Commodities
Commodity businesses need to focus on increasing revenue and cutting costs — customers see no difference between products and will almost always choose the lowest price.Examples:
- gasoline
- telecom
- airlines
- apples
Commodity industries have little incentive to focus on customer experience. Industries such as airlines and telecom have an almost antagonistic relationship with customers.
Goods and Services
Goods and Service businesses need to consider branding and product features — customers want to feel confidence in their purchases.Examples:
- coffee
- organic food
- banking products
- sunscreen
- electronics
- milk
- insurance
- dry cleaning
- social media
Experience
Experience businesses need to please customers — customers are sensitive to how they feel about the product.Examples:
- cafés
- fine restaurants
- nightclubs
- hotels
- video games
- movies
- music
- ice cream
- magazines
- beer
Transformative
Transformative businesses need to go far beyond making customers happy — they must transform the customer.Examples:
- top-notch consultants
- cutting edge technology
- health spas
- plastic surgery
- education and learning products
- high fashion
- certain mobile devices
Transformative industries have high margins and are very competitive — successful businesses are almost completely focused on customer experience.
Tweet |
|
