Video: How leading executives use insights to drive growth

Video: How leading executives use insights to drive growth

January 21, 2020 Off By esential1@
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Tom Lewand: You can use the machine learning and AI to create personal experiences, and

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what we hear from our customers regularly is we don’t want to be a bunch of dots and spots.

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We want to have a relationship with you.

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Kristin Lemkau: Like most people, we do real-time testing and get actual customer feedback and

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try to co-create with customers.

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I still believe good, old-fashioned market research with strong quant is an important practice.

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And then, from the analytics themselves, you can start to see certain trends.

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For example, one of our most successful product launches was a card called Sapphire Reserve.

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Market research told us that millennials were valuing experiences more than stuff, and we

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loaded up the benefit of that card around travel and dining and

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people understood the rational value for the card, but they also understood the aspirational

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value of it, and it took off in a way that we didn’t expect.

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Albert Garcia: Last year, we changed the whole organization in order to create a customer

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experience department.

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Before we launch anything, it’s really our challenge to ensure that we are enhancing

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people’s experience.

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We always leave an empty chair in the table, and we always say that this is the customer’s chair.

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So we always have their idea or their point of view when we are deciding things.

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And it’s something which the teams are really understanding, when there’s an empty chair there.

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Speaker 1: Do you literally have an empty chair there?

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Albert Garcia: We literally have an empty chair in every meeting.

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Tom Lewand: We did a lot of work with our core customers, and what they clearly told

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us loud and clear is they don’t want a typical loyalty program.

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They don’t want to be incentivized.

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They want to be included.

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They want to be a part of our process — so things, doing Google Hangouts with some of

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our core customers to show them the product roadmap.

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Doing things like informal focus groups or shopping events where they’re giving us

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feedback on future product development or telling us where we should take those things.

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That, in turn, then gives us a built-in sort of double reward system where we’re being

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rewarded by their phenomenal insight, they’re being rewarded because they feel closer to

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the brand than any loyalty program could have made them feel.

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Now we’re working at ways to scale that, but in ways that are thoughtful and not too

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regimented or certainly not too systematized.