Service sector companies currently focus on iterating product and service improvements, or innovations, to gain a competitive advantage.
The existing strategy cycle follows a standardised process: research, analyse, formulate, execute and review. Using appropriate sampling techniques brands often run yearly benchmark studies or focus groups and follow a well-trodden formula to gain insights. A key assumption in this approach is to ignore all external factors and assume the pending actions for this insight is still relevant over time, until a new solution or a proposition is offered to the consumer. A cycle time of over a year is not uncommon, and after this amount of time it can be difficult to justify the problem or the opportunity that exists once a solution is ready to be implemented.
This iteration speed is too slow – by the time the proposed strategy is delivered the data can be 6 months old, and therefore will be solving a problem at least as old as this. So the opportunity is for social platforms to create a flow of real-time data, where a business doesn’t need to create assumptions based on sample sizes and focus groups.
Any company that can increase the speed of reiteration will build an immediate competitive advantage. To enable this www.BrandSmacker.com has created an end-to-end cloud-based social CRM platform. It is integrated with a real-time survey platform which is used to monitor customer experience movements at a micro level. This flow of real-time data through this social platform gives the ability to use advanced statistical modelling to create scenario models, and these enable accurate predictions about the key drivers of customer loyalty for the future.