Customer Experience: Today's Imperative
Updated: May 7, 2019
Today, most firms are faced with eminent disruption. The marketplace is shifting at a pace most of us have not experienced or seen before. Competition is changing. It is nimbler and more innovative. Pervasive expectations of lower costs, enabled by greater technological capabilities are simply table stakes. And while the economy has improved, liquidity has not returned to pre-crisis levels. Both consumers and businesses remain relatively cautious; in spite of being in one the longest economic expansions in our history.
While it's true "some" uncertainty remains, inaction will cause you to fall further behind your competition. In US football parlance, this strategy is also known as “prevent” defense. Those familiar with America's favorite pastime understand that "trying not to lose" as compared to doubling down on changing the game, typically prevents you from winning. The most likely outcomes are -- missed targets, low to no growth and the beginning of vicious cycle, leading to less customer oriented decisions.
You need to be bold.
Deliberate, customer focused actions can make a tangible difference to your future. Galvanizing your strategic efforts around optimizing your customer's experience will create lasting and differentiated value. Even with all of the missteps that Uber's had over the last 12 months, it's clear that consumers have forgiven them and allowed the company an opportunity to fix them. To their credit, Uber has responded quickly to remedy these concerns.
However, Huber's customer-first orientation often goes against the basic DNA of many business leaders and organizations. Other companies that have also taken “big swings", like Amazon, in favor of a customer centric platform continue to reinvent and revolutionize industries and delight shareholders with strong financial performance. Most important, though, is their number one objective, which is to create experiences where customers feel a sense of "WOW" about the products, services and the company.
Your company's growth can be accelerated through customer centered insights and a potent “go-to-market” segmentation strategy. Couple this with enhanced targeting and a keen understanding of customer level profitability, efficient channel management and an optimized marketing mix.... your formula for success is now operating on all cylinders.
At the end of the day, a company will only grow when it delivers value that is perceived to be better than a competing alternative. By creating new, innovative products and services and leveraging other core strengths, like speed, IP, or superior customer experiences, firms will drive greater brand loyalty and garner higher share of wallet and market.
We're all in the midst of an infection point, the question is to what degree. Each unique situation needs evaluation based on your sense of urgency. Everyday, new technologies like MarTech, FinTech, SupplyTech, AI and Blockchain are changing the game for everyone.
You should consider taking bold actions now; invariably, tomorrow will be too late.