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Value Realization

Defining & Maximizing Value Realization For Customers

But when and where does value realization occur? Well, that depends. Value realization can vary by product or service, and – depending on the priorities and needs of the consumer – can be very subjective.

 

Take, for example, a new pair of Nike running shoes. Value realization doesn’t typically occur at the purchase point within the customer journey. Instead, the customer realizes the true value of the shoes when he or she looks in the mirror and thinks, “Wow, these look great!” Or takes them for that very first run and notices an improvement in comfort and support. Or wears them about town and receives a compliment from a stranger or friend.

 

For CPG products like Coca-Cola, value realization may occur when customers take that first sip to quench thirst or receive a caffeine-boost of energy.

Value realization is the idea that there’s some point within your holistic customer journey when the value of the product or service is fully realized. It’s that realization that can illuminate the path for future and ongoing engagement, retention, and opportunities for upsells. Each business has to find and understand where value occurs for their customers and try to measure the moment by proxy. This unveils opportunities for change and innovation to then bring that moment of value realization further up the funnel.

Value realization isn’t always a metric. Oftentimes, it’s more of a concept. It’s an idea that there’s some point within your holistic customer journey when the value of the product or service is fully realized.

Pinpointing Moments of Value Realization

As with most things, you must start the crusade for quick value realization by going back to the basics and evaluating your business’s offering and delivery method inside and out.

 

More often than not, businesses and brands create products and services with their own goals and ideas top of mind. While this may result in experiences that please internal stakeholders, it isn’t always optimized for the customer or end user that you’re trying to engage and reach. Instead, you need to create a customer experience and evaluate value delivery from the perspective of the intended consumer. And in some cases, you may have to manufacture and intentionally test moments to pinpoint specific opportunities to drive or accelerate value realization.

 

For example, we work with a SaaS company who developed an AI-powered search and discovery platform. Right now, they – like many software companies – provide a compelling free trial that strives to demonstrate value in quick, small ways in order to convert trial users to regular users. While they may be able to leverage data to quantify users’ activities, and track and understand customers, an upgrade or purchase doesn’t actually reflect value realization. In fact, a conversion doesn’t guarantee a user has even had a customer experience that includes that coveted moment of truth, yet.

Instead, to truly gauge opportunities for value realization, they may consider building an interactive tool that comes pre-loaded with several data templates. In doing so, a product developer and potential customer can quickly approximate how the tool might work with their environment and enable them to realize the value right away. Airtable and Asana, for example, do this very well.

 

A proactive approach like this can help eliminate ambiguity associated with value realization and give businesses back the reins, by allowing them to manufacture (and measure and iterate!) a singular moment of truth.

 

Also read: How to Holistically Map Your Customer Experience

Understanding the True Value of a Product or Service For Customers

This is easier said than done. It seems simple – most business leaders and innovators think they know the bottom-line value being offered to consumers – but when in the thick of things, striving to grasp the big-picture and bring it to life, the actual value that’s felt by customers can get lost in the larger dream.

 

Also read: Data Driven Insights Into the Evolving Customer Experience

Instagram is a great case study of this. The now-immensely popular and profitable app was first brought to life in 2009 under the name Burbn by Kentucky whiskey lover and hobbyist coder Kevin Systrom. In Its first life, it functioned as a location-based app (inspired by Foursquare) and allowed users to check-in at places, make plans for future check-ins, earn points for visits, and post pictures of get togethers. The thing was – it had so many features that it was too complicated, and therefore, not all that successful. But it had potential. Systrom analyzed and evaluated how users were engaging with the app over time and then brought in a second programmer – Mike Krieger – to help. By leaning into analytics and mapping user behavior, Systrom and Krieger discovered that the check-in features were a complete flop. No one was using them. They were, however, enthusiastically using the photo-sharing feature. So, with a new sense of clarity, Systrom and Kriefer stripped the app down, studied new potential competitors, and released Burbn 2.0 – an easy photo-sharing app named Instagram. The rest is history.

 

Considering that example – where did value realization occur? Systrom brought an innovative idea to life: He enabled people to check into locations, discover new hot spots, create future plans, and earn points by basically drinking. But while he saw value in all the knick-knacks, users didn’t care. It required too many hoops for them to jump through. What they cared about – where and when they perceived value – was in sharing photos that other friends would like. That simple series of actions ­– the intentional sharing and passive yet instant gratification of acknowledgement back – delivered users an emotional and addictive customer experience. That was the singular moment of truth. And value realization, it seems, lay hidden in a much more simplistic experience than Systrom originally thought.

 

With that being said, how can you and your team identify the moment of truth that delivers value realization for customers? And then bring that further up to reduce the amount of time and effort required to recognize value? Here’s a few ways we help our clients do it: 

  1. Apply quantitative and qualitative lenses to your customer journey to determine where moments of truth may lie – not just to convert users into customers, but to drive repeat purchases, upsells, and lifetime satisfaction and value.
  2. Break down quantitative data to uncover moments of customer churn and identify thresholds that transcend customers into advocates and encourage more engaged, continual use.
  3. Interview and engage customers in conversation, both ones who have disengaged and ones who chose to repeat, to outline differences between the consumer groups and identify moments that formed their perceptions.
  4. Artificially manufacture and design moments of value realization that doesn’t necessarily reflect the materialistic product or service, but more importantly, demonstrates the value. Execute competitive analyses to identify opportunities to accelerate time to value.

Create customer experiences and evaluate value delivery from the perspective of the intended customer or end user.

The Bottom Line

Over the years, consumers have grown more differentiating and discriminating about the value they’re receiving and feel less loyal to brands. That means businesses must not only continually improve products and/or services, but truly optimize value realization to occur earlier in the customer journey to maintain wallet share, grow their consumer base, increase customer engagement, and lead the market.

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News This Week in CX

This Week in CX: 3 Companies Launch New “Unparalleled” Experiences Aimed at Improving Common Life Events

There are three things most humans can likely agree they’re fond of: Money, parties, and food. Ways in which experiences can be designed and delivered around each are plentiful. But three companies in particular are making big moves that all have one thing in common: They’re attempting to reinvent common (and sometimes mundane) life experiences in a way that encourages people to weave them into the everyday fabric of their lives.

 

Here are the biggest business, brand and tech developments that occurred this past week and will most certainly impact how we design and deliver the customer experiences of tomorrow.

New Customer Experience Involves Free Money

 A new FinTech startup called Millions – whose business model and services haven’t been fully unveiled yet but relate to reinventing the credit card – is giving investor money (read: millions of dollars) away via Twitter and their app. The concept is said to tease a new business model that will allow brands to be more involved with customer and fan giveaways.

 

How does it work? Well, it’s actually pretty straightforward. Money seekers follow Millions on Twitter (since starting the account in July 2020, they’ve gained 22.2k followers) and just keep an eye out for opportunities. Millions regularly rewards small dollar amounts – usually $100 – to people who are tagged in comments or retweet a post, but now they’re upping the ante. This month, they’re hosting weekly drawings and giving $1 million to users who win number-guessing games. All people have to do to be eligible is: One: Follow Millions on Twitter; Two: download and create an app account; and Three: Guess a sequence of six numbers. That’s it. Whoever’s numbers match the weekly draw, wins big. It’s basically a digital lotto.

The “anonymous founders” (who aren’t so anonymous – a few Google searches revealed Kieran & Rory O’Reilly, the founders of gifs.com, as the brains behind the new company) claim it’s a different approach to paying for customer acquisition. Instead of forking money over to Facebook, Instagram, Apple, or Google to find customers for them, they’re using that same budget to attract fans directly by, well, giving it all away. And they hope the initial fun, which one investor called an “unparalleled, engaging customer experience,” will result in a loyal customer base eager to support the company’s future launch.

 

While details are still underwraps, another investor, Allbirds co-founder and CEO Joey Zwillinger went on record explaining his monetary support for what Millions is building, and revealed some clues regarding what’s ahead. “This company is creating delight from what would otherwise be the mundane, everyday necessity of swiping a credit card,” he said. “We invested in Millions because they will spark joy in people’s lives, and think the traditional points model of accumulating hard-to-use airline and hotel points is tired, and ripe for reinvention.”

 

But is this customer acquisition ploy sustainable, and will it really create authentic brand affinity and customer engagement? Or will it just rack up the brand’s Twitter following and create synthetic app engagement with people who are just looking for some extra dough?

 

“The strategy is interesting,” says Tallwave’s Director of Performance Marketing Dallas McLaughlin. “But I think people are overthinking it by trying to understand the product, the game, the acquisition costs, etc. Let’s not outsmart ourselves here.”

The Millions "game” is just a facade that makes consumers feel comfortable entering a ”cash for data marketplace.”

As Dallas put it, Millions simply came up with a way to incentivize people to willfully hand over their demographic and mobile device data. That’s all it is.

 

“Each time someone follows them on Twitter they are going to receive their name, age, gender, income, interests, accounts they follow, etc. Millions then hands the follower cash for this information. Exchanging consumer data for Millions’ cash. Then, when they download their app – where the game actually takes place so it’s a requirement – the consumer is willfully accepting the terms of service which in all likelihood will include handing over the majority of the mobile device data which will include social logins, geolocation, app usage, apps installed (think banking, insurance, shopping) and more.”

 

Essentially, the Millions “game” is just a facade that makes consumers feel comfortable entering a ”cash for data marketplace.” Yes, that is a phrase that Dallas made up.

 

“Mobile device data is the new gold and the gold rush is on. Millions figured out that consumer privacy concerns go out the window as soon as something is in it for the consumer and they did it in a way that is fun for the consumer. It’s a win-win for all. Until the story breaks a month from now about how they are using the data.”

 

Also read: How Tallwave Optimized Paid Media Strategies For a 40,000% Increase in Leads

 

Well, that’s always the caveat with datat: Do consumers actually have privacy and can brands truly cultivate feelings of trust? Only time will tell for Millions.

Will You Be My… Pop-Up Drive-In Date?

Drive-in movies are getting a thematic makeover. FunFlicks announced a new initiative to provide pop-up drive-in events as alternative solutions for high school dances (think proms, formals, homecomings, etc.) and graduations. Calling it the “natural next step in helping the community move forward together and begin to heal,” the events offer safe ways for people to celebrate big moments and create memories together, in a time when we can’t physically be too close together.

It’s a shining example of how a company – perhaps less relevant in our regular lives than say, 70 years ago – can employ creativity and empathy to launch a marketing strategy that does more than build awareness and rely on advertising dollars. Instead, FunFlicks’s new offering finds a modern and unique way to once again become a fabric of old and new customer’s lives.

 

“For years we have provided pop-up drive-in movie theatre rentals for all kinds of events and had great success,” share a company spokesperson for FunFlicks. “In the beginning of COVID-19, we began a robust campaign to give back and help support the community by providing free downloadable movies to cope with lockdown, as well as donating important relief supplies… I strongly believe that it is time for us to begin using drive-in movie theaters in a way that can return positivity and some type of normalcy to the community.”

 

Also read: Why Customer Experience Can’t Be All Data Driven

 

While we can’t see this being a permanent thing – it’s safe to assume that most people would prefer in-person dances and graduation ceremonies bounce back in a post-pandemic world – it may create long-lasting customer appreciation and support amongst FanFlicks fans who are provided with a safe space to relax and connect during a most difficult year. Even more, it may change consumer perspective and attitude towards drive-in movie nights, for good.

In the Future, People Will Decorate Their Porches With Mini-Fridges

Walmart announced a new plan to pilot “smart boxes” this spring. Essentially front porch mini-fridges with compartments for various items depending on their temperature needs, the smart boxes are controlled via a phone app and aim to “ease the pitfalls” of grocery deliveries.

HomeValet Instagram reveals picture of smart box

The smart box manufacturer, HomeValet, says it will allow shoppers to continue conveniently grocery shopping online but won’t require they be at home for the delivery – the food will stay fresh and smart box owners will have full control over when the box is locked (or unlocked) while on the go.

 

And while Jack Simms, the co-founder and COO of HomeValet, says the smart boxes can hold up to seven or eight bags of groceries, he foresees consumers using them in a more agile, as-needed way.

 

“We think there will be a big market for auto-replenishing perishables”, he told MediaPost. “How nice would it be to have milk and eggs delivered without even having to order them? And instead of buying a week’s worth of meat at once, having it take up space in the fridge and worrying about cooking it by the sell-by date, people can get it delivered more often, maybe daily. So, that will improve the quality and freshness of food.”

 

The pilot program is in partnership with Walmart, but HomeValet has consumers at its core.

 

“This will be consumer-owned and brand-agnostic, Simms explained. “People won’t want it if it’s connected to just one store. It works for deliveries from grocery stores, the butcher, wine deliveries. Even if the vendor doesn’t have the technology, customers can leave the box open and lock it via the app once the delivery has been made.”

 

Also read: How to Brainstorm For Innovation

HomeValet announces Walmart pilot program

While this new technology certainly does improve convenience of home grocery delivery, the Tallwave team wasn’t sold on its necessity, with 70.8% of those surveyed saying they wouldn’t buy the product.

Tallwave survey regarding smart boxes

“Most of the existing food distributors use dry ice to keep content at the appropriate temperatures. Fridges cost extra electricity and most likely space. It could be helpful for people that are not working from home, but it’s hard for me to relate to the use case. I think its an interesting product concept for the problem, but the fridge is not the solution in my opinion,” said one Tallwaver who took the survey.

 

“Sounds awesome and highly convenient if the price is right and it’s not an eyesore for my porch,” said another Tallwaver. “The HOA may nix it.”

 

Meanwhile, a potential problem was also brought to light.

 

“I say ‘Yes!’, but my front door area does not actually have space for this type of unit to be placed, so the practicality of it is limited. What about people who live in apartments or smaller houses? The convenience aspect of this is nice, but not necessarily a game-changer, in my opinion. I like the idea of eliminating waste from grocery deliveries in lieu of having a place to put it in front of my home, but there’s still the question of resource use, and the impact production of these units will have on the environment, as opposed to paper bags. I would love for retailers to find more innovative ways of continuing the home delivery services while also looking for ways to mitigate the waste associated with them.”

 

Price was also a contentious issue. Nearly 50% of responders said they’d be willing to pay between $150-$200 for the product, The other surveyed ranged between $0-$150. Zero responders said they’d be willing to pay over $200. The price of the smart box units is currently unknown.

Smart Box survey regarding price

While we didn’t get an overly enthusiastic reaction to the new smart box technology from our Tallwave Team, people originally thought the Edison light bulb and telephone wouldn’t catch on, either. And look at where they are now.

 

Either way, we hope HomeValet and Walmart use the pilot program to dig into consumer concerns, sentiment, and core needs and address concerns or experience gaps before pushing the product to market. 

Would you purchase a smart fridge? Weigh in and tell us why or why not in the comments below.

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News This Week in CX

This Week in CX: 3 Big Healthcare Tech Companies & Providers Announce Future CX Plans

The healthcare industry was always going to need to integrate and provide more personalized digital-first experiences for patients. The 2020 pandemic just sped up that demand.

 

Patient experiences in healthcare – and how to improve them – is something we talk about a lot. Whether with prospects, our current healthcare clients or internal teammates, we’re always hypothesizing, testing, and implementing new data-driven strategies designed to solve the acquisition, engagement, and retention challenges that many organizations are facing. These solutions always have one theme in common: They’re developed with humans at the core and with heart.

 

This week, a number of companies dedicated to developing technologies and holistic strategies that streamline healthcare experiences and improve patient engagement made announcements that will help organizations get one step closer to delivering truly personalized CX. No matter your CX speciality, these stories serve to showcase the ways in which companies are getting creative with innovative technologies and may provide some much-needed inspiration into CX takeaways for businesses small and large.

 

Here are the biggest business, tech and data developments that occurred this past week and will most certainly impact how we design and deliver the customer experiences of tomorrow.

 

HIPPA Just Gave a New Telehealth Video Feedback & Engagement Platform the Green Light

 

Twenty-first century technology is so cool. A new “video feedback and engagement platform” designed for healthcare providers and pharmaceutical companies fits that bill. Medallia, Inc., a SaaS company that develops technologies for customer experience management, is getting ready to change how healthcare needs are heard and understood with their newest product, Medallia LivingLens.

It all comes down to making patients feel seen, heard, understood, and authentically cared for.

The video solution – which achieved HIPPA compliance this past week – gathers real-time customer and employee sentiment (feelings, perceptions or attitudes that arise during experiences) during telehealth sessions. Using proprietary AI technology, the solution “captures six times more information with video feedback than tradition, open-ended text based solutions, including nonverbal communication, such as body language.” This results in action-based insights that enable practitioners to predict and overcome barriers associated with providing optimal care and exceptional telehealth experiences.

 

One company currently using the solution, Just Worldwide, says the Medallia LivingLens allows them to analyze patient “video diaries,” understand how patients feel, and uncover what they wish their caregivers knew. “We use it to get the emotional impact of a patient,” explained Sally Udayakumar, Research Manager at Just Worldwide.

 

This is going to open up a whole new world of care that practitioners are able to provide to patients – including preventative care.

 

“Organizations and practitioners can only truly be lifelong partners if they are emphasizing and providing preventive care to patients,” says Tallwave Product Designer Chelsey Gloetzner. “Those who are proactively providing preventative and whole-person care will naturally improve patient engagement in-between sick visits.”

 

Also read: Innovators Q&A: How Avidon Is Solving the Patient Engagement Problem In Healthcare

It all comes down to making patients feel seen, heard, understood, and authentically cared for. Previously, practitioners could only know what patients verbally told them or they could physically observe. Now, Medallia LivingLens allows them to dig so much deeper, and provide a level of care that they’ve never been able to before. And it will only contribute to increased satisfaction and loyalty.

 

“Patients that know and believe you have their best interest in mind will more willingly partner and trust healthcare providers long term,” says Chelsey.

 

But will this technology – and telehealth appointments – still persist as the pandemic chapter comes to a close? You can count on it.

 

“Many patients who have become comfortable with telehealth will still prefer this type of appointment in a post-COVID world,” predicts Chelsey. “More doctors are experiencing the benefits of taking these types of appointments as well. In the future, it is feasible that telehealth will not lose its demand.”

 

That doesn’t mean all telehealth challenges are resolved. In fact, there’s one outstanding problem that we’re currently helping clients solve for: The need for increased education to help onboard older generations.

 

“It is a unique challenge because those who would greatly benefit from telehealth appointments due to age, physical limitation or challenges finding transportation to appointments, tend to have the most difficult time utilizing the technology,” Chelsey says. “Without the proper introduction and training for this technology, a large demographic of potential users will not be able to benefit from telehealth appointments. Putting walkthroughs or training within the technology itself will not meet the needs of those who must learn how to utilize this type of technology and the devices they would use it on.”

 

So, once you know how to connect with your practitioners via the internet, you can bet that computer or mobile phone lens is allowing them to peer right into your soul.

Microsoft’s Healthcare Bot Migrates to the Azure Platform

 

If you haven’t noticed, you’re surrounded by robots.

 

Internet bots, that is (think chatbots, Alex, Siri – you get it). And if healthcare organizations weren’t using them before, you can bet they’ll be embedding them into their customer experiences soon.

 

Microsoft announced their plans to migrate their Healthcare Bot to the Azure platform, enabling healthcare developers to customize bots for both clinical and/or operational uses and build new conversational tools. Additionally, organizations will be able to use the new Azure Health Bot as virtual health assistants, ensure compliance requirements related to privacy and security mechanisms, and merge electronic medical records into touchpoints to drive more personalized, holistic experiences.

 

“It’s really great to see healthcare companies leveraging and investing in technology to remove barriers and friction from the customer experience,” says our Senior Product Designer Alyssa Hayes. “Healthcare on its own can be notoriously complicated and stressful. Even the routine stuff, especially when you toss in some unexpected illnesses or accidents, can be a burden to navigate. Using technology to naturally provide personalized care – while delivering an experience that’s more approachable and predictable – will help put patients at ease and enable them to understand what they need to do to achieve better health. It gives them one less thing to worry about.”

 

That’s something everyone could use a little more of, these days.

 

Also read: Real People Tell Us What They Want From Healthcare In 2021

"This type of bot technology is providing great opportunities for healthcare practitioners and organizations to build trust and provide care that is truly valuable."

“There’s nothing more personal than your own health,” says Alyssa. “This type of bot technology is providing great opportunities for healthcare practitioners and organizations to build trust and provide care that is truly valuable.”

 

Our Chief Operations Office Ed Borromeo is also on the bot train. “It’s great to see this technology advance,” he says. “It provides so many opportunities to improve experiences within the healthcare space, overall – for both patient and healthcare workers.”

 

And the benefits aren’t exclusive to the healthcare industry. “We see increasing use of this class of innovation in a lot of other verticals: Banking, travel, even HR. Bots have a lot of utility and, frankly, they’re super cool. Beyond efficiencies, those who can seamlessly transition a bot user experience to, say, a human-to-human user experience with no clunkiness will be winners in the CX space.”

 

Note for all businesses out there: If your customers already explain their problems to bots, don’t make them repeat it when connected to human representatives. Make the changeover from robot to representative as smooth as a cut from a scalpel.

Walgreens Taps Microsoft & Adobe to Drive New Personalized Experiences For Shoppers

Walgreens is doing big things.

 

On the heels of an 18 month partnership with Microsoft, in which the two companies worked together to modernize technology and move their health-related operations to the cloud, Walgreens announced a second phase this past week – one that brings Adobe into the powerful fold to help craft next-level experiences and improve engagement with the store’s customers, both in-store and online.

 

By partnering Walgreen’s global customer data with Microsoft’s cloud-based data platforms and Adobe’s Customer Experience Management solutions, the trio will design holistic CX strategies that connect pharmacy, immunization, and retail interactions.

"Having a personalized experience like this can help customers feel like their time and business matters.”

One example of this is what they’re calling “individually tailored” prescription experiences: Today, customers are contacted numerous ways – by text message, email, phone call – when prescription refills are ready. In the near future, instead of being bombarded through multiple channels, none of which drive a valuable experience, they’ll receive an email that not only reminds them about the refill, but provides a “landing page” filled with information that encomapsses dosage, prices and other educational resources.

 

And since so much of a great customer experience is saving customers time, shoppers will also receive alerts that refills are available when inside Walgreen stores, so they don’t have to make a second trip later.

 

“Customers want to have your undivided attention,” says Alejandra Guillen, a Tallwave Content Specialist. “They want to feel like they matter and like businesses actually care about them. Having a personalized experience like this can help customers feel like their time and business matters.”

 

And Walgreens’ goal to connect their in-store and online experiences are key to sustaining customer affinity and loyalty.

 

“Before, in-store purchases were the gold standard,” explains Alejandra. “Now, especially with the pandemic, online shopping is becoming crucial. While people will always make in-store purchases, online shopping will continue to thrive even after the pandemic for convenience.”

One brand doing this well? According to Alejandra, Target.

 

“The Target app remembers your in-store purchases and combines them with your in-app purchases to deliver personalized deals and reminders to buy goods you have purchased in the past. This method is great for both an excellent customer experience and boosting a company’s profits.”

 

And last, but certainly not least, Walgreens’ new strategy to educate shoppers when reminding them about prescriptions will increase the bond and attachments customers have with them.

 

“Customers want to know what they’re buying and what they’re putting in their bodies. When it comes to prescriptions, no one is reading the long pamphlets that come with medications,” says Alejandra. “Formatting this crucial information into easy-to-understand landing page content will help customers build and establish longtime trust with Walgreens.”

 

Anyone else switching their regular pharmacy to Walgreens?