Many times, in business, it is important to take a step back and try to trace and fully understand the journey your customers go through when interacting with your products and services. Taking this critical step back allows businesses to better understand what is working well and drives loyalty among customers. Additionally, it allows for …
Read MoreIn these turbulent times, many companies are trying their best to adapt to best suit the needs of their customers to achieve long-term brand loyalty. The key to achieving this loyalty is by truly taking time to understand the customer and what they expect of your brand. However, how can you know you are taking …
Read MoreIf you tried to predict what 2020 would bring, it is safe to assume most of us would not have predicted the current situation. As COVID-19 bore down, business and consumers alike were forced to rethink and re-strategize to accommodate the “new normal.” Essential businesses have been hard at work trying to keep the supply …
Read MoreSeveral definitions of co-creation have previously been proposed. So, let’s begin instead with a basic definition of customer value: “Customer value is the satisfaction a consumer feels after making a purchase for goods or services relative to what she must give up to receive them.” From there, surveys show that customers most often value high-quality …
Read MoreThe stakes are getting higher. Competition abounds. In the USA, there are more than 120,000 ad agencies and four times that number worldwide. According to the US Small Business Association, there are more than 32,000,000 small businesses in the USA (where nearly 80% have employees and hence, are not simply solopreneurs with a side gig). …
Read MoreWhen developing a new product or service, it is important to remember that your customers are just as important to the process as your R&D team. In fact, possibly even more important. While your R&D team may be reaching for the stars in terms of developing new innovations, your customers may have the practical day-to-day …
Read MoreMost things begin with a theory that evolves into a concept. That concept is then transformed into reality as a prototype or pilot project. Depending on the customer response, the theory may eventually evolve through a series of defined principles into a full-fledged commercial effort. Here, with respect to co-creation theory, there is a bit …
Read MoreWhat matters more: money or talent? It’s an age-old question that most business owners have asked themselves during their journey. Both of these aspects help advance business and product development, of course, but neither is the single greatest asset a company can have. So, what is the greatest asset? Customer input, hands down. Without it, …
Read MoreWho is your target customer? What do they need? How does your product meet those needs? These critical questions are the essence of a customer analysis (also called “customer profiling”). It’s one of the most important aspects of marketing and product development. How you conduct market research to gather data regarding who the customer is …
Read MoreLet’s cut to the chase. The one big oversight missing from your new product launch plan? Thinking that market research is a “one and done” effort. It’s not! Keep your customers front and center at all times. Engage them. If you stay engaged, your customers will, too. You learned from experience after the last launch. …
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