Excerpts focusing on consumer-centric strategies that position consumers at the center of their business decisions. Summarized from recent CTAM meetings, including CTAM Think and the CTAM Advanced Video Council meeting.
Changing the Perception of Cable with Superior Service
EVP, Customer Experience
Steps to Customer-Based Mission and Loyalty within a Company
- Tell a story
- Make sure you believe it
- Define the mission, and repeat it
- Make the mission meaningful
- Tell them how you expect them to act
- Keep score and celebrate winning
The Customer Experience:
The end-state vision of customer experience is a world where it’s:
- Personal: Use existing data to customize communication (e.g. don’t upsell Internet to customer who’s called 3x with Internet issues)
- Digital: Ability to do everything through your phone
- Proactive : Call the customer when there’s an issue
Understanding Your Customers and the User Experience
Henry R. Byers Professor of Business Administration
Harvard Business School
“Dramatic Growth doesn’t come from great products, but from consumer use and connections.”
• Develop a deep understanding of your customers and of the user experience (your “network advantage” can make up for a product quality shortfall)
• Retainyour customers by knowing what products they could substitute yours for (substitutability)
- Power tools’ selling spike occurs around Father’s Day and other similar holidays
- The alternative (substitute) for consumers buying gifts are ties
What is your “necktie” (a customer-centered view of competition)?
- Leverage positive connections for your customer by developing complements (complementarity)
- Complements create value + profit opportunities
Creating Digital Success:
- Develop networks and user connections
- Create platforms
- Sharpen customer focus
- Follow value where it goes
- Prioritize and align
- Respect content and strategy
Consumer Musts for Media Brands
Executive Vice President & Chief Operating Officer
The Future Hunters
- More consumers are highly aware of ubiquitous tracking technology, and will look for devices with build-in privacy controls.
- They will be more cognizant of their own digital reputation management (wearables, VR – virtual reality, AR – augmented reality)
- Consumers will demand that the media brands they interface with respect their personal data and do not manipulate it or sell it.
- Brands that are not fully transparent risk losing their allegiance permanently.
- More consumers want big data and predictive analytics leveraged in ways that actually have utility for them – most specifically in the delivery of real-time, fully customized brand experiences.
- Younger consumers want less unidirectional messaging aimed at them, in favor of more constant exchanges.
- They want to be influencers who are listened to as part of a real dialogue.
- Consumers care less about how they’re consuming content, and more about having access to quality content when they want it.
Brief & Omni-Channel:
- Consumers will increasingly only respond to frequent, shorter bursts of communication simultaneously delivered through multiple channels.
- Truly integrated, brief and image-based omni-channel communications will be king.
Becoming A Lifestyle Partner
Vice President, Principal Analyst
- Cord-Nevers (6%) enjoy mainstream content but do not have the habit of mainstream media consumption. They spend more time on snapchat than on mainstream media.
- Cord-Cutters (7%) are mainstream media consumers who want to access the big brands in a way that is more convenient to them.
Examples of Lifestyle Partners:
- You need something? I’ll get it for you.
- Amazon sees video as a complement to how it really sees itself – Your Personal Assistant
- Automatically detects and replenishes laundry detergent when depleted.
What this Means for Cable:
- Customers will have access anywhere, using whatever device available to them
- Content will be delivered on-demand, over IP
- Content ownership is becoming more important than ever before
- Companies are developing mobile-first experiences
Content Relationships are Part of a Lifestyles:
- Help customers get what they want out of life rather than just delivering video product
- Create the opportunity to expand horizontally with services that support their lifestyle
- Collect data that helps the company understand and serve the customer