In their new book, Wharton’s Nicolaj Siggelkow and Christian Terwiesch explain how a “connected strategy” helps businesses create more value for themselves and their customers.
In an increasingly competitive marketplace, it’s no longer good enough for a company to sell a product through a simple, one-time transaction with shoppers they may never see again. Businesses can create more value for themselves and their customers if they learn to develop a connected strategy.
That’s the message from Wharton’s Nicolaj Siggelkow and Christian Terwiesch in their new book, Connected Strategy: Building Continuous Customer Relationships for Competitive Advantage. By leveraging technology, firms can gain more intimate knowledge of their customers, even anticipating and fulfilling their purchasing needs before the customers themselves know what they are.
Siggelkow, a management professor, and Terwiesch, a professor of operations, information and decisions, are co-directors of the Mack Institute for Innovation Management. They spoke to Knowledge@Wharton about the lessons offered in their book and why it’s a good place to start for businesses looking for longevity.
*[This feature was originally published by Knowledge@Wharton, a partner institution of Fair Observer.]
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