Rethinking CX. Strategic Decisions For Today
The pandemic has caused rifts across nations and companies alike – as everyone is trying to find stability within the chaos. The year 2020 will be a year to be remembered as not only growing concerns of privacy breeches on Facebook, there is growing discontent across industries. Customers are asking more, and expecting a lot as misinformation ripples through communication for companies and governments responding to the pandemic.
Customers are looking for real relationships, a memorable experience and that smell of a new car for every purchase. Customer centricity is not a new management theory as Jeff Bezos is known for saying customers are “divinely discontent”. I highly recommend reading the 2017 letter to their shareholders if you have not already.
4 Steps to rethinking CX
- Have a transformative vision
- Narrow with a Niche
- Align your communication for stakeholders
- Remap your Business Model
1. Creating a Transformative Vision
Leaders are able to inspire and create energy within employees by providing a picture of a world we want to live in. From greater leaders who have been able to inspire the lives of many, it comes to a shared vision of the world they see, and how you play a part of that vision.
Every product and service a company develops should be align with the companies purpose, as the vision itself should create the pivots for your company. Cash cow operating businesses are great if you are aiming to make the most of our money, but we will start seeing a shift towards businesses who focus on improving our lives in more ways than we can imagine.
Your vision to customers should be compelling to the point the vision itself can create advocates for your future. When your vision revolves around your customers lives and how your company improves them, you will start seeing shifts in their experience as they feel deeply enrooted in the story.
2. Defining Your Focus
To succeed moving forward companies will need to define a new area of focus. Understanding how your customers are within your existing business models will allow you to optimise your channels of communication.
Narrowing within a niche will allow continued efforts of ensuring your current customers are satisfied, while having organic acquisitions at play will be the deciding factor for many businesses. Trying to be a conglomerate can lead to failure earlier as trying to grow a disparate portfolio can eat up your internal resources.
3. Align your communication for stakeholders
The easiest way to understand how your company is consumer centric is by realigning your internal metrics to public facing objectives. Understanding how each department plays apart towards the companies VMOS.
The shifting of communication towards stakeholders will allow you to understand how to address each stakeholder accurately and being held up to your vision. Understanding how you measure and communicate success is a great step to shifting an organisational culture on internal KPIs to a customer centric focus.
4. Reassess Your Existing Business Model
Sometimes in the middle of Chaos, the best strategy is to rethink your strategy. It is better to spend 1 day on rethinking and evaluating your existing strategies, than a lifetime of assumptions. Strategic pivots are a hot take during the pandemic as companies need to reallocate internal resources to better-suited areas. The easiest way to understand how you can benefit your customers is by looking at your existing models.
Utilise the strategyzer tool to map out your model based on existing assumptions, and how you are able to rethink your strategy on capitalising on your customers experience. Start asking departments or internal metrics for information critical to revising business strategy. Maybe one of the biggest problems you were never able to measure your success because it was not being tracked.
For example, every company’s decisions towards spending and investing have shifted. The problem may be in the customer’s decision on investments, not your product or service. A company who has spent years on being a premium may not be around if you are not able to recapture the same need as companies seek cheaper alternatives. The problem is within the customers metric of ROI and if you are unable to prove to them how you bring sufficient ROI – be prepared to lose market share.