“Word-of-mouth advertising is the most effective, influential and reliable tonic for business success.”
Innovation drives evolution; evolution seeds opportunities, and opportunities surface competition. The current business scenario is like a souk offering myriad choices to people. It may get extremely difficult for companies (viz. telecom, airline, hospitality, travel, etc.) to preserve their market edge and differentiation merely by price or products. A product, its features and pricing strategies could easily be mimicked and re-offered with a subtle twist by a competing brand. Although as early adopter’s the product and compelling pricing strategies could definitely solve pointed consumer problems and win customers, however insulated solutions may not be enough for fostering customer loyalty. It’s about time companies widen their lens and fine-tuned strategies beyond product user/customer experience and think about the ecosystem in entirety and how the touch-points are influencing people.
A well designed people experience impact (PEI) approach exploring the relationship between people (potential customers + customers) and brands, and how the interactions with different brand service channels influence the entire journey of people from being a potential customer to a loyal customer could reveal