The Case of Missing Customer

S1. The Customer Revolution

Embrace the Customer Revolution and Thrive in the Customer Economy

• Unless you act now to focus on the quality and consistency of the customer experience you offer, your firm will be hopelessly lost in the turbulence. Customers have taken matters into their own hands, maximizing their power of choice. They prefer custom-designed experiences. They want good service, fair prices, and innovative offerings. If they don’t get it from your business, they will go elsewhere, and will tell the world too.

Embrace the Customer Revolution and Thrive in the Customer Economy

• Sweet Surrender Relinquish control of your company’s destiny. The Internet and mobile wireless devices arm the new customer with tools to access your business, as well as your competitors. Take a look at some of these historic examples:

Peer-to-peer file sharing (Napster) Open-source design communities (Linux) Self-policing marketplaces (eBay)

Embrace the Customer Revolution and Thrive in the Customer Economy

• Adapt to changing customer desires in real-time. A customer-focused culture attracts and retains employees because these companies are more fun to work in than those that are product-centric and bureaucratic.

Embrace the Customer Revolution and Thrive in the Customer Economy

• How to Survive in this Profound Revolution: First, recognize every business is now an e-business. Second, realize there are no e-customers, only customers. Third, adopt new, dynamic partnering relationships as customers’ needs evolve. Fourth, be prepared to participate in customer-led, self-organizing communities and to respond flexibly as customer behavior reshapes your industry.

MAKE IT EASY FOR CUSTOMERS TO DO BUSINESS WITH YOU.

Embrace the Customer Revolution and Thrive in the Customer Economy

• Focus on Customer Relationships Investors want to know…

How many customers do you have? How long have you been in an active relationship with each? How are earnings per customer? How much does it cost you to acquire a new customer? How well are you able to retain your customers?

Embrace the Customer Revolution and Thrive in the Customer Economy

• Monitor and Improve Customers’ Experiences (in Near Real-Time) The companies that will thrive in the customer economy understand how to build and maintain customers’ trust by carefully managing customers’ experiences with their brands.

Embrace the Customer Revolution and Thrive in the Customer Economy

• Master the Three Principles of the Customer Economy 1. Customers are in control and they’re reshaping businesses and transforming industries. 2. Customer relationships count, the value of your present and future customer relationships –your customer franchise—will determine the value of your company 3. Customer experience matters, the feelings the customers have when they interact with your brand determine their loyalty.

Put your own text under the cartoon to illustrate your view of the Three Principles of the Customer Economy