Category: Business Vision & Strategy

The Power of Creativity: How to Foster Innovation in Your Organization

Posted on by Denyse Drummond-Dunn

How important is innovation in your organisation? You’re missing out on revenue and growth if it is not one of your top three objectives!

Innovation isn’t just a buzzword; it’s a critical component of success. Companies that embrace innovation consistently outperform their competitors, adapt to changing market conditions, and create sustainable growth.

To truly ignite innovation, organizations must foster a culture of creativity and continuous improvement. In this blog post, we’ll explore the importance of this culture and provide insights, statistics, and real-world examples to help you cultivate it within your own company.

 

The Imperative of Innovation in Your Organisation

Innovation is not an option but a necessity. Customers rarely stay satisfied for long these days and are constantly looking for something better.

According to a PwC Global Innovation Survey, 80% of CEOs believe innovation is a key driver for business growth. This sentiment is supported by hard numbers: Companies that prioritize innovation are 50% more likely to outperform their peers over a ten-year period, as reported by McKinsey.

But what exactly is innovation? Wikipedia defines it as:

The practical implementation of ideas that results in the introduction of new goods or services or improvement in offering goods or services.

As you can see it has ideation as its foundation, which already gives an indication about nurturing it in organisations.

It is usually accepted that there are three main types of innovation: product innovation, process innovation, and business model innovation. Since I always try to take the customer’s perspective, we will be concentrating on product and, to a lesser extent, service innovation in this article.

So, how can you leverage the power of innovation in your organisation to drive growth, stay competitive, and future-proof your business? The answer lies in creating a culture that values creativity and continuous improvement.

 

Creating a Culture of Creativity

There are three main ways you can encourage more creativity in your business. Or should I say there are three ways to stifle creativity if you don’t follow these three rules?

Encourage Open Communication: Open and free communication is one of the cornerstones of a creative culture. Employees who feel heard and valued are likelier to share their ideas and insights.

In a study conducted by Gallup, organizations with high employee engagement were found to be 21% more profitable and 17% more productive than those with disengaged staff.

Engaged employees outperform their peers because they tend to be more innovative, and efficient, and have higher customer retention rates. This illustrates that a culture of creativity isn’t just about generating ideas; it’s about harnessing the collective intelligence of your workforce.

Example: Google is a great example of a company that has understood and embraced this concept. Their famous “20% time” policy, where employees are encouraged to spend 20% of their work hours on projects of their choosing, has led to innovations like Gmail and Google News.

Embrace Diversity: Diverse teams are more likely to generate innovative ideas. We all know that men and women … Click to continue reading

Building Customer Trust and Loyalty: The Foundation of Successful Businesses

Posted on by Denyse Drummond-Dunn

In the ever-changing landscape of business today, one factor remains timeless and invaluable: building customer trust and loyalty.

Trust and loyalty are the cornerstones that sustain a business and drive customer retention, advocacy, and long-term profitability. In today’s competitive market, where options abound, and consumer preferences constantly shift, nurturing trust has become more critical than ever.

 

The Difference Between Customer Trust and Loyalty

Let me start by clarifying the difference between trust and loyalty. Although they are closely connected, they are not the same. Loyalty is faithfulness or commitment to a company or brand. At the same time, trust is the customer’s reliance on its integrity.

So how do you go about gaining customer loyalty and trust? Since customers will not remain loyal to companies they don’t trust, building confidence is the right place to start. And to do that, you need to make customer service a priority.

 

Understanding the Value of Customer Trust

In the realm of commerce, trust is akin to gold. It’s the currency upon which customer relationships are built, purchase decisions are influenced, and brand reputations are forged.

According to the 2023 Edelman Trust Barometer businesses are trusted more than governments these days! Only five countries among those covered in the research still trust their governments more – Sweden, China, UAE, Saudi Arabia and Singapore.

This emphasizes how trust creates a sense of security, assuring customers that they’re making a wise investment. But it is also a huge responsibility for brands not to destroy this trust by actions which are anything less than totally honest.

 

The Elements of Customer Trust

Reliability, transparency, integrity, and security form the core elements of customer trust. Businesses that consistently deliver on their promises, openly communicate their practices, act ethically, and safeguard customer data foster trust.

According to an analysis run by GWI, brand trust plays an increasingly larger role in consumers’ purchase journey. Beyond quality and cost (the biggest influences on purchase), having brands they can trust (32%), that come with positive reviews (31%) and a good reputation (31%) are the next leading incentives for consumers when deciding who to buy from.

Trust is cultivated through actions, not just words, and by exhibiting these qualities, businesses bridge the gap between scepticism and confidence, establishing a foundation for meaningful relationships between brands and their customers.

 

The Impact of Trust on Customer Loyalty

As already mentioned trust and customer loyalty are inextricably linked. Trust fosters emotional connections, encouraging customers to not only make repeat purchases but also advocate for the brand. A loyal customer becomes a brand ambassador, spreading positive word-of-mouth that’s far more persuasive than any marketing campaign.

According to Nielsen, 92% of consumers trust recommendations from friends and family over any other form of advertising. Through trust, businesses secure a loyal customer base that propels growth.

 

Aligning Brand Promise and Customer Experience

A brand promise is more than just a tagline or slogan, it’s a commitment to each and every customer. When businesses uphold this

… Click to continue reading

Top 10 Challenges Facing Companies When They Adopt a Customer-First Strategy

Posted on by Denyse Drummond-Dunn

In an era where customer expectations are rapidly evolving, businesses have finally recognised the importance of adopting a customer-first strategy.

However, despite this awareness, many companies still struggle to fully embrace customer-centric practices. Numerous barriers can hinder the journey toward customer-centricity, impacting both customer satisfaction and long-term business success. In this article, I propose ten reasons that often prevent companies from becoming more customer-centric and offer suggestions on how organisations can overcome these challenges.

 

Introduction

We all know that customers exert unprecedented influence today and that business success hinges on one core principle: customer-centricity. The shift from product-centric models to customer-focused strategies has become not just a preference but a clear necessity for every company aiming to thrive in today’s dynamic market landscape. Yet, despite acknowledging its significance, many organisations still struggle to genuinely embrace customer centricity.

The journey towards adopting a customer-first strategy is not merely about altering a few processes; it’s a transformative endeavour that necessitates rethinking organisational culture, strategies, and operations. These are all covered in detail in my book Winning Customer Centricity: Putting Customers at the Heart of Your Business – One Day at a Time. (Click the link to learn more and get a free download.)

For now, I want to share some ideas on how these challenges manifest, why they persist, and, most importantly, how visionary leaders can lead their organisations to conquer these roadblocks and establish a new paradigm that places customers at the forefront of everything they do.

 

The 10 Challenges of a Customer-First Strategy

As the market continues to evolve and customer expectations soar to new heights, the need for customer-centricity becomes a strategic imperative and a distinguishing factor that separates industry leaders from followers. Here are ten keys to unlocking the full potential of a customer-first strategy.

1. Lack of Customer-Centric Leadership: Without solid support from upper management or executives, initiatives to become more customer-centric might not receive the necessary resources, attention, or priority to succeed.

When executives don’t prioritise customer satisfaction or fail to embody customer-centric values, they send a clear message throughout the organisation that customer-centricity isn’t a core focus for the business. Leadership buy-in is essential for creating a culture that places the customer at the heart of decision-making.

Actions: Host workshops or training sessions for leaders to emphasise the strategic importance of customer-centricity. Share success stories highlighting the positive impact of customer-centric practices on business outcomes. Encourage leaders to actively participate in customer feedback sessions to demonstrate their commitment.

2. Silos and Departmentalism: Departmental silos can be formidable barriers to customer-centricity in larger organisations.

In most companies, departments operate autonomously, focusing on their own goals and metrics without considering the broader customer experience. These siloed departments lead to disconnected efforts and inefficiencies, as well as confusing customer experiences and a fragmented customer journey.

To tackle this, companies should encourage interdepartmental communication, establish cross-functional teams, and align goals to ensure a seamless and consistent customer experience.

Actions: Establish cross-functional teams or task forces with representatives … Click to continue reading

The Customer Retention Goldmine: How to Keep Customers Happy and Drive Exponential Growth

Posted on by Denyse Drummond-Dunn

Customer retention is essential for the long-term success of any business. 

We all know happy customers are more likely to make repeat purchases, provide positive reviews, and refer others to your business. But how do you keep customers happy?

Here are some of the best strategies to retain your customers. Check them out and apply any you are not currently actioning, to enjoy improved growth for your business:

 

1. Provide Excellent Customer Service: This is the starting point if you want to keep your customers happy. Offer fast, helpful, and personalized support whenever they need it.

Respond to inquiries and complaints quickly and resolve issues to the best of your ability.

In fact, go beyond just satisfying them, and find ways to surprise and delight them with a little added and unexpected attention. (more on that later)

  • Customer service is a critical aspect of retaining customers. According to HubSpot research, 93% of customers are likely to make repeat purchases from companies that offer excellent customer service.
  • On the other hand, 33% of customers would consider switching after just one instance of poor service according to American Express.
  • Responding to customer inquiries within an hour can increase customer retention rates by up to 56% (Harvard Business Review).
  • Nearly half of all customers (46%) expect companies to respond to their emails within 4 hours, while 12% expect a response within 15 minutes or less.
  • However, 90% of customers view an instant response as either crucial or very important when they need customer service assistance. Of these, 60% consider instant to mean within 10 minutes or faster.

 

2. Build Strong Relationships: Engage with your customers on social media, through email newsletters, or other communication channels. Show appreciation for their business and make them feel valued. Businesses that build strong customer relationships are likely to see increased loyalty and repeat business.

  • According to a study by Bain & Company, increasing customer retention rates by 5% can lead to a 25% to 95% increase in profits.

 

3. Consistent Communication: Keep your customers informed about new products, promotions, and updates. Regularly engage with them to maintain their interest. Find ways to keep them involved with your brand even when they are not consuming/using it.

  • Consistent communication helps to keep customers engaged and informed about your products and promotions. Brands that communicate with customers regularly witness a higher retention rate compared to those that do not (SuperOffice).

 

4. Quality Products and Services: Deliver high-quality products and services that meet or exceed customer expectations. Satisfied customers are more likely to return.

  • High-quality products and services contribute significantly to customer satisfaction. A study by the Customer Contact Council found that customers who had the best past experiences spend 140% more than those with poor experiences.

 

5. Loyalty Programs: Implement a loyalty program that rewards customers for repeat purchases. Offer discounts, exclusive offers, or points that can be redeemed for future discounts or free items.

  • Loyalty programs can boost customer retention. According to a study
… Click to continue reading

4 Ways to Empower Your Employees to Give Outstanding Customer Service

Posted on by Denyse Drummond-Dunn

If you’re reading this, then you are probably eager to delight your customers and take your service to new heights. Well, you’re in the right place to learn how to give outstanding customer service.

In this article, we will explore four transformative ideas that will elevate your current customer service standards to exceptional levels. Prepare to embark on a journey that will empower your employees, foster customer loyalty, and drive your business towards greater success.

As our customers have found their voice and the power to approve, criticise or question brands and manufacturers, customer service has evolved into a vital aspect of every organization.

And while most businesses see the need for customer service, too many service reps continue to respond using pre-defined scripts and answers. In today’s world of personalisation, this is clearly not going to delight your customers, so a fresh approach is required.

Enter employee empowerment – a paradigm shift that enables customer service representatives to make decisions within defined boundaries, tailored to the customer’s best interest.

While guidelines are still important, organisations should empower their customer service reps to do what’s best for the customer – within agreed boundaries.

So giving employees more say in managing customer connections is good for customers, but it is also good for the company.

Organizations prioritising employee empowerment create a positive work environment, which in turn fosters customer loyalty, and leads to greater business success.

 

The Power of Employee Empowerment in delivering outstanding customer service

Empowered employees exhibit higher job satisfaction, engagement, and a sense of ownership in customer interactions. They are also more likely to take ownership of customer interactions, proactively solve problems, and deliver more personalized experiences. This, in turn, leads to improved customer satisfaction, loyalty, and advocacy.

So what exactly is employee empowerment, you might be wondering. Well, it is the process of granting employees the authority, autonomy, and resources to make decisions and take actions that positively impact customer experiences.

By trusting employees to act in the customer’s best interest and equipping them with the necessary tools and support, organizations can unlock a host of benefits.

It increases job satisfaction and engagement as employees feel valued, trusted, and responsible for their work.

 

Investing in Customer Service Training and Development Opportunities

Perhaps you’re feeling slightly nervous after reading the previous section about giving your employees more freedom. Well, don’t worry; we are not suggesting that you give them a totally free rein.

Embracing employee empowerment does not mean relinquishing control; it means providing comprehensive training and development programs.

These initiatives equip customer service reps and other customer-facing personnel with the skills, knowledge, and confidence needed to handle diverse customer scenarios and deliver exceptional service.

Comprehensive onboarding ensures that employees receive proper orientation, understand their roles in delighting the customer, and are introduced to the organization’s customer-centric values and expectations.

And ongoing training, workshops and online resources are all vital to keeping employees updated on new products, services, and industry trends. They also allow them to … Click to continue reading

Maximising Customer Value: Answering Your Top Questions About Customer Centricity

Posted on by Denyse Drummond-Dunn

As a customer-first strategist, I am frequently asked about customer centricity and the value it brings to a business when they adopt the strategy.

I, therefore, thought it would be useful to share the topics my clients ask me about most frequently and my responses to them. If you, too, have questions about customer centricity, I’m sure you will find the answers you’re looking for below. And if not, you can always DM me.

 

So you have questions about customer centricity?

Good to know! Let me start by saying that adopting a customer-first strategy can be daunting for any organization. You should, therefore, not dwell upon your reticence in the past. However, in today’s rapidly changing business landscape, it is more important than ever for you to prioritize customer centricity.

 

What is a customer-first strategy?

A customer-first strategy is an approach to business that prioritizes the needs and preferences of the customer. It means putting the customer at the centre of every decision an organisation makes, from product development to marketing and sales. Put simply, it involves a shift away from traditional product-focused strategies to a more customer-centric approach.

This means that it’s not just about providing good customer service; it’s about understanding your customers’ needs, preferences, and pain points, and then designing your products, services, and marketing strategies to meet those needs.

 

Why is a customer-first strategy important?

In today’s highly competitive marketplace, focusing on your customers is more important than ever before. You can no longer hesitate. Nor can you not make it a top objective for your organisation.

A customer-first strategy can help you build stronger customer relationships, increase customer loyalty and retention, and ultimately drive revenue growth.

By focusing on your customers’ needs and preferences, you can differentiate your brand from your competitors and create a sustainable competitive advantage. Isn’t that what we’re all searching to do?

A customer-first strategy is important because it can increase customer loyalty and satisfaction. When customers feel that a business truly understands their needs and is committed to meeting them, they are more likely to remain loyal to that business and recommend it to others.

In addition, a customer-first strategy can help businesses identify new opportunities for growth and innovation. By focusing on the customer, businesses can gain a deeper understanding of their market, and create products and services that truly meet the needs of their customers.

 

How do you implement a customer-first strategy?

To implement a customer-first strategy, you must start by understanding your customers. For me, this starts with simply watching and listening to them. I say “simply”, but this is one of the most powerful ways to not only know, but truly understand your customers and how your product or service fits into their lives.

Once you have done this, you can supplement your knowledge, if you have found gaps in it, by conducting market research surveys, collecting customer feedback, and analyzing customer data.

All the information you gather can be used to … Click to continue reading

The Little Known Disadvantages of a Customer-first Strategy

Posted on by Denyse Drummond-Dunn

The business world has significantly shifted in recent years, and I, for one, am excited to see so many companies adopting a customer-first strategy.

However, like any strategy, a customer-first approach has pros and cons. Therefore I thought it would be helpful to consider both the advantages and disadvantages of a customer-first plan.

 

Advantages of a Customer-First Strategy

If you regularly read my posts, you will know that I’m passionate about companies adopting and improving their customer-first strategies. There is so much going for it, as I will explain below.

1. Improved Customer Satisfaction

One of the primary advantages of a customer-first strategy is that it leads to improved customer satisfaction. By placing the needs and desires of the customer at the centre of all business decisions, companies can create products and services that better meet their customers’ needs. This can lead to increased customer loyalty and positive word-of-mouth advertising.

As an example of this, think about Amazon, which is well known for its customer-centric approach. They offer a wide range of products, fast and reliable delivery, and excellent customer service. As a result, they have a loyal customer base and a strong brand reputation.

2. Increased Sales

Another advantage of a customer-first strategy is that it can increase sales. When satisfied with a company’s products or services, customers are more likely to make repeat purchases and recommend the company to others.

This then leads to increased revenue and profitability for the company. Research clearly shows that businesses that excel in customer experience grow more than three times faster than those that don’t.

A good example of excellence is Apple. They focus on creating products that are easy to use and meet the needs of their customers. As a result, they have a loyal customer base and have been able to increase sales consistently over time.

3. Improved Brand Reputation

A customer-first strategy can also lead to improved brand image. When a company consistently prioritizes the needs of its customers, it develops the reputation of a customer-focused organization. This can attract new customers, retain existing ones, and draw top talent.

Zappos is a good example of a company that has built its brand around customer service. They offer free shipping and returns, a 365-day return policy, and a dedicated customer service team available 24/7. As a result, they have a strong brand reputation and are known for putting their customers first. Zappos built a loyal customer base and a successful business by prioritising customer satisfaction, which resulted in it being acquired by Amazon in 2009 for $1.2 billion.

4. Better Decision-Making

By placing the customer at the centre of all business decisions, a customer-first strategy can lead to better decision-making. When companies are focused on meeting the needs of their customers, they are more likely to make decisions that align with their customers’ needs and desires. This can lead to better products, more efficient processes, and increased profitability.

Procter & Gamble is well known for focusing on

… Click to continue reading

How Leaders can Successfully Lead a Customer-first Strategy Adoption

Posted on by Denyse Drummond-Dunn

As a leader, you know that customer centricity is critical to the success of your business.

However, it is not enough to pay lip service to this concept; you must make it an integral part of your company’s culture and business strategy.

In this post, we will explore what customer centricity means, why it is essential, and how you, as a leader, can successfully lead a customer-first strategy adoption in your organisation.

 

Defining Customer Centricity

Customer centricity is a business strategy that puts the customer at the heart of everything the company does. It involves understanding the needs and desires of your customers and then tailoring your products and services to meet them.

Customer centricity is not just about providing excellent customer service; it’s about creating a culture of customer obsession that permeates every aspect of the business. This is why it must be a company objective.

 

Why is a Customer-first Strategy Important?

There are several reasons why a customer-first strategy is crucial for the success of your business. First and foremost, it helps you build a loyal customer base.

When customers feel that a company truly understands their needs and is committed to meeting them, they are more likely to become repeat customers and recommend the company to others. This can help you increase revenue and grow your business.

Customer centricity can also help you differentiate yourself from your competitors. In today’s highly competitive business environment, standing out from the crowd can be challenging.

However, suppose you can demonstrate that you are genuinely committed to meeting your customers’ needs. That’s a great way to distinguish yourself from other companies that are just going through the motions.

Finally, customer centricity can help you stay ahead of the curve regarding new product and service development. By constantly seeking customer feedback, you can identify emerging trends and stay ahead of the competition. This can help you develop new offers that meet your customer’s needs today and tomorrow.

 

Leading a Customer-first Strategy in Your Organization

Implementing a customer-first strategy in your organization requires a significant shift in mindset and culture. Here are the steps you can take to make customer-centricity a reality in your business:

 

1. Start with the CEO

As a business leader, you need to lead by example.

Make it clear to your employees that customer centricity is a top priority for the company.

Set measurable goals and hold your team accountable for achieving them.

This sends a strong message to everyone in the organization that customer-centricity is not just a buzzword but a fundamental part of the business strategy.

 

2. Understand Your Customers

To be truly customer-centric, you need to understand your customers deeply.

This means going beyond demographic data and understanding their motivations, pain points, and desires.

Watch and listen to your customers frequently. Conduct customer research, including surveys and focus groups, to gain insights into what your customers want and need.

Collect the information in a customer persona/avatar template. If you don’t have

… Click to continue reading

The Power of Emotional Intelligence in Driving Business Growth

Posted on by Denyse Drummond-Dunn

Emotional Intelligence, or EQ, has emerged as a critical factor in driving business growth by enabling organisations to develop more meaningful customer relationships.

In today’s ever-changing business environment, organisations seek innovative ways to differentiate themselves from their competitors. While many companies focus on improving their products, services, or technology, the key to long-term success lies in understanding and engaging with customers at a deeper level.

This article will explore the importance of EQ in business and provide examples and statistics from countries worldwide to demonstrate its impact.

 

What is Emotional Intelligence?

Emotional Intelligence is the ability to identify, understand, and manage one’s own emotions, as well as the feelings of others. It involves being aware of and controlling one’s feelings, empathising with others, and using this knowledge to guide decision-making and behaviour. Emotional Intelligence has four key components:

  1. Self-awareness: The ability to recognise and understand one’s emotions and how they affect thoughts, behaviour, and relationships.
  2. Self-management: The ability to regulate and manage one’s emotions, thoughts, and behaviour in response to different situations and challenges.
  3. Social awareness: The ability to understand and empathise with the emotions, needs, and perspectives of others.
  4. Relationship management: The ability to use emotional Intelligence to build and maintain positive relationships with others, including effective communication, conflict resolution, and collaboration.

Emotional Intelligence is increasingly recognised as essential in personal and professional success, particularly in leadership roles. Studies have shown that individuals with higher levels of emotional Intelligence are more effective leaders, better able to navigate complex social situations, and more likely to succeed in their personal and professional lives. Developing emotional Intelligence is a lifelong process that can be improved through self-reflection, mindfulness, and practice.

 

The Importance of Emotional Intelligence in Business

There are several reasons why EQ is essential in business:

Improved customer relationships: EQ enables organisations to develop more meaningful connections with customers by understanding their needs, emotions, and motivations.

This helps companies create more personalised and engaging products, services and experiences that drive loyalty and advocacy.

Better employee engagement: EQ also plays a crucial role in fostering a positive work environment where employees feel valued and supported. This leads to higher engagement levels, increased productivity, and reduced turnover.

Happy customer-facing employees will also give a better image of the company and develop more empathy with customers so they feel valued.

More effective leadership: Leaders with high EQ can better communicate, motivate, and inspire their teams. They are also more adept at managing conflicts.

In addition, high EQ is thought to lead to improved innovation by better connecting with customers, their needs and values.

Enhanced decision-making: EQ helps leaders make more informed decisions by considering the emotional impact of their choices. This leads to more balanced and thoughtful judgments that consider the needs of all stakeholders.

 

Examples of EQ in Action

Several companies around the world have successfully leveraged EQ to drive business growth:

Consumer Goods:

Starbucks is known for its customer-centric approach, rooted in emotional Intelligence. The company’s baristas are trained … Click to continue reading

Post Covid People are Searching for More Meaningful Connection & Engagement

Posted on by Denyse Drummond-Dunn

I know, you probably don’t want to read yet another article about the post-pandemic era. But bear with me; this is about customer connection and engagement.

Since covid, people have changed their perspective on many categories. They have also adapted their purchasing behaviour following lockdown. So this seems to be the perfect time to reconsider our customer-first strategies, doesn’t it?

Up until the covid-19 virus infected the globe, almost every single organisation, big or small, recognised the importance of satisfying their customers. However, most of them were only giving lip service to customer-centricity. Very few were actually going beyond voicing their opinions.

So I have some bad news if you are in this first group and it’s this. Not actioning a customer-first approach in everything you do is no longer an option. You were be called out, most probably very publically online. Customers are sharing their experiences of companies and brands far more than they were doing before the pandemic.

It makes sense. What else did we have to do than surf the internet all day long? And this habit seems to have remained. According to the latest global statistics, back in 2020, the average consumer spent 474 minutes a day on digital media. By 2023, that number is predicted to rise, according to the experts, to 500 minutes on digital media.

Taking a closer look at social media use trends, business owners and marketers can learn a great deal about opportunities to boost engagement and business impact as the new norm continues to evolve.

The article by Business.com lists four things consumers are looking for:

  1. They want to be entertained – understandable when you consider how much time they are spending online.
  2. Unlocking creativity – they are not only consuming content, but they are also creating it in larger quantities than ever before.
  3. They want connection and comfort – people are desperate to overcome their isolation and connect with others, so online multiplayer gaming and chat have surged.
  4. They seek positive content to cheer them up – it’s a natural human response to seek uplifting, inspirational content during difficult times.

If I were to sum up these four desires, I would say that people are looking for more connection and engagement. Exactly what a customer-first strategy provides! But there are things to avoid.

When an organisation decides to become more customer centric, there are many mistakes that are commonly made. This article “7 Reasons for Failure When Adopting a Customer First Strategy” gives the main ones and makes a complementary read to this post.

But today’s world has accelerated the upward trend of the importance of a customer-first strategy and makes it one of the most, if not the most important one for all organisations.

It is no longer the norm, or even the new norm, of successful businesses. It is becoming the make-or-break criteria for surviving the post-pandemic era.

And many companies are already falling behind – fast! It should, however, be noted that for many retailers, the … Click to continue reading

Why a Customer-First Strategy Is Your Best Business Investment

Posted on by Denyse Drummond-Dunn

A lot has been written about the benefits to customers of a company that adopts a customer-first approach. But many companies still don’t understand why it is their best business investment for growth as well.

So I thought I would (once again) explain why it would be a good idea for all organisations to adopt a customer-first strategy.

At its simplest, putting customers’ needs and satisfaction at the heart of a company’s objectives lead to increased loyalty, positive word of mouth and, ultimately, better financial performance.
Additionally, the role of empathy and emotional intelligence in successfully executing a customer-first approach can improve the company’s culture and employee satisfaction.

 

The Proof by the Numbers

Many statistics confirm that the best business investment an organisation can make is to adopt a customer-first strategy:

1. Increased customer loyalty

According to a study by Temkin Group, companies with a strong customer-first culture see an 89% increase in customer loyalty compared to those who don’t prioritize the customer’s experience.

2. Higher customer lifetime value

Companies that put the customer first have a higher customer lifetime value. For example, a study by Adobe found that companies with a customer-first focus see a 41% increase in customer lifetime value compared to those who don’t.

3. Improved financial performance:

Companies that prioritize customer experience outperform their peers financially. A study by Forrester found that publicly traded companies that put customer experience at the forefront have a 19.2% higher return on equity compared to companies that don’t.

4. Positive word of mouth

Customers are more likely to recommend a company to others when they have a positive experience. A study by Qualtrics found that 89% of customers are likely to recommend a company after a positive customer experience, compared to just 11% who will do so after a negative experience.

5. Increased customer satisfaction

When companies prioritize the customer experience, they are more likely to understand customer needs, preferences, and pain points, and design products, services, and experiences that meet those needs. This leads to higher levels of customer satisfaction, which can have a positive impact on the bottom line.

A study by McKinsey found that companies that prioritize customer experience see a 14.4% increase in customer satisfaction compared to those that don’t. Higher customer satisfaction leads to increased customer loyalty and repeat business, which can have a positive impact on the bottom line.

6. Lower customer churn

Another benefit of a customer-first strategy is lower customer churn. When companies prioritize the customer experience, they are less likely to lose customers to competitors. Happy customers are more likely to stick with a company and continue to do business with them, even if they encounter problems or issues. This can lead to increased customer loyalty and repeat business, resulting in increased customer lifetime value. The results are a more predictable revenue stream for the company, driving better financial performance.

Increased customer satisfaction can lead to increased customer loyalty and repeat business. When customers have a positive experience with a

… Click to continue reading

How Your Executive Team Can Ignite Enthusiasm for Your New Company Vision

Posted on by Denyse Drummond-Dunn

Rapid market changes are being witnessed in many industries, forcing many companies to adopt a brand new company vision. Just see how Netflix, Amazon, Google, Facebook and Tesla have reinvented themselves in the past few years.

And we’ve all seen a freshly hired CEO decide on a new or expanded direction for their organisation, in order to make his/her mark quickly.

Of course, some (many?) fail this delicate task, as recently witnessed with Elon Musk for Twitter, but it can be done effectively and painlessly with a bit of thought.

To illustrate how it can be achieved, I will use the example of adopting a customer-first strategy (what else?!) and a 7-step roadmap for the executive team to follow, which will encourage all employees to embrace the new company mission.

 

1. Communicate importance of customer focus

Let’s start with by far the most important point, communication.

The executive leadership team should clearly communicate the importance of putting the customer first and how this approach aligns with the organization’s mission and goals. This should be accomplished through various channels such as company-wide meetings, memos, and emails.

Effective communication is key in getting the entire organization to embrace a customer-first strategy. The executive team should share the reasons why the organization is making this change and how it will benefit both the customers and the company as a whole.

This could include communicating the importance of customer satisfaction, loyalty, and retention, as well as the long-term impact on the business’s reputation and bottom line.

Here are some suggested steps to do this:

  • Schedule a company-wide meeting to announce the adoption of a customer-first strategy.
  • Prepare a clear and concise message explaining why the change is being made and how it aligns with the organization’s mission and goals.
  • Encourage open discussion and answer any questions or concerns employees may have.
  • Follow up with an email or memo that summarizes the main points of the meeting and provides additional information on the customer-first strategy.
  • Continuously measure and communicate the progress and success of the customer-first approach, to keep employees engaged and motivated.

 

2. Lead by example

The C-suite should lead by example and demonstrate the desired behaviors and attitudes towards customers that they want to see in all their employees.

This means actively listening to customer feedback, being responsive to their needs, and treating them with respect and empathy. It also includes responding to customer feedback and addressing their needs.

It’s important for the executive team to be accessible and approachable at all times, and to actively seek out customer feedback and respond to it in a timely manner. This is by far the best way to understand what is going on in the business.

The summary steps are:

  • Train senior management on the principles of a customer-first approach and how they can demonstrate their commitment to this strategy.
  • Make sure leaders are accessible and approachable, and actively seek out customer feedback and respond to it in a timely manner.
  • Encourage everyone
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