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Questions and Answers
What does a curated offering help the customer with?
Which scenario best exemplifies a coach behavior experience according to the text?
What is the key importance mentioned in the text regarding the correct implementation of connected strategies?
Which of the following is NOT an example of an automatic execution experience as per the text?
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Why is making decisions correctly during the implementation process of connected strategies paramount?
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What is the key consideration for companies when designing a successful connected strategy?
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What has accelerated the trend of expecting well-designed digital experiences according to the text?
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What is identified as just one piece of the puzzle when creating a lasting competitive advantage?
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What is NOT a question companies face when it comes to implementing a connected strategy?
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How do IT help-desks aim to create faster response times for internal customers?
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What is the main trend that companies are trying to pursue in their interactions with customers, as highlighted in the text?
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Which term best describes the new delivery model where online and mobile banking seamlessly connect customers and banks?
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How have automotive insurance companies changed their interactions with drivers compared to the past, as described in the text?
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What important capability does data from sensors and mobile apps provide for insurance companies implementing a connected business model?
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In what way has the Covid-19 pandemic influenced companies in reshaping their customer interactions, as mentioned in the text?
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What is the core principle of the respond-to-desire experience in customer interactions?
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What downside was observed in a major U.S. healthcare system when implementing a more connected patient experience?
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What is a common myth mentioned about implementing a connected strategy in companies?
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How did the more connected patient experience impact patient access in the U.S. healthcare system?
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What was a key change in patient interaction with providers in the healthcare system discussed in the text?
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What type of customer experience involves a customer knowing precisely what they want to buy and pressing a 'button' to make the rest of the customer journey easy?
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Which of the following technologies is NOT mentioned in the text as collecting health data 24/7 for patients?
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What can connected strategies be for firms?
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In the context of healthcare, how have technologies like Apple Watch and Fitbit impacted patient decisions?
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What was identified as a key element that can help firms turn episodic interactions into continuous relationships?
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Why do legacy banks have a hard time imitating the move made by neo-banks like Wealthfront or Betterment?
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How do neo-banks like Wealthfront and Betterment differ in their approach to customer experience compared to legacy banks?
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Why is it challenging for a manufacturer like Daimler to implement various ways of activating Mercedes wipers?
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In the context of connected strategies, what benefit can internal customers of a firm gain from connected customer experiences?
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How do neo-banks' approaches align with the concept of designing a seamless digital experience for customers mentioned in the text?
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What impact did the connected customer experience have on physician work hours?
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Why do some companies struggle with the data they collect about customers?
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How does reselling customer data negatively affect customers according to the text?
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What is the advocated approach in the text regarding data for understanding customer pain points?
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How does the text define the myth regarding collecting customer data?
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What challenge does easy access to providers pose for organizations?
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Study Notes
Curated Offerings and Customer Experience
- A curated offering helps customers by making decisions correctly during the implementation process of connected strategies.
- It is paramount to make decisions correctly during implementation to ensure a successful connected strategy.
Coach Behavior Experience
- A coach behavior experience involves providing a personalized experience for customers, exemplified by a scenario where a customer's car is diagnosed and repaired remotely.
Importance of Connected Strategies
- The key importance of implementing connected strategies is ensuring correct implementation for a lasting competitive advantage.
Automatic Execution Experience
- An example of an automatic execution experience is not a scenario where a customer has to manually input their information to receive a personalized offer.
Decisions and Connected Strategies
- Making decisions correctly during the implementation process of connected strategies is paramount to avoid failure.
Designing a Successful Connected Strategy
- The key consideration for companies is designing a seamless digital experience for customers.
Digital Experiences
- The trend of expecting well-designed digital experiences has been accelerated by the rise of mobile and digital technologies.
Competitive Advantage
- Creating a lasting competitive advantage involves more than just technology, with connected strategies being just one piece of the puzzle.
Implementing a Connected Strategy
- Companies do not face the question of whether to implement a connected strategy, but rather how to do so successfully.
IT Help-Desks
- IT help-desks aim to create faster response times for internal customers by adopting a more connected and responsive approach.
Customer Interactions
- The main trend that companies are trying to pursue in their interactions with customers is providing a seamless and connected experience.
Online and Mobile Banking
- The term "omni-channel" best describes the new delivery model where online and mobile banking seamlessly connect customers and banks.
Automotive Insurance
- Automotive insurance companies have changed their interactions with drivers by leveraging data from sensors and mobile apps to provide personalized offers.
Connected Business Model
- Data from sensors and mobile apps provides the important capability of real-time feedback and personalized offers for insurance companies implementing a connected business model.
Covid-19 Pandemic
- The Covid-19 pandemic has influenced companies in reshaping their customer interactions, accelerating the trend of expecting well-designed digital experiences.
Respond-to-Desire Experience
- The core principle of the respond-to-desire experience is understanding customer needs and desires to provide a personalized experience.
Healthcare System
- A major U.S. healthcare system observed a downside of increased costs when implementing a more connected patient experience.
Connected Patient Experience
- The connected patient experience impacted patient access in the U.S. healthcare system, making it easier for patients to access healthcare services.
- The key change in patient interaction with providers was the shift from episodic to continuous relationships.
Automatic Execution Experience
- An example of an automatic execution experience is a customer knowing precisely what they want to buy and pressing a 'button' to make the rest of the customer journey easy.
Health Data
- Technologies like Apple Watch and Fitbit collect health data 24/7 for patients, impacting patient decisions in the healthcare system.
Connected Strategies
- Connected strategies can help firms turn episodic interactions into continuous relationships.
- Connected strategies can be a way for firms to create a lasting competitive advantage.
Legacy Banks
- Legacy banks have a hard time imitating the move made by neo-banks like Wealthfront or Betterment due to their legacy infrastructure and business models.
Neo-Banks
- Neo-banks like Wealthfront and Betterment differ in their approach to customer experience by providing a seamless digital experience and leveraging technology to provide personalized offers.
- Neo-banks' approaches align with the concept of designing a seamless digital experience for customers.
Mercedes Wipers
- It is challenging for a manufacturer like Daimler to implement various ways of activating Mercedes wipers due to the complexity of integrating different systems and technologies.
Internal Customers
- Internal customers of a firm can gain the benefit of improved response times and productivity from connected customer experiences.
Data Collection
- Some companies struggle with the data they collect about customers, failing to use it to understand customer pain points.
- Reselling customer data can negatively affect customers, leading to a lack of trust and loyalty.
Understanding Customer Pain Points
- The advocated approach is to use data to understand customer pain points and provide personalized offers.
Myth of Collecting Customer Data
- The myth regarding collecting customer data is that more data is better, when in reality, the focus should be on using data to understand customer pain points.
Easy Access to Providers
- Easy access to providers poses a challenge for organizations, as they struggle to manage the increased demand and provide a seamless experience.
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Description
Explore the challenges faced by companies like Daimler in designing seamless digital experiences for customers, leading to increased complexity. Learn how similar issues arise in the realm of financial services, such as with Neo-banks like Wealthfront.
