Christian Terwiesch is the Andrew M. Heller Professor at the Wharton School of the University of Pennsylvania. He is Co-director of the Mack Institute for Innovation Management, and also holds a faculty appointment In Penn’s Perelman School of Medicine. From small start-ups to Fortune 500 companies, Christian has helped companies become more innovative, often by implementing innovation tournament events and by helping to restructure their innovation portfolio.
Nicolaj Siggelkow is the David M. Knott Professor of Management at the Wharton School, University of Pennsylvania. He is a Co-Director of the Mack Institute for Innovation Management. Having spearheaded groundbreaking research on strategy, Nicolaj has been named a Fellow of the Strategic Management Society, the world’s leading association of strategy researchers. He has run strategy workshops for Fortune 500 organizations and small firms alike, helping develop and analyze their strategies.
Today the professors join Michael to posit the question: What if there were a way to turn occasional, sporadic transactions with customers into long-term, continuous relationships–while simultaneously driving dramatic improvements in operational efficiency? What if you could break your existing trade-offs between superior customer experience and low cost?
This is the promise of a connected strategy. New forms of connectivity–involving frequent, low-friction, customized interactions–mean that companies can now anticipate customer needs as they arise, or even before. Simultaneously, enabled by these technologies, companies can create new business models that deliver more value to customers. Connected strategies are win-win: Customers get a dramatically improved experience, while companies boost operational efficiency.
Nicolaj Siggelkow and Christian Terwiesch reveal the emergence of connected strategies as a new source of competitive advantage. With in-depth examples from companies operating in industries such as healthcare, financial services, mobility, retail, entertainment, nonprofit, and education, Connected Strategy identifies the four pathways–respond-to-desire, curated offering, coach behavior, and automatic execution–for turning episodic interactions into continuous relationships. The authors show how each pathway creates a competitive advantage, then guide you through the critical decisions for creating and implementing your own connected strategies.
In this episode of Trend Following Radio:
- Connected Strategy: Building Continuous Customer Relationships for Competitive Advantage