Embracing the groundswell!

Asking your customers for ideas

Above all, I want to welcome you to my blog! 

This week I going to discuss about  ways to tapping into any company's customers, about idea  exchange with them; to increase the chances of developing something customers want.

My reading reflection deals with Chapter 9: Embracing the Groundswell of the great book, Groundswell by Li and Bernoff.

Product growth is really hard work for organization! Why not let customers help to market research department with it?

Company  development, based on the customers' opinion, is such a good thing that I have ever heard.

 "...when it comes to collaborating with your customers – really bringing them into your development and innovation processes – one real truth is this: it's challenging". (p.182).

This is really truth, because most companies are typically not setup to listen to this feedback and work with customers in this way, they have developed everything internally.
The other side of the coin is, however, that if you  have embraced the Groundswell, then you have opened a channel of communications with your customers and they are now getting deeper into your company. Besides, embracing the Groundswell is defined as making customers an integral part of the way you innovate, with both products and process improvements.

Customers don’t take long to tell you what they want – as soon as you are ready, you can quickly tap into these sources of innovation. Once you tap into customer feedback, you can continue to ask more questions to continue to refine products.

"If I were a banker, I would give my customers a say in things, and together we would build the bank of tomorrow". From there, there are two main choices - enter a suggestion, or see other people's suggestions. (p.188). 

In 2007, Credit Mutuel its ad campaign. Viewers were directed to a sijetaisbanquier.com site (what means ''If I were a banker"). Once a week bank selected one person who made a suggestion. 

Actually, businesses from all sectors posted much improved results as sluggish domestic activity was offset by new sources of growth, notably in emerging countries, in which context the group’s major accounts were able to use its international network to respond to their customers’ needs.

Doubtless, through points of sale, the internet, mobile banking and social media, the group is building closer ties to members and customers with seamless communication through all channels, both physical and remote. It is now developing a multichannel and omnichannel (several media and uninterrupted contact in every channel) relationship with customers, which is more human, responsive and helpful.
Two of Crédit Mutuel’s founding principles are putting people first and promoting mutual aid. Its commitment to research and public health are integral to its sense of responsibility.

The Groundswell effect is that customers are chomping at the bit to tell you what to do and are actively complaining and praising your product on forums such as blogs, videos and review sites. They are now part of your process because they can look over management’s shoulders via these channels.
Banks must choose between three approaches of rising risk sensitivity subject to the authorisation and under the control of their national supervisory bodies: standardised approach, foundation internal ratingsbased approach, and advanced internal ratings-based approach. Each banking institution is required to adopt the approach best suited to the stage of development of its activities and to its organisation.