By Yoram (Jerry) Wind, Vijay Mahajan
Modern day client is a centaur: a brand new hybrid who is studying the newest applied sciences, yet remains to be pushed via age-old human wants and motivations. "Cyberconsumer" company versions neglected human fact: that is why they failed. yet "back-to-basics" ignores the deep alterations the net has wrought. The genie's out of the bottle: your buyers have profoundly new expectancies -- and you have got robust new instruments for supplying on them. Convergence business plan illuminates the "centaur," exhibiting what contemporary buyers can do, what they are determining to do, how they're evolving, and the place they're headed. Jerry Wind and Vijay Mahajan determine "5Cs" on the middle of the recent patron courting: customerization, neighborhood, channels, aggressive worth propositions, and selection instruments. you will discover techniques and strategies for responding immediately -- and a whole framework for refocusing techniques, constitution, humans, incentives, and know-how to serve the centaur the next day to come.
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Extra info for Convergence Marketing: Strategies for Reaching the New Hybrid Consumer
In the centaur, there is a mix of aspects that are transformed and those that remain the same, as illustrated in Exhibit 2–1. Each extreme leads to a set of myths about consumers. The Reality of the Centaur 31 Exhibit 2–1 Illustrative Examples of the Mixed Experience of the Centaur What’s Changed • • • • • Customerization and personalization Participation in virtual communities Access anytime, anywhere New pricing and value equations Desire to make better decisions What Remains the Same • • • • • • Like to shop Sometimes value human benefits above efficiency Desire for fair price, not best price Integrating new channels into existing ones Lower transaction costs make it easier to walk away Real is sometimes more interesting than virtual THE INTERNET POPULATION IS THE POPULATION Basic human motivations are more important than ever.
Com. 8 Mahajin, Srinivasan and Wind, see note 4 above. ” Aristotle traditional consumer “Aristotle is right. The emotions that drive human behavior are the same that they’ve always been. The Internet doesn’t change that. It is nothing more than a new distribution channel. The technology will come and go, but we will keep doing what we have always done. We have seen the weakness of these upstart revolutionary dotcoms. ” cyberconsumer “Aristotle didn’t know about the Internet, which has become a new motivation for human actions.
Which one arrives first? What follow-up messages do you receive? Can you test these hypotheses or apply these approaches in your business? • Go into a Barnes & Noble store and observe customers. What can they do there that cannot be done online? What are behaviors that might be supported online if they were offered? What offerings could be made when the Internet is fast, easy and always on? What opportunities do you see of the company to market to hybrid consumers across channels? What opportunities are you overlooking in your own business?