Harvard Business Review’s Advice in Going Beyond Transactions

Featured Image

In the first edition of “When Uncertainty Isn’t an Option,” we addressed the impact consumers have in setting trends. We know that fashion is no longer a top down industry and customers must be included in the decision-making. But the question still remains… will they want to participate?

“Harvard Business Review’s Advice in Going Beyond Transactions”

According to “Rethinking Marketing” recently published by the Harvard Business Review, never before have customers expected to interact so deeply with companies. They truly want to shape the products and services they use. At the same time however, commitment to products has never been so weak. A recent research study by Leo Burnett Worldwide shows that 80% to 90% of people are willing to trade off or trade down when it comes to shopping. The HBR concludes there must be a focus shift driving transactions to maximizing customer lifetime value in order to stay competitive.

Fortunately, today retailers have the technologies to directly interact with consumers, creating a forum to learn what their customers want. Take for example your neighborhood grocery store’s loyalty card. Upon each visit grocers can track what their customers buy and how they choose to pay for products. This information helps grocery stores tailor merchandise to local tastes and customize offerings at an individual level. Loyalty cards are an extraordinary way to collect information about customers shopping and products found already in the store. But what if you could know what customers will buy? Would knowing this information upfront help deliver on expectations, increase satisfaction and strengthen overall customer value?

First Insight’s powerful predictive analytic technology helps forecast a product’s performance before it is sourced or brought to market. We give you a clearer sense of demand by integrating customer feedback into buying decisions, well surpassing the direction provided by historical data. At the same time, you are strengthening your relationship with customer by giving them a more active voice and influence. Behind these gains lie increased buying accuracy and greater success in introducing new products. For the first time, there is a proactive and accurate tool that allows you to look out the front windshield instead of the rear-view mirror when making key decisions related to buying, inventory management, manufacturing and marketing.

In going back to the original questions proposed, yes, we know customers want to shape and influence the products they buy, but how can this be done? First Insight’s unique solution provides consumers with both value and entertainment. We engage consumers with interactive online games to play and share. These games are distributed into various communities across the Internet – both internal to your company and across the Internet. We can even use social media sites to connect with people who may already be talking about your company. But, games, do my customers really want or even have the time to play games?

According to the Casual Gaming Association more than 200 million consumers play online casual games each month. And unlike traditional video games, casual online game players are typically older and predominantly female. Nearly 60% of games played are by women with the majority between the ages of 25-54 years old. Women are attracted to the ease of use, puzzle-like nature and ability to connect with like-minded people. Knowing the mindset of our players has allowed First Insight to create engaging games that consumers find fun, entertaining and worthwhile to play, consumer just like Katherine:

“What Would They Pay,” is one of First Insight’s original casual games. The game is designed to resemble a virtual buying floor where participants are shown various products. Their goal is to act like a shopper at a particular store, assigning pricing and ratings accordingly. In the end, the customer is rewarded not only with a score, but also with the pride in helping to influence potential merchandising decisions. The games yield data, which our predictive analytics use to give you a competitive advantage. You will have the power to know what your customers value and want before competitors.

Consumer Insight Analyst  social media  Harvard Business Review  front page  Facebook  Starbucks

Looking for more info? Complete the form below.