My previous two posts introduced the idea that since consumers are bombarded with choice, a new industry is on the rise. I’m talking about “navigators” or organisations whose sole purpose is to offering guidance and info in order for consumers to make the best choice between products and services.
The navigators will create an innovative business model that will encompass the following building blocks:
- The trust of the consumer – see blog 3for explanation
- Palpable delivery of value to consumers – see blog 3 for explanation
- A simple and effective consumer interface and
- An ability to constantly mine for insights in its consumer database
- And finally, the methodology to effectively leverage these insights
The interface between the consumer and the navigator needs to be simple, accessible and intimate at all times. Consumers must be informed that help in making decisions is only a phone call away; navigators in turn must strive to be the consumer’s NBF (new best friend). The only difference is that this friend will know everything, and can help with anything.
The last two essential building blocks are that each navigator needs to understand how to leverage insights and the power of each consumer community. It makes sense therefore, that each navigator be structured around a homogenous group of consumers or has divisions that are dedicated to each group.
Focusing on a single, like-minded group of consumers accelerates the learnings each group has to offer and in turn allows you to maximise your business design around it. A navigator can cross-pollinate learnings it has discovered in one cluster into another, but it cannot be everything to everyone. Being everything to everyone will elicit a shallow and less meaningful service to the entire database of consumers.
The more the navigator learns about each consumer cluster, such as how it works as individual consumers, as well as a unit, the more relevant its service will be. Simply put, the more competitive its advantage is as a navigator. I mentioned trust being the foundation of the relationship between the navigator and its consumer base (in blog 3) and the insight of the consumer base is in turn one of the foundations of trust.
In my next blog I will cover how you can go about building a navigator.
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