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WEBINAR The Rise Of The Empowered Customer
Anjali Lai, Analyst September 20, Call in at 10:55 a.m. Eastern time
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Recent innovations have set a higher standard for customer experience and have raised customer expectations A purchase is no longer just about the product; it’s about the experience.
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Customer churn rates are on the rise, as consumers have greater choice and lower barriers to switch
Highly demanding customers vote with their feet.
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Demographics and past behaviors are not sufficient to understand, influence, and predict consumer activity Once improbable things are now reality: Consumers are not always intuitive.
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Key questions you must answer about your customers:
How are your customers evolving and how fast? Are you keeping pace with your most empowered customers? Which customers are most likely to leave your company for a better experience and why? Which customers are most likely to reward your innovation with new revenue and why?
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Agenda Introducing Forrester’s empowered customer segmentation Understanding today’s most empowered customers Preparing for the empowered customers of tomorrow
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Agenda Introducing Forrester’s empowered customer segmentation Understanding today’s most empowered customers Preparing for the empowered customers of tomorrow
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Willingness to experiment Digital/physical integration
Self- efficacy Device usage Information savviness Digital/physical integration Source: “The Rise Of The Empowered Customer” Forrester report
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Willingness to experiment Digital/physical integration
Self- efficacy Device usage Information savviness Digital/physical integration Source: “The Rise Of The Empowered Customer” Forrester report
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The empowered customer segmentation Convenience Conformers
Progressive Pioneers Savvy Seekers Convenience Conformers Settled Survivors Reserved Resisters Most empowered Least empowered
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Forrester’s empowered customer segmentation in the US:
Progressive Pioneers Savvy Seekers Convenience Conformers Settled Survivors Reserved Resisters Base: 60,049 US online adults; Source: Forrester’s Global Consumer Technographics® Online Benchmark Survey, 2016
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Forrester’s empowered customer segmentation in the UK:
Progressive Pioneers Savvy Seekers Convenience Conformers Settled Survivors Reserved Resisters Base: 6,006 UK online adults; Source: Forrester’s Global Consumer Technographics® Online Benchmark Survey, 2016
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Forrester’s empowered customer segmentation in Metro China:
Progressive Pioneers Savvy Seekers Convenience Conformers Settled Survivors Reserved Resisters Base: 4,006 Metro Chinese online adults; Source: Forrester’s Global Consumer Technographics® Online Benchmark Survey, 2016
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Agenda Introducing Forrester’s empowered customer segmentation Understanding today’s most empowered customers Preparing for the empowered customers of tomorrow
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Spotlight on Progressive Pioneers:
Lead the demand for product and experience innovation They are opportunity-seeking and digitally ready. They have the greatest spending power. They embrace — and forsake — emerging products most quickly.
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Spotlight on Savvy Seekers:
Are among the first to learn about and engage with innovation They are highly aware of company news and customer reviews. They seek out exclusive content on a variety of platforms. They are passionate advocates and critics of customer experiences.
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Spotlight on Convenience Conformers:
Opt for services that enhance convenience once widely available They focus on digital speed, simplicity, and convenience. They have significant purchase power. They fully embrace mainstream digital services, but are slower to use complex innovations.
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Empowered customers accelerate retail innovations that play on key emotions
Consumers who buy or reserve products online and pick them up in store: Base: 4,399 US online adults; Source: Forrester’s Consumer Technographics® North American Online Benchmark Survey (Part 1), 2016
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. . . And choose media platforms that match the pace of their lifestyle
The ways in which consumers watch current TV shows: Base: 3,032 US online adults; Source: Forrester’s Consumer Technographics® North American Online Benchmark Survey (Part 1), 2016
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Empowered customers follow a complex and fragmented path to plan travel
Top methods for researching leisure travel: Base: 3,032 US online adults; Source: Forrester’s Consumer Technographics® North American Retail And Travel Online Benchmark Recontact Survey 1, Q (US)
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Empowered customers harness new tools to improve financial health
Consumers who have used the following online/mobile money management tools in the past three months: Base: 9,717 US online adults; Source: Forrester’s North American Consumer Technographics® Financial Services Online Benchmark Recontact Survey, 2015
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Empowered customers regard insurers as purveyors of experience
Consumers consider switching insurance providers when the following happens: Base: 3,754 US online adults; Source: Forrester’s North American Consumer Technographics® Financial Services Online Benchmark Recontact Survey, 2015
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Agenda Introducing Forrester’s empowered customer segmentation Understanding today’s most empowered customers Preparing for the empowered customers of tomorrow
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Customers will continue to evolve
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Recommendations Apply the empowered customer segmentation to:
Predict how and why customers will engage with new products and services. Identify which customers are likely to churn and why. Refine investments in digital innovation. Leverage quantitative and qualitative data to anticipate behaviors within each segment, deepen brand relationships, and mitigate churn. Embed insights about customer empowerment across your organization to spark urgency around customer obsession.
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A case study: Bed Bath & Beyond
Base: 13,222 (2015) and 15, 250 (2016) US online adults who shop at Bed Bath & Beyond; Source: Forrester’s North American Consumer Technographics® Online Benchmark Survey (Part 1), 2015 and 2016
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Bed Bath & Beyond customers are migrating to competitors
Empowered customers are migrating to competitors: . . . and shopping online: Base: 13,222 (2015) and 15, 250 (2016) US online adults who shop at Bed Bath & Beyond; Source: Forrester’s North American Consumer Technographics® Online Benchmark Survey (Part 1), 2015 and 2016
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Specific innovations will enhance the experience immediately
Payment methods used in the past three months by Bed Bath & Beyond shoppers to pay for products or services: Base: 15,250 US online adults who shop at Bed Bath & Beyond; Source: Forrester’s Consumer Technographics® North American Online Benchmark Survey (Part 1), 2016
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Micro moments afford new opportunities to expand the brand relationship
Base: 2,552 US online adults who shop at Bed Bath & Beyond; Source: Forrester’s Consumer Technographics® North American Online Benchmark Survey (Part 2), 2016
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End with a short story or analogy
Image source: “The greatest danger in times of turbulence is not the turbulence, it is to act with yesterday’s logic.” – Peter Drucker
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Anjali Lai
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Reports for reference:
“Applying Forrester's Empowered Customer Segmentation” Forrester report “Brief: Introducing Forrester's Empowered Customer Segmentation In Europe” Forrester report “The Rise Of The Empowered Customer” Forrester report
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