By Marija Pavlović, Editor of the Customer Experience Magazine
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Midsummer Morality Story on the Importance of Market Research
Once upon a time, actually somewhere around the mid-1980s, there lived a market giant called Coca-Cola.
Although quite huge, the giant was not terrifying. On the contrary, he was tenderly loved across the world.
However, going through some sort of identity crisis, the giant thought he should go for a better taste. He decided to reinvent himself, and he offered this new taste to around 200000 people to see if they would enjoy it even more. And they did.
So, he cleared out his old wardrobe and started presenting himself as “The New Coke”.
Then the giant lost millions of dollars.
End of story.
Well, not really.
Even scary stories are precious if you learn something. What went wrong here is that Coca–Cola assumed that taste was the deciding factor in consumer purchase behavior. What they didn’t tell their consumers was that the old coke would be replaced with the new version. Moreover, no one considered the symbolic value and emotions involved with the original Coke.
Bottom line, market research matters if it’s done properly. If not, even giants can show their vulnerable side.
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We Went through Some Cosmic Changes, Literally
There were some exciting changes going on last month, NASA published the first photo of Pluto via Instagram, Apple launched the first streaming device and I’ve started in my new job as the Editor of the CXMagazine. Yeah, I know, the Pluto piece is quite exciting, but in my own universe, this last news was the cosmic one!
By definition, Customer Experience is the product of an interaction between an organisation and a customer over the duration of their relationship. As you probably know, relationships are hard. You have to be knowledgeable, patient, kind, supportive and ready to keep investing all your resources to keep the relationship healthy and long-lasting.
However, this product can be extremely rewarding. It can help you grow and evolve into a better version of yourself, that is, your business. The interaction you create is powerful enough to pave the road to success or failure.
By keeping up to date with the news from the industry and exchanging experience with one another, we can make sure that all the business relationship we create are successful and rewarding.
So far, Customer Experience Magazine has managed to build strong relationships with CX professionals and winners, finalists and judges from the Awards who are passionate about their CX and ready to share the secrets of their success.
With over 10,000 subscribers, the magazine is a valuable informative and promotional vehicle. However, the Magazine is ready to evolve. The CXM team will be working hard to improve the customer experience we provide and make sure we are up to date with the latest trends and market demands.
This magazine is not made by me or my team. It is made by us and you too. This is the only way we can keep it relevant both for you, our readers. So if you have an interesting CX story to share, please email me at marija@customerexperiencemagazine.co.uk.
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And we’ll do our best to do the same for you.
Looking forward to creating some amazing Customer Experience with you.
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P. S. Remember, with the right approach to your CX, you can be a star of your business.