The world has changed and although customers have gotten smarter, a large number of businesses have still not caught up with them. In smart customers, stupid companies Michael & Bruce talk about the four disruptive forces: social influence, pervasive memory, digital sensors, the physical web. These forces prevent stupid companies from being successful, but they can be leveraged to do smarter business. The book seems to be targeted towards managers or other key decision makers. Entrepreneurs can learn from this book as to not repeat the same mistakes, and non-management employees in a position to bring ideas into a company can learn opportunities to present to management. For some the book can seem like common sense and targeted towards a much older generation.
Seeing the rise of the customer voice, I was interested to see the different ways customers have disrupted business as usual.
“After all, your company doesn’t define customer experience. Customers do. Customer experience is based on how your customers perceive your organization and how well you meet their needs when they interact with, hear about, and do business with your company.” - Michael Hinshaw
“The networked economy knows more than companies do about their own products. And Whether the news is good or bad, they tell everyone.” - The Cluetrain Manifesto
"The networked economy knows more than companies do about their own products. And Whether the news is good or bad, they tell everyone." - The Cluetrain Manifesto
"Social Influence inserts other people and their opinions between a company and its customers, radically disrupting traditional notions of customer relationship lifecycles."
"Pervasive Memory is the data that accumulate in huge volumes as we interact through digital devices. It delivers competitive advantages to firms that leverage this data to benefit customers. Companies that don't collect, analyze, and utilize this data - or that mishandle it - will fail."
"Digital Sensors are the trillions of devices that see, hear, and feel what is happening in our world. They bring intelligence to everything that surrounds us. Smart companies must have smart products and services. Sensors are what make products smart, and sensors will change business competition more than computers did."
"The Physical Web is emerging, allowing us to browse, bookmark, tag, and manipulate the physical world much as we do on the Web. This shift encompasses the Internet of Things, but goes far beyond it. We're not just linking devices to devices. We are linking people, places, ideas, and things; doing so will change the very definitions of corporations, innovation, and competition."
"Companies can't be competitive if they can't stay ahead of their customers."
The rise of smart customers is still in it's infancy.
There are still opportunities to grow from smarter customers.
"Smarter interactions turn complaints into upsells, reveal customer needs, drive loyalty, create new revenue streams, and power innovation."
"Your customers are getting less patient - and your younger customers never had much patience to begin with."
The rise of smartphones, and other connected devices have helped to make customers smarter.
Smart Customers - Key takeaways:
"Innovators look through the eyes of their customers"
"Your customers want sophisticated Technologies to remove - not add - complexity from their lives"
Intelligence is Everywhere - Key takeaways:
"Don't think of Social Influence as a website or a place to advertise. Think of it as an unrelenting mirror reflecting the way your firm touches individual customers and your stakeholders in general. It's a mirror that will force changes within your culture and your processes, and it is in your interest to make such changes before the Social Influence mirror reveals your firm's flaws publicly."
A Perfect Storm of Disruptive Innovation - Key takeaways:
"After all, your company doesn't define customer experience. Customers do. Customer experience is based on how your customers perceive your organization and how well you meet their needs when they interact with, hear about, and do business with your company."
"Understand all your touchpoints and their value. Control the touchpoints you can, and influence those touchpoints you cannot control."
"Effective touchpoints move customers closer to a company, ineffective touchpoints push customers away."
"Change before you have to." - Jack Welch, Former CEO of General Electric
Stupid Companies - Key takeaways
Five Step System for Acting Smart and Growing Faster
Critical Steps - Key Takeaways