Since the publication of Theory of Buyer Behavior, with John Howard in 1969, Jag Sheth has been at the forefront of consumer behavior research. At the 2016 Summer AMA Conference, Sheth offered some insights as to what companies are getting right and where they may be missing the mark when working with their customers.
See the full interview below
Sheth pointed out that companies have clearly become more sophisticated in their use of analytics and customer lifetime value. "For companies like Kroger, for example, the lifetime value may be $500,000. Customers have also learned that not all customers may be profitable," said Sheth. On the other hand, companies, Sheth suggests that many companies seem to be stuck using an outdated definition of family. Sheth referred to family units that seem to be more like cohabitants of a home, coming and going with less interaction. "The kitchen is now a nerve center, " Sheth explained. With almost every appliance in the kitchen communicating with home owners' phones, cars and computers, spouses and children no longer need to talk to each other in order to build grocery lists of the past.
Technologies like Alexa are making this phenomena even more convenient ensuring that everyone has the privilege of an assistant. Sheth said, "From the time I wake up in the morning there is a personal digital assistant who tells me what I need to do."