Connected Strategy

Nicolaj Siggelkow and Christian Terwiesch introduce the concept of a 'Connected Strategy'. This strategy is about creating a continuous relationship with customers, rather than intermittent interactions. It's about understanding customer needs and responding to them in real time.

The authors identify four pathways to implement a connected strategy: Respond to Desire, Curated Offering, Coach Behavior, and Automatic Execution. Each pathway requires a different level of connection with customers and offers unique benefits. It's worth exploring which pathway suits your business best.

Technology plays a crucial role in implementing a connected strategy. It helps in gathering customer data, understanding their needs, and delivering personalized solutions. The authors emphasize the importance of leveraging technology to stay connected with customers and enhance their experience.

Trust is a key element in a connected strategy. Customers need to trust that their data is safe and that the company will use it to benefit them. The authors stress the need to build and maintain trust with customers to make a connected strategy successful.

Implementing a connected strategy can significantly improve business performance. It can lead to increased customer loyalty, higher customer lifetime value, and improved operational efficiency. The authors encourage businesses to look into adopting a connected strategy to reap these benefits.