The Invisible Throne in Your Boardroom
Business success is no longer dictated by your efforts to make customers loyal to your company or brand. It is dictated by your ability to make your company loyal to your customers.
In yesterday’s world, the price, image and quality of the products and services you offered were typically the main drivers of customer decision-making and satisfaction. Today the characteristics of your offer are equally or less important for your long term success than how you approach consumers as they research, buy, use, renew or cancel your products or services.
The swift adoption of mobile technology has made everyday life of consumers intertwined with the digital world. Technologies like smart devices, connected things and mobile applications has opened up new ways for consumers to engage with brands, services, locations, people and networks. Consumers today have full control of their interactions with companies, access to a plethora of information, platforms to critique your company publicly, channels to precisely price your offer, ability to buy anywhere and change supplier in an instant. This digital revolution has made consumers more powerful than ever and competitive threats from fast-moving players bigger than ever. Failing to comply is the surest path to decline as your company’s faith can be defined in a matter of months.
To come out at the winning end, business strategies need to take on entirely new forms. Instead of top-down directives to inform your growth strategy, success in business today means understanding the consumers you seek to serve and unlocking value opportunities in lock-step with what they want, do, think, feel, need, and wish for. There is an invisible throne in your boardroom and it is owned by your customers.
The challenge to gain a competitive advantage and thrive as a company today is balancing the value you could add to your customers’ lives with the business risks and costs of doing so, while effectively utilising existing company assets and attuning organisational capabilities. Are you ready to make it happen?
This publication dives into the key business challenges and strategies in an age where digital technology and consumer behaviour has dramatically changed the rules of the game. Stay tuned.
