Tag Archives: Maxwell Luthy

Thrive in the Expectation Economy: The Most Exciting and Urgent Trends of 2016 and Beyond

TMRE Keynote Presentation
Thrive in the
Expectation Economy: The Most Exciting and Urgent Trends of 2016 and Beyond
 Maxwell Luthy, Director of Trends and Insight, TRENDWATCHING

Why track consumer
trends?
To have a future vision and create products or services two
to five years from now.
The first component of every trend is change: social change,
technological change, environmental change, and economic change.  Yet, basic human needs do not change,
including relationships, community, and survival.
The second component of every trends is innovation. The
first example was Uber’and how quickly consumers change their habits to adapt
to the app and service.
The third component is emerging expectations. Expectations
transfer. One-touch service for amazon, created one touch for Uber, and even go
to tender. This is an economy of expectations. It impacts all of your
customers.
The good news is tracking Trends helps you surpass the
Expectation Economy.
1st key
thought:
See technology through a lens of basic human needs and wants, not
from the tech buzz.
2nd key
thought
: Explore the sharing economy. Cars. Umbrella.
3rd key thought:
Who do people feel where they are? People are impatient. What are all the
consumer touch points? You can study the Domino’s Everywhere campaign. So, how
do you get to contextual omnichannel?
Consider the use of emoji to understand customer behavior. Think of new
channels’for example, Spotify’s partnership with Uber. Challenge yourself to
think about new context and channels.
4th key
thought
: A compelling brand is still about feelings. Have you explored
two-way transparency between brands and people? Uber rates passengers. In 2016
expect to see more brands rating customers.
Can you use two-way rating and transparency for all
involved. Brand transparency is more important than ever. You must prove you
have a healthy corporate culture’and show the world an inside out view of your
company. People want to like companies and how they treat their employees.
Ask yourself which aspect of you company culture would you
put up on a billboard?
5th key
thought
: Consumers aren’t behaving as they should. Roles are reversed. More
women over 18 are gamers compared to boys. People break all the demographic
behavioral patterns we used to hold as sacred. Why? We have the global brain.
We’ve been urbanized. Lastly, we have cheap digital experimentation. These three
forces shatter all of our expectations of how people should behave according to
gender, age, and class roles.
We are seeing heritage heresy: Playboy is excluding nude
photos. Harley Davidson is planning 35,000 trees. As cultures shift, brands
must adapt their ethos.
The outcome: treat different people differently. Use
taste-led targeting, like Spotify. Fine tune to individual preference.

Michael Graber is the
managing partner of the Southern Growth Studio, an innovation and strategic
growth firm based in Memphis, TN. Visit
www.southerngrowthstudio.com to learn more.

Turn Consumer Trends into Innovations

Photo: Watch tower of the dam, Embalse de los Bermejales, Arenas del Rey, Andalusia, Spain, by Jebulon. This file is made available under the Creative Commons CC0 1.0 Universal Public Domain Dedication.

‘Just as a fish doesn’t know it is wet, so companies often can’t see or feel the very opportunities where they are swimming.” – Pam Henderson, author of Killing Ideas

Watching and applying consumer trends can help brands and businesses capitalize on opportunities in their own backyards.

According to Maxwell Luthy, Director of Trends & Insights, Trendwatching.com, a consumer trend is “an emerging pattern of consumer behavior, attitude or expectation.” At Trendwatching.com, they look for “clusters of innovations that have unlocked or newly serviced an existing consumer need, desire, want or value. Tracking trends helps you meet and surpass customers’ rapidly changing expectations.”

During the Total CX Leaders Conference last month, Maxwell described these six key consumer trends and how to apply them to enhance the customer experience:

1. Sympathetic pricing: Consumers love imaginative, targeted discounts that relieve lifestyle pain points, offer a helping hand in difficult times or support a shared value.

2.  Video valets: Consumers are coming to expect instant, video-based exchanges with brand reps when they need them.

3. Deliver (more than) goods: Truly customer-centric brands – established or new – will understand that delivery is just the start. Make customer experiences effortless, personal and surprising.

4. Politeness pays: Beyond two-way ratings, smart brands are realizing they can foster a better customer experience by rewarding good behavior – and even punishing the impolite!

5. Beneficial intelligence: Consumers will embrace services that use data and contextual understanding to make intelligent decisions, automatically sort daily tasks and offer the right advice at the right moment.

6. Post-demographic consumerism: Consumers are freer than ever before to construct their lifestyles according to their own ideals and tastes, with little regard for tradition.

Let’s keep the Total CX Leaders Conference conversations going! Stay connected with TCXL15 at:
- twitter.com/#TCXL15
- linkedin.com/Total Customer Experience Leaders
- facebook.com/Total Customer Experience Leaders

Peggy L. Bieniek, ABC is an Accredited Business Communicator specializing in corporate communication best practices. Connect with Peggy on LinkedIn, Twitter, Google+, and on her website at www.starrybluebrilliance.com.

Customer Experience Conversations: Maxwell Luthy

Today, the customer experience (CX) landscape is drastically changing with the explosion of new and emerging technologies affecting the customer journey. With all of this change, it is now more important than ever to understand what it takes to create a strategic customer experience program.
That’s why we recently sat down with Maxwell Luthy, director of Trends & Insights at Trendwatching.com, to discuss the state of CX today and what’s in store for the future. Luthy is speaking at the upcoming Total CX Leaders Conference 2015 this spring in Miami.

This year, the two-day conference brings together thought-leadership to focus on higher level thinking around the strategic alignment of customer strategy, technology and business aspirations. Linking data driven behavior to business results, designing next generation customer experiences and measuring the impact of your customer programs is the difference between great and greater.
Here is what Luthy had to say:
IIR: What is the best customer experience you’ve had?
Luthy: Like many people, I clearly remember my first Uber. Beyond the convenience, value for money and seamless payment, the highlight for me was when I stepped out of the vehicle at my destination and saw the app’s prompt to rate the driver. It was easy to do and the journey was fresh in my mind. I particularly love how the drivers are also able to rate passengers. There are legitimate concerns about discrimination as a result of the ratings, but putting the responsibility back on to the customer to be a pleasant and punctual passenger is genius.
So much today shows how consumers are increasingly empowered in the brand-customer relationship. It’s nice to see a little power back in the providers’ hands! The customer experience benefits from both parties’ involvement in the two-way rating system. Without sounding too idealistic, drivers and passengers may become more courteous to each other around the world.
IIR: What is top of mind for you regarding customer experience in 2015?
Luthy: One of the major themes we’ve witnessed at Trendwatching.com, is how consumers are taking expectations that were cultivated online, offline. Customers who’ve grown accustomed to the personalization, customized experiences, dynamic pricing, and transparency of the online world increasingly demand those perks in the real world. Many of the trends that we track reflect this shift.
Brands must use customer data (with permission), new technologies, and old-fashioned, people-powered customer service to make sure the 2015 customer experience is personal, painless and contextualized across all channels.
IIR: What is your prediction for where customer experience is going this year and beyond?
Luthy: One way that many of the fastest growing startups around the world are providing superior customer experiences is by employing ‘peer armies.’ By utilizing a network of peers who aren’t traditional employees, businesses are able to provide local, personalized services at a national or even global level. That’s how Instacart affordably delivers products from its customers’ favorite stores in one hour. Peers can even be utilized to provide authentic product reviews, Made, a UK-based furniture e-tailer allows shoppers to view photos of products in the homes of customers who’ve already bought them. The shoppers who’ve uploaded the photos are proud of their homes and happy to improve the customer experience for others.
Another trend we will see more of is ‘honest flexilibity.’ This is where brands are honest about the limits of their product or service (they communicate it clearly to customers), yet they are as flexible as possible with their efforts to find a solution.
A great example is from BMW, who knew people hesitate to purchase an electric car when they suffer from ‘range anxiety’. In other words, what if I need to do a long journey and the battery runs out? Rather than skirt around the issue or use marketing to allay the concern, they created the ‘Add-on Mobility’ program, where those who purchase the all-electric BMW i3 can register to access other, gas-powered BMWs should they need one. This trend is exciting because firstly, it taps into the new reality that brands must be honest and open about their limits, because in the digital era consumers find out everything. Secondly, it reflects how flexible they have to be to meet consumers every increasing expectations.

Want to hear more from Luthy? Don’t miss his keynote session, ‘Key Consumer Trends to Kick Ass With’Now!’ at Total CX Leaders Conference 2015 this June in Miami. For more information about the event or to register, click here: http://bit.ly/1wDWAqv