Last week a colleague of mine shared an article that talked about American Girl. It got me thinking. How much value is created by focusing on small details? How could Private Equity leverage that? What is the role of technology?
What’s so special about American Girl?
They aren’t selling dolls, they are selling an experience. ‘For Children the dolls help articulate feelings and validate who they are. Their identity. Their sense of self. We make them feel they can surmount the challenges in their lives.’
There is something important about knowing what your products mean to people.
Speaking recently to a CEO of what is one of many web hosting platforms, I mentioned that I am a customer and she said “we’re grateful to have the opportunity to assist you in powering your digital front door.”
Doesn’t that make you feel special?
This messaging is backed up by the experience you get using their platform, in talking to their customer service and reading their weekly digests.
The software just works, there is a simple and powerful UI. When you talk to support they have access to real-time data and analytics. Their weekly digest is personalised to the services I use and should be using.
If your customers want more information, give it to them. If they want less, take it away.
How can you predict what your customers want?
Using data. Lots of it. To create thoughtful insights.
If the market shifts from hosted platforms to managed experiences, make this happen. (IaaS or PaaS to SaaS). If your customers are desperate for faster websites, give them access to this. You might tear up your business model in the processes but what you are left with will be more valuable.
What will you do next?
How much value will you add by focusing on small details? How can you leverage technology to create a unique and thoughtful experience? How will you make your customers feel special?
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