Most profitable strategies are based on differentiation. If we look at Customers entire experience with a product or service what is called a consumption chain, it may uncover unforeseen opportunities. Following are steps that can be followedâ€¦
Mapping the consumption chain.
- How do people become aware of their need for your product or service?
- How do consumers find your offering?
- How do consumers make their final selections?
- How do customers order and purchase your product or service?
- How is your product or service delivered?
- How is your product installed?
- How is your product or service paid for?
- How is your product stored?
- How is your product moved around?
- What is the customer really using your product for?
- What do customers need help with when they use your product?
- What about returns and exchanges?
- How is your product repaired or serviced?
- What happens when you product is disposed of or no longer used?
Analyzing your customer’s Experience
- What are customers doing at each point in consumption chain?
- Where are customers when they are at this point in consumption chain?
- Who else is with the customer at that point?
- When (day, date, time) is customer at that point in consumption chain?
- How are Customer’s needs being addresses?
Just answer these questions and you will have clear idea of where the company should be focusing on for future product improvements.
Source: Discovering New Points of Differentiation (HBR: 97408)