Creating Societal Value in Business

Customer Experience (CX) encompasses all interactions a customer has with a company or brand, across all touchpoints, both digital and physical, from advertising to customer service, product delivery and more.

CX goes beyond just the product or service itself and includes everything that shapes a customer's overall perception of a company, including brand reputation, marketing efforts, and the sales process.

User Experience (UX) focuses specifically on a user's interaction with a product or service, like a website or app, It covers how easy and enjoyable the experience is for the user.

User Interface (UI) is what users directly interact with. It's the visual design of a product or service, including everything they see, touch and hear. It's the look and feel of a website or app.

Customer Service is a component of CX, but not the whole thing. It focuses on providing support and assistance to customers who have questions or issues with products or services.

CX is vital for a company's success because it directly impacts customer satisfaction, loyalty, and ultimately, revenue. Companies that prioritize CX create positive experiences that lead to repeat purchases, positive word-of-mouth, and a strong brand reputation.

Companies that effectively implement CX strategies often see a significant boost in customer satisfaction, increased sales, and stronger brand loyalty. They build trust and engagement with their customers.

Companies that neglect CX risk losing customers to competitors who prioritize customer satisfaction. Poor CX can lead to negative reviews and diminished brand reputation.

A consumer's personal thoughts, feelings, and beliefs about something, which can be positive or negative.

A consumer's perception of a brand based on its attributes, influenced by experiences and how information is processed.

Refers to how consumers view and assess the different features of a product or service.

The overall level of satisfaction a consumer experiences with a product or service, considering its various attributes.

The process through which consumers form opinions and preferences based on their evaluation of different products, brands, or services.

Consumer decision-making approach where positive attributes of a product can offset negative ones.

An idea that is believed to be true, even if it might not always be correct.

Any action or behavior that is observed or performed.

A decision-making strategy that eliminates alternatives that don't meet a specific criterion. It focuses on "must-have" features rather than comparing every option.

A type of non-compensatory decision making where an alternative is accepted only if it meets all specified minimum criteria.

A non-compensatory strategy where an alternative is accepted if it meets at least one of the desired criteria.

This non-compensatory method ranks attributes by importance and picks the best option based on the highest-ranked attribute.

A non-compensatory strategy where an alternative is eliminated if it fails to meet a minimum criterion for the most important attribute.

A decision-making strategy where the strengths of an alternative can compensate for its weaknesses. The overall value is considered collectively.

Products or services purchased frequently and with little effort, often based on habit, impulse, or immediate need.

The process a consumer goes through from first hearing about a new product to finally deciding to adopt it.

Every company has unique strengths that can be used to create a positive impact on society.

Refers to tangible actions and contributions a company makes to benefit society, going beyond just profit.

A clear and compelling message that highlights the unique benefits a company offers and how it can solve customers' problems.

Focusing on understanding and meeting customers' needs and expectations to deliver a positive experience.

A company's ability to consistently deliver positive experiences to its customers, which influences their satisfaction, loyalty, and overall perception of the brand.

This approach uses new technology to automate tasks, making it effortless for customers to interact with your company. This leads to smooth transactions.

Focuses on understanding your customer's life journey beyond just your products or services. It's about identifying and addressing their everyday challenges and opportunities.

This involves companies taking responsibility for making a positive impact on society. It's about integrating sustainability, ethical practices, and social good into your business model.

Companies using these three approaches can build a strong emotional connection with their customers, leading to loyalty and trust.

This approach encourages companies to see themselves not just as sellers, but as partners who contribute to customers' overall well-being.

This approach focuses on making customer interactions as smooth and effortless as possible by leveraging technology.

This approach highlights the importance of companies taking social responsibility and aligning their actions with ethical principles.

By focusing on Ultimate Convenience, Partnering in Life, and Saving the World, companies can create an offer that's irresistible to customers.

Innovators are the first to adopt a new product or technology, often embracing risk and seeking out new ideas. They are typically well-informed, tech-savvy, and have the resources to experiment.

Early adopters follow innovators, carefully evaluating the new product or technology. They are often opinion leaders and influencers, spreading awareness and credibility to the innovation.

The early majority represents the largest segment of the market, adopting the innovation after it has gained some momentum and acceptance. They prioritize practicality and value, seeking proven solutions.

The late majority adopts the innovation only after it has become widely accepted and mainstream. They are more hesitant and prefer to see clear evidence of success before making a purchase.

Laggards are the last to adopt a new product or technology, often due to resistance to change, lack of resources, or preference for familiar options.

The S-Curve in innovation diffusion illustrates the cumulative adoption of a new product or technology over time. It shows a slow initial adoption, followed by a steep growth phase, and then a flattening out as the market saturates.

Digital technology has significantly accelerated the speed and reach of innovation diffusion. It enables faster communication, wider access to information, and easier product testing, leading to faster market adoption.

Digital technology has blurred the lines between traditional consumer categories by giving individuals access to more information and tools. This has led to a more diverse and dynamic market landscape.

Digital technology allows for easier trialability of new products and services. This enables consumers to test drive innovations before committing to a purchase, reducing risk and fostering adoption.

Digital technologies, such as social media and online reviews, have boosted the observability of innovations. Consumers can see how others are using and benefiting from new products and services, influencing their own purchasing decisions.