Research

Monday, February 9th, 2009 at 7:40 am

Once a customer identifies a need, and the options to meet that need are clear, he or she evaluates them in the second stage of the model. Unless we are dealing with a low-value or repeat purchase situation, this process usually involves researching the options’ value propositions, taking into account not only factors such tangible benefits and their price, but also intangibles such as brand image, accessibility, after-purchase support, and so forth. Affecting the customer’s research process are various members of the Value Web. It is at this crucial stage that the customer comes to a decision that will lead to a purchase, which explains the presence of so many constituents. These entities usually include the firm (of course), competitors, complementors, and retailers whose goal is to participate in the financial transaction. Other constituents, usually lacking the financial profit motive, include affinity groups and independent authorities such as the media.

Continuing with our example, Mr. Smith has set out to learn more about financial planning. He decides to research companies that offer financial services that would allow him to build a college fund for his daughter, buy life insurance, and build a portfolio of securities. As part of his quest for information, Mr. Smith searches the Internet and finds several financial Web sites that offer advice on all three topics. During this search on building a stock portfolio, he comes across Acme Financial as a brokerage that offers a no-frills, low-cost, securities trading over the Internet; this is very much to Mr. Smith’s liking. Mr. Smith scans Acme’s Web site, and orders additional brochures from Acme’s Marketing department. During his Web
search, Mr. Smith also comes across Acme’s brokerage competitors, all of which are similarly eager to provide Mr. Smith with the information he seeks and secure him as a customer. In addition, Mr. Smith learns about companies that provide complementary services that would allow him to better manage his portfolio were he to build one, and he finds independent organizations that operate Web sites that rate the various brokerage houses and their financial stability. Last, but not least, Mr. Smith turns to affinity groups, including his friends, family, and colleagues, to obtain their opinions about the benefits of investing in the stock market, what online brokerages they are using, and how satisfied they are with their brokerages’ service offerings and customer support.

Taken From : Enterprise Guide to Gaining Business Value from Mobile Technologies