Think Customers: The 1to1 Blog

1. Social media. Instead of beating the drum on this one here, I’ll direct you to a raft of content we have on the subject via our www.getpastthehype.com page and our blog. However, I will point out something Feldman noted that caught my attention: One attraction of social media is voyeurism, or customers’ ability to have insight into other customers’ lives, opinions, actions, and the like. Feldman cited as an example Wells Fargo’s Retirement Security Index, which allows customers to compare themselves against other customers to see how well they’re doing saving for retirement.

2. Seniors redefine fun. According to Feldman, in 2006 more than 300 people turned 60 every day. (Wow.) But these Boomers aren’t rushing to full retirement. A study by AARP that Feldman cited found that nearly 80 percent of Boomers plan to work in some capacity during “retirement.” This will start to blur the line between what’s work and what’s play (which for some of us is already blurred). Boomers will be looking to learn for fun, travel, find their dream job; and as a group they’ll be inheriting about $1 trillion to spend on all this activity.

3. Expectations keep rising. With Net Promoter and other customer loyalty and engagement measures all the rage these days, customers are being asked for their opinions more than ever before. This means they’re reflecting on their relationships more than ever, according to Feldman. The result is ever-increasing expectations and a demand for quid pro quo for doing the behaviors that are asked of them and for the business they bring in. Feldman warned attendees not to ask too much, and to be prepared to close the loop with customers by telling them what action the company took as a result of their feedback.

4. Readiness to change. People will start their buying processes with what they’re familiar with, Feldman said, but will “change their choice on a dime” based on information they uncover through research, feedback from other consumers, recent purchase experiences, and more. The evolution today is that customers are moving from brand-focused to feedback-oriented buying decisions. This means companies need to “get in front of customers’ purchase decisions,” he said.

5. Customer experience management. Feldman noted four areas to consider here. First, leverage; using to your advantage what customers’ define as your strength or benefit. Second, authenticity; not everything has to be a sales pitch. When you send a newsletter, for example, offer content. Period. Resist the temptation to includes offers with every communication. Third, value; consider, for example, loyalty programs that offer more than just points to redeem. Perhaps they offer unique experiences or insider events. Finally, control; the right approach can put a company in control of the conversation. Feldman cited Progressive Insurance as an example. Progress give its and its competitors’ prices when giving a quote.

6. The growing spin cycle. According to Feldman, companies need to treat influencers as a direct sales or marketing channel. You can’t “make” something viral. It is or it isn’t. But you do need to keep on top of the conversations happening on the social networking sites and online communities.

7. An increasing sense of entitlement. “Masstige” or mass prestige is growing, even in these uncertain economic times, Feldman said. The fast-growing consumer segment whose annual household income is more than $100,000 has a pervasive urge to spend that is fueled by a sense of “luxury entitlement” and a constant need for change, he said. For many of these consumers, coveting is better than acquiring, so they’re always looking for the next new thing to buy.

8. Surprise, not delight. You may not be able to delight a customer, but you’re likely able to surprise him, Feldman said. He cited as an example a Staples guerrilla marketing campaign in which Staples went to delis and other shops near competitors’ stores and asked to make a trade: $100 to Staples in trade for $110 in $1 bills each with a Staples coupon stuck to it that the store clerks could give out as they made change for customers.

9. Mass local. Simply put, tailoring offers to local markets as a means to connect with customers on a more personal level.

10. Get past the corner office Success today takes collaboration. Organizations that recognize this are engaging multiple stakeholders, improving their internal communications, and are prepared with contingency plans to keep pace with change.

What trend would you add to the list?