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WORK – LIFE TRADEOFF

Published date: May 26, 2022 в 4:36 pm

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Category: Organizational Innovation,Uncategorized

I hit the jackpot. A good friend had a four-day company retreat at an ocean side resort and invited me to be her plus one! Calendars were blocked, plans were fashioned, daydreaming of sun and poolside drinks were kicked up a notch or ten.

And then, horror of horrors – we didn’t get a room. We missed the sign-up. We weren’t going. (Apparently those in the know wait for weeks anticipating the retreat and click refresh to not miss a spot.)

A well-meaning person suggested that since we already cleared our schedules, we might as well still vacation elsewhere. Um, yeah, right. We both knew that would never happen. The magic was gone. Now it’s not because the original was an all-expense paid vacay. I certainly can pay my own way. So why is it when the dates are set in stone we have one foot out the door, whereas when it’s a “just because” situation we are so reluctant to ask for time off?

Perhaps the voices inside your head sound like this:

I. I don’t really need a vacation.

Denial. And it’s not just the river I almost went swimming in. When we want to book a vacation for no apparent reason other than just to relax, we’re quick to make ourselves feel frivolous for even thinking of such a thing.

II. I have too much to do.

Me? Vacation? I really can’t. There’s so much going on at work. No way could I go now. That would be irresponsible. Unfair to my team. Can’t leave them to pull my weight.

III. It’s better to go at another time.

Vacation now? Why would I go now? We’re in the middle of X/Y/Z. We’re about to launch (fill in). Doesn’t make sense to go now. Might as well go when I’m less busy.

IV. Something will come up.

It’s not worth booking. Something is going to come up (as it inevitably always does) and I will have to cancel. Why bother getting my hopes up when I know it’s just not going to happen. This leads me to the next point —

 V. Easy cancellation policies.

No down payment. Cancel within 24 hours. Redeposit miles. It’s so easy for us to be committed and non-committed at the same time. And everyone knows, we’re always searching for an excuse to back out (and wondering who will back out first).

Yes. These are all excuses. Some realistic, some less. The point is – how do we convince ourselves that we are worthy of saying “taking a break is a good thing” and asking for time off? Not when it’s at the point that we are falling apart and obviously need one. But where we can, legitimately, on a regular Tuesday say: I need time away. Taking a breather and disconnecting will propel me forward.

Once, during a particularly large wave of maternity/paternity leaves, a colleague with grown children commented that he envied having a few months away with total disconnect and then returning with a fresh perspective.

 Adam Grant, Organizational Psychologist at Wharton has said:

“In toxic cultures, being a workaholic is normalized and sacrificing sleep is glorified. The best way to get ahead is burnout. In healthy cultures quality of life is expected and having a life is celebrated. You’re encouraged to put your well-being above your work.”

FIFA World Cup’s Top 5 Innovative Technologies

Published date: June 25, 2018 в 8:02 am

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It is safe to say that everyone is excited about the games, but have you heard about the new technological advancements on and off the field?

Each of the following technologies are potential revenue boosters and, with proper implementation, have the potential to revolutionize both the event and the athlete training process.

Below, you will find a full cup worth of world-changing tech for you to marvel at while you watch your favorite teams battle it out on the field!

Did you know SIT has more in common with the World Cup than you might think? In 2010, SIT worked with Davivienda, a large financial leader in South America, on their digital marketing strategy. The project resulted in “The Correspondent Campaign,” which included the invention of a unique character who connected with the public through humor. During the 2010 World Cup, it was the most talked about marketing campaign and increased Davivienda’s revenue by over $3M!

Innovative Technology #1: Adidas miCoach Smartball

Adidas, the sponsoring company for the World Cup, recently made some noise with its newly released smart ball. The innovative smart ball, coined the “Adidas Telestar,” comes preinstalled with an NFC chip that is connected to a mobile application. Connecting to the app allows users to monitor game results, view ball movement, and share with other users. This smart ball also measures kick power, speed, ball height reached, and more.

The battery life is one week or 2,000 kicks. It also comes with its own charging station.

With Adidas constantly exploring new innovative technologies, we can expect further product developments in the athletic department and fan experience in the years to come.

innovative technology

Source credit: Adidas

Innovative Technology #2: Training Apparatus – SKLZ (Skylz) STARKICK

innovative technology

Source credit: Skylz

 

Want to practice your shots but are missing a training partner? Luckily, this training apparatus allows players to practice all shot types, including passes, free kicks, corner shots, and penalty kicks. The elastic band and rope can be attached to sandbags for longer range kicks, or to the player’s body for ball-control practice. This device can also improve creative dribbling and juggling skills.

 

Innovative Technology #3: ZEPP Play Soccer

The ZEPP Play System measures player data during gameplay to generate statistics. This tiny 7-gram sensor is attached to the player’s shoe or shin guard and connects to a mobile app. The innovative sensor measures distance, speed, sprints, and success rate in scoring goals (as opposed to attempts). After completing the activity, you can review all your past and current stats in an organized database on the app.

innovative technology

Source credit: Zepp

Innovative Technology #4: PlayerTek Soccer Tracker – Vest / GPS

Source credit: Playertek

A new gadget stemming from an Indiegogo campaign and very similar to the ZEPP Play Sensor is the PlayerTek Vest.

This product works in a similar fashion to the ZEPP, but in a comfortable vest form! It can collect maximum speeds and location data, but it does not yet measure a player’s cardiovascular rate.

For easy review post-training or post game, the app includes training tips and organized data. The device lasts seven hours per charge, which is perfect for a training day or several games back-to-back.

With new product development strategies, the PlayerTek Vest will surely continue to advance and transform from a classic innovation into an extraordinary one.

Innovative Technology #5: Norrlands Guld – “Social Beer”

This one is for those that love a good pub-based soccer viewing!

The creative masters at Norrlands Guld implemented an inventive solution that discourages phone use at bars. Instead of viewing live tweets on your phone, this innovative tech prints them directly on your beer’s foam in the most pretentious color possible… gold.

The last World Cup was one of the world’s highest tweeted events. This time, instead of hearing the phone buzzing (and potentially missing the action), why not keep the taps flowing and check out this innovative bartending technique?

innovative technology

Source credit: Norrland’s Guld

*Disclaimer: This remarkable engineering feat is only available in Sweden. Hopefully, one day soon, we can all experience the joy of drinking a tweet.

What’s Next?

 

New technological advancement means players and viewers can get even more out of their World Cup experience! Keep a look out during the next World Cup to see all this world-changing tech in action!

In the meantime, read about the coolest fashion tech wearables and let us know which one you would sport.

Keep Brand Chaos From Eroding Your Innovation Platform

Published date: September 12, 2016 в 4:30 pm

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Category: Uncategorized

Creating an innovative brand is a great way to build loyalty with your customers. For many companies, brands are the single most valuable asset. But once you’ve created a brand, that’s where the challenges kick in. And it can be a real headache if you don’t manage brands correctly.
These challenges come from both inside your organization as well as outside. For example, one of the most common problems marketing leaders have with brands is what I call brand chaos. It happens when new brands start popping up almost out of nowhere. And sadly, they have no consistent look or feel to your other brands. Then, one day, you’re flipping through your product catalog and see a mish mash of products and brands that having nothing to do with each other. Your brand architecture is in a state of anarchy.
How does it happen? Well, marketers love to create brands. It’s fun and exciting, and they like creating ones that are distinctive and unique. Let’s face it, they want to put their mark on something.
So they get together with their design team and branding agencies and throw a lot of money creating the next big thing. If left unchecked, you’ll experience brand chaos. It’s expensive to fix, and it can really confuse customers on what your brands mean.
Another common brand problem is when employees take one of your brand marks and create their own adapted version of it. In other words, they make it look different than the official version. A sales rep might put an altered brand mark in a presentation, or a marketer might change it slightly to fit on a package. The sources of this problem are many.
Brand chaos can also stem from things outside the company. If your competitors start attacking your brands by depositioning them, you have to fight back. For example, a competitor might begin an advertising campaign telling consumers that the benefits of your brand just aren’t that important. This type of depositioning strategy can lower your brand equity.
Another common problem is when some company copies your brand and creates counterfeit products and services. Consumers don’t know the difference, so you lose a sale each time they buy a fake product with your brand on it.
So how do you deal with these challenges? First, you need to create a Brand Book. Just as the name implies, the brand book is the complete story of the brand and all the elements that go into it.
It establishes strict guidelines on every aspect of how a company’s brand will be managed. This affects everything from how the logo can be used, the look of a website, how social media is used, advertising, product design, and so on. For details on how to create one, see the course, Branding Fundamentals.
Second, you need to appoint a strong brand champion, someone who is senior enough in your organization to regulate and monitor brand compliance and stop anyone who violates standards in the Brand Book.
And finally, you need a strong legal team, internal or external, that will go after counterfeiters or anyone that hijacks your brands for their own use.
Great branding is about making and keeping promises in a consistent way. That’s why great marketers do whatever they can to prevent brand chaos.

Innovation Leaders Need Peers

Published date: August 29, 2016 в 2:00 pm

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There’s an old saying in business. Don’t make enemies of your peers. If you do, you won’t need any more enemies. They’ll be able to do you in…just fine.
So what’s my point? Your peers are an essential resource and support network. By peers, I mean those at the same level in other departments: finance, sales, human resources, marketing, R&D, and operations. After all, innovation is an essential commercial activity. Without an effective and strong base of support from these peers, you’re going to fail at leading innovation in your firm.
So here are some key steps you can take to forge effective peer relationships as an innovation leader.
First, meet with each peer one-on-one. Do this very early in your new position. Now I know it’s tempting to jump right in and start tackling your big innovation challenges. Be careful. I’d advise you meet with your peers within the first week of your new appointment. Peers are that important.
Meet with them to assure them of one thing: that you’re a collaborator, not a competitor. You’ll see throughout this course that consulting your peers on key decisions will move you forward, reduce risk, and solidify you as a competent innovation leader.
Peers help you pressure test your assumptions. They have important information for you. When they align with you, they share the risks…and rewards of big wins. You have to make this a priority.
One very important area to collaborate with your peers is in people development. You have people reporting to you, and so do they. You’re all committed, or should be committed, to developing the most competent teams you can. So work together. Use your peers to give you feedback about individual team members, give feedback to them about their people, and look for ways to share development resources and assignments that help people grow.
If you’re seen as a collaborator, you’ll survive. If you’re seen by your peers as a lone wolf, it’s just a matter of time…
And that leads me to my final piece of advice. Practice the Rule of Reciprocity. Reciprocity is a social rule that every human society teaches its members. If someone helps you, you’re obligated to help them back. But the key is – you have to make the first move. You have to do something that helps a peer in a way that’s unexpected. They’ll not only appreciate it, but they’ll start looking for ways they can help you in return.
So meet with your peers. Look for insights on how you can make THEM successful. That’s right. Them, not you. If you help your peers first, you’ll be seen as a credible, trustworthy partner who’s trying to move the business forward. And that will help YOU succeed in the long run.

Innovation Metrics: How to Stay on Track

Published date: August 22, 2016 в 1:25 pm

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Category: Innovation,Organizational Innovation,Strategy,Uncategorized

Before you launch your innovation campaign, you want to set up key performance indicators or KPIs for short. Key performance indicators help you keep track of your overall strategy and your individual innovation programs. They alert you when it’s time to intervene and take action to get things back on track. Without KPIs, you’re flying blind, so to speak, and you run the risk of falling short of your overall goal.
To be most effective, each KPI should be quantifiable and measurable. You can have as many as you want, but don’t measure a KPI just because you have the data. If you’re not going to use it, don’t bother. It’s a waste of time.
Measure something only if you plan to take action from it. That’s why we set thresholds around each one. Each KPI should have a target of what you expect to happen plus a high and low number around that target. For those thresholds, you and your planning team should agree in advance what action you’ll take if those thresholds are exceeded.
Here’s an example. Assume you create a KPI about the number of new products created each year. You set your target at 50, and also specify a high and low threshold of 60 and 40 respectively. If your actual products per year is more than 60, you might consider taking action such as reducing R&D spending. On the low end, if you’re below 40, you could consider increasing innovation projects.
Each KPI should be linked to the key parts of your innovation plan including your goal, key targets, technologies, risk, and launch tactics. For the goal, you might have KPIs around the timing of revenues, the type of customers you’re converting, and whether you’re taking customers from the right competitor.
For technologies and risk, you want to measure changes in technology and your company’s ability to adopt it. You may also want to measure how well the technology has lived up to expectations across industry sectors. You need to carefully monitor whether you’re achieving the technology positioning that you had hoped for.
For launch tactics, you could create a KPI for each of the 4Ps if needed. For example, you might have measures around communications objectives, sales force effectiveness, distributor activity, store promotions, search engine ratios, social media activity, pricing and discounting rates, product performance, waiting times, and service complaints.
Good innovators not only reach their financial goals, but they also know whether those goals were achieved the way they expected them to be achieved. They also take immediate action when they detect something is going in the wrong direction.
KPI’s help you and your innovation team stay aligned and do what’s needed to succeed.

Innovate to Motivate

Published date: July 11, 2016 в 1:55 pm

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Category: Uncategorized

Think about the last time you bought something and ask yourself a simple question: why did I buy it? Well, the answer most certainly is that you felt you needed it. Something motivated you to shop for that item, buy it, and use it. Consumers only buy things when they’re motivated.
Understanding consumer behavior starts with understanding motivation. If you know what drives people to buy products and services, you can make sure your products and services have the right features and benefits people want. But it’s more than that. If you also understand how that motivation to buy develops inside a person, you can communicate more effectively what your products and services do. You’ll understand when people are most likely to buy, and that helps you market to them more effectively.
First, let’s look at some definitions. You need to understand the difference between needs and wants. Needs are a perceived lack of something. Needs are the basis of all motivation. When you sense you’re missing something, you become motivated. If you become motivated enough, then you want it. Wants are the specific satisfiers to fill that gap. In other words, when consumers sense a gap in something, they first ask themselves, “Do I need this?”. If so, they move from needing it to wanting it. They are motivated!
So how do you motivate a consumer? You have to show consumers how your products and services connect to the things consumers want. For that, you use a tool called Feature Benefit Laddering. Think of Feature Benefit Laddering as unpacking your product or service by starting with its primary features and how they connect to the benefits they generate and how those benefits ladder up to the values people want.
Here’s an example. Imagine we’re selling drill bits. How do we motivate consumers to buy drill bits? Here’s my Feature Benefit Ladder. Think of the steps of a ladder. At the bottom rung is your product. Right above that are its main features, sharp spiraling edges, length, material, and so on. Then, above each feature is the primary benefit it delivers. In the case of a drill bit, that is simply a hole. Keep going, and you see that you can do a lot of things with a hole, including hanging a picture, and so on.
To motivate consumers, we start by showing how their homes would be more comfortable if they just had memorable pictures on their walls, pictures like family vacations and so one. That makes them realize they’re missing something. Then, we have to show them how drilling a hole lets them hang that picture. That activates them to want a drill bit to fill that need. And finally, we direct that want to our specific model of drill bit and show how ours does it better than the competitors.
Great innovators motivate by activating needs and directing wants. You create a feature benefit ladder starting from the bottom up. But then you motivate consumers starting at the top and working down.

Using Systematic Innovation on Digital Assets

Published date: July 4, 2016 в 5:08 pm

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Category: Uncategorized

The SIT method is great for creating exciting new products and services. Now I want to show you how to apply these techniques to digital assets. For example, let’s apply the Attribute Dependency technique to a website. You start by listing the internal and external attributes of the site like the one here.
Internal:
1. color
2. design
3. graphics
4. information
5. link locations
6. page loading speed
7. contact information
8. length of text
External:
a. number of visitors
b. type of visitors
c. location of visitor
d. SEO page rank
e. search requests
f. type of browser
g. type of computer
Next, randomly pair an external attribute with an internal one. and imagine a relationship between the two attributes. For example, “location of visitor” and “graphics,” meaning how the information is displayed on your website. As the location of the visitor changes, the information and graphics that you display on your website changes. Why would that be valuable? In what situations would it make sense to have that relationship in place?
Think about it. Imagine if your customer is browsing your website right inside one of your retail stores. Perhaps you would change the kind of information and graphics you would use to show your products. What if they were browsing your website from one of your competitor’s stores? Could that change how you display competitive pricing information? What if your customer is browsing within a healthcare facility, or from an airport, or inside a restaurant? Would it change the products, the prices, or other service elements that you display? It just might. Applying attribute dependency can make your website responsive and adaptable. It services your clients better by understanding more about them.
Let’s apply this same approach to a social media application. For this example, let’s use Facebook. Here are the internal and external attributes of a Facebook Page.Facebook_like_logo_1
Internal
1.number of friends
2.wall postings (by you)
3.pokes
4.status
5.years on Facebook
6.gender of friends
7.degree of friendship
8.emotional state
9.nature of friendship
10.age
11.current location
12.current activity
13.photos with other people
External
a.time
b.likes
c.size of friends’ network
d.wall postings (by others)
e.status of friends
f.friend’s demographics (age, gender, etc)
Let’s imagine a relationship between “likes” and “wall postings.” There is no relationship there now, so let’s imagine one. For example, as the number of “likes” increases over a particular period of time, your wall postings change. Why would that be beneficial? Perhaps you would put different products or special promotions there once you reach a certain level of likes. In other words, you change how you engage with your customers who visit your Facebook page based on how they engage. A relationship between these two attributes would give you a cue to know when it’s appropriate to do something different on your page.
Let’s go further with digital innovation and look at mobile apps and how to apply SIT techniques. For these, I like to use the Task Unification technique. We create a virtual product by saying: the App has the additional job of addressing this business issue. The trick is to pick an app that has absolutely nothing to do with the issue now. That’s where you find some surprising innovations.
Let’s do an example. Imagine your company makes a household product that helps get rid of odors in your home. It’s a spray product that you would use to get rid of odors from your cat or dog. Imagine you’re the marketing manager for this product and you want to find creative ways to promote its benefits.
First, find a list of mobile apps. Pick one of these randomly and plug it into the phrase: “the app has the additional job of promoting my product.”
Here is an app called Micello, a provider of comprehensive indoor venue mapping. It’s like Google maps only for in indoor spaces like shopping malls or airports. You imagine this app has the additional job of promoting your spray for pet odors. What would be the benefit? How it would work, and how would it increase brand awareness of your product? Suppose this technology is used to create an internal map of your home. What if it could also track where your pet spends its time as it moves from room to room. Perhaps the app creates an odor heat map of where the pet has been so that you know exactly where to spray the product. I love this idea because it’s both functional and it reinforces the brand promise.
Task Unification can help find new uses for existing apps, and it can help you create completely new apps.
Your digital assets are just as important as your products and services. Using the SIT Method will unlock more value for your customers and find new ways to engage them more effectively through digital channels.

Innovating to Drive Customer Lifetime Value

Published date: June 27, 2016 в 6:05 pm

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Imagine a hypothetical scenario where you’re forced to make a choice between innovating for Customer A or Customer B. Which one would you choose?
Well, it depends on how much they buy from you. If Customer A spends more money on your products than Customer B, you’d select that one. But wait a minute. What if Customer A costs you more in terms of selling and customer service. She may spend more, but you actually earn less on her than on the other customer. So then, you would switch because the net profit is higher.
But hold on. There’s one more factor you have to consider. You make less profit on Customer A, but what if you expect to retain her for a longer period of time than you retain Customer B? You make more profit on one sale from him, but if you can continue selling to this lady for the next ten years, then you’ll do much better.
The way you make this type of decision in reality is with a tool called Customer Lifetime Value, or CLV for short. CLV is a formula that helps an innovation manager arrive at the dollar value associated with the long-term relationship with any given customer. It tells you just how much a customer relationship is worth over a period of time.
There are various formulas to calculate CLV, and some are more complex than others. The simplest way to estimate lifetime value for a typical customer is the following equation:
(unit selling price – variable costs) X (number of repeat purchases per year) X (average retention time in years)
Let’s do an example. Imagine you’re selling men’s wallets. Your wallet sells for $89 and it costs you $29 to make a sell it. The typical customer buys a new wallet every three years, and you expect to retain him for an average of 20 years. The CLV formula gives us:
($89-$29) X (.333) X (20 years) = $400
So what? Well, calculating the CLV helps in several ways. First, it tells us that we wouldn’t want to spend more than $400 acquiring and retaining any one customer. Spending more than that and we start losing money. It also helps you decide which customers are more valuable to acquire and retain, like our example earlier.
CLV encourages innovators to focus on the long-term value of customers instead of investing resources in customers of lower value. And it makes you sensitive to how much you’re spending on acquiring and retaining customers and whether it’s effective.

The Courage to Be an Innovator

Published date: June 13, 2016 в 2:20 pm

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Dear Mr. Boyd,
My Wharton interview was conducted in a group format in which we were asked to conceive a new conference to host at the business school. We went around the table, each candidate offering a different idea on which topic would most effectively engage students and faculty. The ideas reflected the respective backgrounds of each candidate – a “Big Data” conference from an IBM analytics practitioner, a “Health and Wellness” conference from a self-described ‘yogi,’ a “Healthcare” conference from a healthcare consultant, and so on.
I was the last to offer an idea – an “Innovation” conference.
I continued to offer examples in which each candidate’s idea could be included within the theme of innovation. I suggested that students and faculty would not only benefit from appreciating the existing business priority to be continually innovative, but also by learning the tactical skills to become intentionally innovative themselves.
My interview group agreed on an “Innovation” conference, refined the idea, laid out the conference logistics, and pitched it to the interviewers. One month later, I was exploring Philadelphia with my family as an accepted member of the Wharton MBA Class of 2018.
You are one of the few people who have encouraged me to admit that I want to do great things in my life. I did not always have the courage to proclaim this. When I say it aloud, it fills me with energy. It makes me hungry to acquire knowledge, inspire breakthrough, and create impact. Thanks to you, I feel that I am on my way.
I thank you for your guidance, advice, and support over the years. I promise I will put it to good use!
Thank you!
Paul Carey, Jr.
Envelope Photo cropped

Great Innovators Focus More on Post-Purchase than Pre-Purchase

Published date: May 30, 2016 в 6:20 pm

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What products or services have you purchased that are your absolute favorites? Can think of a few? My bet is that you can think of a few because those products did everything and more than what you expected. Your satisfaction after consuming those products is very high. That’s one reason why the last step of the buying process, the post-purchase phase, may be the most important in the study of consumer behavior. Let’s learn more reasons why and what you as the innovator can do about it.
First, think about what’s going on in the consumer’s mind at this point in the process. They were motivated to buy a product, they used all their skills and knowledge as a consumer to properly research it and do the purchase. They have a lot of time, money, and emotional commitment to this product. And now they’re home, and there’s the product, almost staring at them out of the shopping bag. Remember our discussion about risk? The consumer is thinking: did I do the right thing? Will this thing work the way I wanted it to work and will it be worth the money I paid for it? In other words, the consumer already has already formed a basis for evaluating the product’s performance. A yardstick so to speak.
When they actually use the product, three things can happen. The product works better than expected. It delivers additional benefits they didn’t know about or it delivers expected benefits better than they expected. If that happens, the consumer reaches a state we call “delighted.”
But if the product works in a way that exactly matches their expectations: no better and no worse. In that case, the consumer will be satisfied with the purchase.
Of course, we’ve all had the experience where the product or service performs lower than expected. Now there are two things that can happen here. One is the customer just accepts it as is. In this case, the product has reached a minimum level of performance to keep it, but just not what they were hoping for. Or, worst case, the consumer will be dissatisfied. It performs below even the minimum acceptable level.
Where a customer lands is critical to the innovator because it will affect whether they repurchase the product, whether they complain about the product, and how they give word of mouth advice to others about the product, positive or negative. You, as an innovator, have a role to play no matter where the consumer lands.
If customers are delighted or satisfied, consider doing the following. Congratulate them for making a great choice. People like being reminded what good consumers they are. Also, this is the time to take credit for delivering on the brand promise. This is also a good time to ask them for a testimonial or to post a positive comment on social media. And finally, make sure it’s easier for them to repurchase the product. Perhaps give them a special order line or a trial discount on future products.
If the customer is dissatisfied, try to find out why? Were their expectations too high because of some misinformation on your website? Did the product fail or did they use the product the wrong way? People will complain if two conditions are meant: they believe the problem was somebody else’s fault other than their own, and they believe the complaint will result in some action. People won’t waste their time otherwise.
Truth is you want complaints because that gives you as the innovator a chance to get in there, make it right, and salvage the relationship. The worst situation is they’re not totally satisfied, and they just disappear.
Great innovators pay the most attention to the post-purchase phase because after all, that’s the moment of truth on whether you’ve created and kept a customer.

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