Becoming a customer centric business seems simple enough in principle; keep your customers at the centre of your business decision making. What that means in practice is something else. Among the many reasons business fail to become customer centric is that their customer understanding does reflect what drives customer behaviour. Customer insights, however, provide a […]
Ever wondered what your business strategy and the study of parasites
have in common? How about the predator-prey relationship and your communication strategy? I’m guessing not. Even briefly thinking about these relationships that play out in our backyard, and within us, gives us a deeper understanding of competition and how we can play to win in our […]
In a previous posting I discussed how the EAST framework, built from behavioural economics, can help diagnose compliance problems and be used to increase the number of your customers. In this post I’m going to show how I use the framework for fine tuning research design to improve response rates in both qualitative and quantitative […]
Two ice cream sellers arrive at Red Ocean Beach. Looking along the beach the strategic question is ‘where to sell?’ If one of the sellers, Phule Phat Phlavor, hat asked you for advice, where would suggest they set-up? Would you recommend them set-up at the opposite side of the beach to maximize the distance between themselves […]
Who is your market? The answer to this apparently simple question (or answering the better question of ‘who are your markets?’) has major implications for business strategy and your business model. Even the simplest of products have multiple types of stakeholders that can drive demand. These relationships exist at category and individual levels, exerting influences […]
A friend of many years helps you to re-turf and landscape the backyard over the long weekend. As a sign of your appreciation you decide to give $100 for the effort. After all spent his time and incurred costs to help you. Smart move? Surely your friend would appreciate the cash. Even economists know you’re a dill. […]
But how do you replicate what these organisations did for your brand or business? While the book has been around for a number of years, Blue Ocean Strategy by W. Chan Kim and Renee Mauborgne from INSEAD provides a useful framework for creating transformations. The underlying premise of the framework is that when creating strategies […]
“The fastest way to go bankrupt is to do what your customers say”.
This was the advice given to me by one of my first managers when I first became a research consultant. At face value this was odd advice to give. After all wasn’t our job to listen to what customers wanted and to […]
