For the Win: Using Connected Strategies to Gain a Competitive Advantage
Episode Description
Technology is the beginning for companies looking to gain the competitive edge. In their new book, Wharton professors Nicolaj Siggelkow and Christian Terwiesch explain how a “connected strategy” helps businesses create more value for themselves and their customers. 📂 Management 🏷️ Research
Brief Summary
Nicholas Eagle and Christian Jewish discuss their book on connected strategies for enhancing customer relationships and competitive advantage.
Key points
- The Magic of the Magic Band. Disney's Magic Band transforms customer experience and operational efficiency.
- Connected Strategies Explained. Understanding the two key elements of connected strategies: customer relationships and delivery models.
- Nike's New Customer Connection. Nike's embedded chip shoes create daily interactions with customers, enhancing their experience.
- The Connected Strategy Matrix. A framework for understanding customer relationships through five connection architectures.
- Recognize, Request, Respond, Repeat. A four-step framework for enhancing customer experience.
- Pitfalls in Connected Strategies. Focusing too much on technology can hinder customer experience.
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Episode highlights
- The Magic of the Magic BandDisney's Magic Band transforms customer experience and operational efficiency.“It makes customer happier while driving efficiency for the company.”1:56May 20, 2019
- Connected Strategies ExplainedUnderstanding the two key elements of connected strategies: customer relationships and delivery models.“Connected strategies really have two elements to them.”3:41May 20, 2019
- Nike's New Customer ConnectionNike's embedded chip shoes create daily interactions with customers, enhancing their experience.“Nike can fulfill a deeper need that I have.”6:57May 20, 2019
- The Connected Strategy MatrixA framework for understanding customer relationships through five connection architectures.“It sounds intimidating but is a very helpful tool.”17:07May 20, 2019
- Recognize, Request, Respond, RepeatA four-step framework for enhancing customer experience.“This is where the sustainable advantage might come from.”19:01May 20, 2019
- Pitfalls in Connected StrategiesFocusing too much on technology can hinder customer experience.“The more difficult part was the organizational part of implementing this.”20:56May 20, 2019
- The Future of Connected StrategyExpectations for personalization will rise as connectivity increases.“Amazon knows everything about me, but I have to fill out forms at my doctor.”26:31May 20, 2019
- Starting Your Connected Strategy JourneyBegin by mapping out customer journeys and identifying pain points.“The first step you’ve already taken: you’ve gotten our book.”28:21May 20, 2019
Episode quotes
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