Welcome!

CRM Authors: Xenia von Wedel, Ian Khan, PR.com Newswire, Steve Mordue

Related Topics: CRM, Cognitive Computing , Agile Computing

CRM: Blog Feed Post

A Tale of Three Companies

and the future of business

CRM on Ulitzer

Amazon sells shoes. So does Zappos. Another company – where I have many friends, as I previously did significant consulting work for them – markets something entirely different. All, however, are particularly instructive about the future of business.

The company I won’t name is involved in financial services. They have decided to terminate their entire marketing effort, and focus on explaining their products to prospective investors. The CEO said, “Our greatest value proposition to investors and financial intermediaries is the institutional approach that’s at the core of (our) global business.”

Therefore, the company – according to its press release – stated that its “distribution network, meanwhile, will be revamped to provide more technical expertise, with traditional wholesalers being replaced by investment-oriented consultants.”

There is a glaring problem with that kind of thinking. There is neither a shortage of funds available for institutions to select from, nor a deficiency of advice provided. Anyone keeping up with what is really happening in this – or just about any other field – would understand that what is being sought is a higher level of something discussed in a previous post – “Relationship Alpha.”

“Alpha” is return on investment, and the managers at the vast majority of institutions are keenly aware of what products provide superior stability and growth. What they seek, more than ever before, is a return on the relationship – the opportunity to realize a return that transcends transaction. No product has a monopoly on performance; therefore, what a company brings in addition to its financial return is the pathway to creating distinction.

Which, unfortunately, is what this company seems to be sprinting away from – determining that a seat at the back on a ship in the sea of sameness will work for them quite adequately. Of course, it never does. This kind of thinking will, inevitably, cause organizational demise.

On the other front, take a look at Amazon. It sells shoes, as does Zappos. Because of their volume, they probably have a better shipping deal already in place than Zappos. Amazon has a higher level of technical infrastructure and expertise than Zappos. So why in the world did Amazon spend about $800,000,000 to purchase the online shoe retailer?

Because Zappos has an online customer experience second to none. And, brilliantly, Amazon knows that it’s worth almost a billion to get it.

It’s difficult to imagine a company with a closer relationship with its customers than Zappos – and with more visionary leadership. (I’m proud to follow them on Twitter – and prouder they follow me back!) Amazon knows that if they want to move to a higher level in terms of corporate culture and client connectivity, it’s well worth the enormous investment they just made to acquire it.

The fundamental reason is because ALL business – in EVERY industry – is moving toward the supremacy of the customer experience.

And, that does not mean we tell the client more about our product!

It means we create such a compelling experience for them that their loyalty becomes assured.

The best companies will spend their resources – both monetary and organizationally – to acquire and develop it.

The less than stellar ones…from Circuit City and Chrysler to Bear Stearns and Lehman Brothers…all have something in common…the woefully shallow belief that their products are more important than the people who invest their hard-earned money to purchase them.

Read the original blog entry...

More Stories By Scott McKain

Scott McKain is a business leader, bestselling author, and Hall of Fame professional speaker.
Scott's latest book, "The Collapse of Distinction: Stand Out and Move Up While Your Competition Fails" reached the #1 spot on Amazon.com list of Customer Service Bestsellers! He is the author of two #1 additional business bestsellers (Amazon.com & 800-CEO-READ): "What Customers REALLY Want" (currently available in trade paperback) and "ALL Business is Show Business."
He is the Co-founder and Principal of The Value Added Institute, a think-tank that examines the role of the customer experience in creating significant advances in the level of client loyalty, and has appeared on multiple occasions as a commentator and analyst on FOX News Channel. His platform presentations have run the gamut from the White House lawn with the President in the audience carried live on CNN and NBC's "Today" show...to a remote outpost near the Amazon...all 50 states, seven Canadian provinces...and from Singapore to Sweden...Mexico to Morocco.
An inductee into the Professional Speakers Hall of Fame, he is also a member of "Speakers Roundtable" -- an elite, invitation-only group of twenty of the world's top business speakers.

@ThingsExpo Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.