What can customer experience learn from the debate between Keynes and Hayek?

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What can customer experience initiatives learn from the ongoing debate between Keynes and Hayek about how we manage the economy?

Originally, I trained as an economist (forgive me!). However, recently I saw the video below which I thought was fantastic and encapsulates the debate and the difference between the Keynesian and Hayek viewpoints about how we should manage the economy: Top-Down or Bottom-Up.

Note: I must thank Chris Brogan who brought this video to my attention in his post: I Prefer to Learn Like This.

Boring, you might think. But, bear with me a second as I think this is really interesting as they have made a brilliant video that starts to explain this debate in the form of a rap video. It really is inspired.

Check out the video and then come back and I’ll tell you why I think this is important for business when it comes to customer experience.

Back? What did you think?

Now, my own personal opinion, when it comes to economics, is that no camp is completely right or wrong but that a mix of Top-Down and Bottom-Up is best for managing economies. Most modern economies follow this approach, I believe, but is is the balance, the mix and the implementation where success or failure is defined.

I think the same applies to the design and delivery of a better customer experience or more customer centric organisation. Some people will advocate that Top-Down is best whilst others will argue that everything should be done Bottom-Up. Again, I come down on the side of a mix depending on a number of factors including:

  • Your culture
  • Your industry
  • Your company size
  • Your customers
  • The resources available to you

I, also, don’t think there is or ever will be a right mix or answer. Finding the optimum then becomes a mix of trial and error.

However, I believe the key here is the awareness of the approach that you are taking and the mix that you are using. That awareness will, I am sure, help you see what you are doing right and what you could be doing better to build better, more valuable and more sustainable relationships with your customers through your customer experience efforts.

What do you think?

Thanks to aralbalkan for the image.

Republished with author's permission from original post.

Adrian Swinscoe
Adrian Swinscoe brings over 25 years experience to focusing on helping companies large and small develop and implement customer focused, sustainable growth strategies.

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