On August 2, Apple became the first U.S. company to reach a $1 trillion market valuation. In doing so, it crossed an interesting threshold once thought unattainable, at least for anything other than a global energy company.
But then again – was anyone really surprised?
Probably not. Apple is unique, after all, a public showcase of thinking differently. From iMacs to iPods and iPhones, the company has been on a journey defined by creativity and driven by innovation.
Apple is simply different.
But so is Amazon. And it’s no coincidence that Jeff Bezos’ company is in close pursuit of that trillion-dollar line. Their own valuation sits at around $424 billion. What’s interesting is that the two companies share similar customer experience keys instrumental to their remarkable achievements. Indeed, what’s most relevant about Apple’s $1 trillion valuation – and Amazon’s pursuit – are the things we can learn from their shared traits:
Culture starts with shared values
The memo sent by CEO Tim Cook after Apple reached the $1 trillion mark is a good example of a positive culture. You can read it here. The takeaway for service managers is how Apple and Amazon executives have aligned the company’s objectives with human values and hopes. This is critical because the digital transformation taking place in the automotive retail industry requires a culture shift inside the dealership. Technology only works if the team members see its value and are dedicated to making the change.
Technology that redefines the customer experience
For Apple, it’s been about design and the creation of devices that feel natural. For Amazon, it’s using data to anticipate behavior and supply the answer. Both companies blend amazing technology with an incredible human experience. This ideal has obvious application in the service drive: using technology to power human interaction is how relationships are made. It’s a vital component within the dealership sales and service cycle.
Create a need
No one told Apple that people would go crazy over the iPod. They noticed how the customer experience of the typical MP3 player was poor and designed an elegant user interface. Amazon didn’t wait for someone to tell them to create Alexa or apply Big Data to the shopping experience. With that in mind, how can service advisors use information and technology to introduce a need, and sell the ‘why’ to customers? It’s a good way to expand RO values and develop a stronger relationship with customers.
Creating a personalized experience
Your iPhone is personal to you. It doesn’t have to be a different colour (though that’s nice!) because the content is what makes it unique. Likewise, the personalization of the shopping experience is where Amazon gets its power. Innovations like recommendations, one-click ordering, anticipatory shipping, and price optimization make the experience unique – and uniquely valued. Creating a similar dealership service experience requires the timely application of knowledge about the customer’s needs. It also requires the building of a culture that seeks to make the experience more personal.
Someday, other companies will reach a $1 trillion valuation, and Apple won’t be alone. Yet what’s fascinating is that Apple’s success was accomplished in much the same way as it would be at the local dealership: through shared values, the application of leading technology and personalization for the customer.
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