome

Question 44

What are challenges of customer networks?

Answer 44

Enabling the network inside Adding new skills and replace old habits Bridging silos

Question 45

Enabling the network inside (challenges of customer networks)

Answer 45

Important to also use the five customer network strategies internally Should also be used by employees Most difficult is to change company culture, reducing the hierarchical control and spiking information more widely across the company

Question 47

Bridging silos (challenges of customer networks)

Answer 47

The firm should anticipate that rivalries may arise due to the clashing objectives of departments and confusion about leadership For instance, which department will be in charge of the social media accounts?

Question 48

What are silos?

Answer 48

Departments working independently and avoid sharing information with each other