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Golden Goldfish – All Customer and Employees are not Created Equal

Here is a slideshare on the third book in the Goldfish Series, the Golden Goldfish: The book is based on the simple premise that all customers and employees are not created equal. For most businesses, 80% of profitability is driven by the top 20% of customers and employees. These are simply your “Vital Few.” The book focuses on nine different ways to do the “little extras” to promote customer advocacy and drive employee engagement with these key stakeholders.

Pareto’s 80/20 principle is brought to life by authors Yoon, Carlotti and Moore in a case study about Kraft Velveeta cheese. In 2012, sales of Velveeta cheese were on a downward trajectory. The brand managers were faced with a challenge. Should they focus on getting lapsed consumers to buy Velveeta again? Or should they work to get occasional purchasers to buy more frequently? Their research uncovered that the top 10% of Velveeta buyers account for over 50% of profit. Kraft decided to focused on this key segment of 2.4 million consumers. According to Greg Gallagher, Velveeta Marketing Director, “The previous thinking was that the quickest, easiest path to growth was to identify light users or lapsed users. But when we talked to superconsumers, we learned that in fact they wanted to use Velveeta more —they were starving for it.” Kraft went to work on creating brand extensions. Additional products that contained Velveeta. The results are anything but cheesy. New product spin-offs totaled over $100 million in additional sales.

GOLDEN GOLDFISH LESSON: Do more for your best ones. In the words of Yoon, Carlotti, and Moore, “Show the love to those that love you the most.”

Today’s Lagniappe (a little something extra thrown in for good measure) – Speaking of a Golden and a Goldfish, here is a video of Rellie the Golden Retriever discovering a goldfish tank for the first time:

EXTRA, EXTRA March Newsletter – The Mardi Gras Edition

MARDI GRAS EDITION

Greetings on Fat Tuesday. That’s the literal translation of “Mardi Gras.” Today caps the celebrations in New Orleans, the final day of revelry before Lent begins on Ash Wednesday.
At midnight tonight the bars close and the police will clear out the French Quarter. Another year of Mardi Gras will be in the books.
  
The colors in my trilogy are a direct reference to the official colors of Mardi Gras. The three colors were selected in 1892. Purple  stands for justice, Green for faith, and Gold for power.

FEATURED POST:

Disney offers its best customers a little extra magic

On designated days, one of the Walt Disney World theme parks opens an hour early and two hours later. These times are called Disney’s extra magic hours. The added golden goldfish is for Disney Resort guests only.

Extra Magic Hours with Disney Characters
Extra Magic Hours with Disney Characters

Here’s a park guest interacting with Disney characters during an extra magic hour >>>

These resort guests are Disney’s best customers. They spend all their time on the property. Not only do they spend considerably more, but they stay longer and come back more often. The extra magic hours is just one of a handful of extra Disney benefits of staying on property:

  1. Skip the hassle of baggage claim! Resort Guests enjoy complimentary transportation for them and their bags between Orlando International Airport and the Disney Resort hotels, then back again at the end of their vacation.
  2. Stay close to the action. Resort guests can leverage complimentary transportation like monorails, ferryboats and motorcoaches.  As well as complimentary Theme Park parking for guests who are driving.
  3. Many shopping purchases can be delivered straight to the guests Disney Resort hotel so that you don’t miss a minute of fun!
  4. Guests have the option of having meals and snacks included with their vacation package.
  5. A variety of hotel options with extras. Hotels where you can splash down a pool slide to hotels where you can watch a movie under the stars…even hotels with Disney Character Dining.

TAKEAWAY: Disney says these little extras help guests stay close to the “heart of the magic.” How can you create special touches like Disney does? How are you making the experience memorable for your best customers? What’s Your Golden Goldfish?

COMING TO A CITY NEAR YOU IN MARCH

I’ll be making stops this month in Atlanta, Chicago and San Diego.
March 6 – NC State / Alpha Kappa Psi (Raleigh)
March 9 / 10 – MENG Board Meeting (Chicago)
March 12 – FENG (Raleigh)
March 18 to 20 – Next Gen CX Conference (San Diego)
March 19 – MENG San Diego Keynote (La Jolla)
March 27 – TECNA CEO Retreat (Durham)
One event I’m looking forward to is Next Gen Customer Experience in San Diego. Launched in 2011, Next Gen brings together senior level customer experience executives across all industries to discuss the latest CX strategies across all channels and touch points. I’ll be moderating a panel on NPS on 3/20 at the event.

B2B Examples

Without exception, every time I speak about the Purple Goldfish I’m asked, “So – what if I work in B2B. How does it translate?”
The same principles apply. Here is a slideshare with some of the best B2B examples:

 

Today’s Lagniappe (a little something extra thrown in for good measure) – Here’s a fun recap of the Oscars. Straight from the Triangle, it’s from the same folks who brought you “My Christmas Jammies“:

Oscars with the Holderness Family - #dayaftervideo
Oscars with the Holderness Family – #dayaftervideo