In my last post I covered the idea that too much choice is having a negative impact on the consumer, and this will birth an industry of “navigators”.
These navigators are organisations whose sole purpose is to simplify the lives of consumers by offering guidance and information for consumers to make the most educated choice between product and services.
This new industry will create its own innovative business model. To compete, navigators will need the following building blocks:
- The trust of the consumer
- Palpable delivery of value to consumers
- 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
I will deal with each element separately:
Trust is the foundation of every fruitful relationship. It is imperative that all the actions the navigator takes inside and outside the organisation cultivate and maintain trust. It is only when consumers trust a navigator that they will divulge information that will make the navigator design ever more effective products and services. This premise should be the driver of all business processes.
It is for this reason that a navigator can not make any kickbacks from referrals made to any suppliers. Trust is a difficult quantum to reach but it is the key competitive advantage. It will make effective delivery of value to the customer base much simpler.
This brings me to delivery.
It is important for the navigator to provide its customer base with zero defect products and services. After all, the core purpose of the navigator is to help the consumer make the best, most informed decision.
If the service fails at this juncture, the navigator becomes null and void and in time, ceases to exist. An essential element of delivery in this category is going to be the ease at which the navigator facilitates the decision making process and the eventual delivery of the service to the consumer.
I will expand on points three to five in my next post.
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