Mediameme

I was just re-reading about Bear Stearns remarkable collapse with today’s indictment of two managers, Matthew Tannin and Ralph Cioffi, who quite frankly should have known much better than to share private thoughts via email. Because, apparently unlike their employer, email is forever. Think twice before you create any digital communication and, if you wouldn’t want a Federal judge listening to its contents, you probably should send/post/publish it.

What is astonishing to me, though, is not so much the stupidity of these two managers, but rather the extraordinary speed of Bear Stearn’s collapse. Here was an 85-year old, independent investment bank with assets in excess of $400 billion, paying their counterparties, executing trades and, according to their CEO at least, making money.

Until a Tuesday in mid-March when an email was issued from another Wall St institution, Goldman Sachs, to its hedge fund clients that called into question Bear Stearns’ liquidity. There weren’t any specifics or facts offered to make such a stunning accusation, but, apparently, it was enough that Goldman was asking the question. Within days, not weeks, not months, but from Tuesday when the email was sent to Friday when Bear Stearns had secured $30 billion in funding from JPMorganChase and the US Government, their stock went into freefall. Game over.

Companies in sectors like financial services, technology, even media have always been about the confidence they publicly present. But once the confidence evaporates, so too does the business. Business is a competitive sport and certainly not for the faint of heart.

Thinking about exceptional experiences, I am drawn to the companies who are the proverbial ‘poster children’ for delivering on their brand promise: Apple, Nordstrom, Whole Foods, Google and BMW.

Like many people, I am a blend of logic and emotion when it comes to the buying experience. I want value for money but also something that I can get excited about and look forward to experiencing, particularly if I’m paying a premium for that product or service or brand association. So how to define my experience with their brand that was truly exceptional? And were there other examples I was overlooking? I went “old school” to the SERVQUAL dimensions developed nearly 20 years ago by Valerie Zeithaml and associates:

1. Understanding. The company needs to do their homework and understand what consumers (will) want before designing a product or service. Who knew we needed another device to play our music on-the-go before Apple launched the i-pod?

2. Communication. Listening, clarifying consumer needs and setting reasonable expectations for delivery. And then exceeding the communicated objectives in a delightful way, demonstrating the company implicitly understands the first criteria: understanding of what the consumer wants.

3. Accessibility. Whether it is the web site that is easy to navigate, a store that is open during hours convenient to customers (rather than a balance sheet) or a brand representative who is approachable, knowledgeable and trustworthy, being accessible is an important part of any exceptional experience.

4. Security. Maslow had to enter into this somewhere. Providing freedom from danger, risk, fear or doubt. Consider it conversely: could an experience be exceptional without this dimension?  Whole Foods understands the significance of this particular dimension.  Through education, it is waging advocacy campaigns warning consumers about the dangers of genetically-modified food, demanding all milk products be labeled if they contain r(BGH) and promoting locally-grown products.

5. Credibility. Do I trust this brand? Was the experience honest? Believable? Authentic?  Google is a terrific example of this important dimension.

6. Respect. Anyone who knows me  IRL, knows this is perhaps THE most important dimension to me. Are the representatives friendly? Courteous? Considerate? Does their copy (user manual, web site, print advertising) help or hinder the user experience with their brand?

7. Competence. ‘Nuf said.

8. Responsiveness. Prompt service. Calls are returned. Problems are dealt with as a priority until they are fixed to the customer’s satisfaction.  Nordstrom wrote the book on this subject.

9. Reliability. Does the service or product perform the promised service dependably and accurately?  Gotta pick BMW as the classic example here.

10. Product or Environment. What is their store environment like? Is their product well-designed and user-friendly? Does it put a smile on your face to interact with the brand?  Apple.  Again.

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Does this model work for you to determine an exceptional experience? Why or why not? What is your example of an exceptional experience?