How Close Is Your Business Really to Your Customers?
Do you remember the last time you were wowed by a business you purchased from? How about a bad experience? For a moment we’d like you to contemplate how your customers truly feel about the way your business serves them.
A recent article from the Australian Financial Review (AFR) highlighted the impact of customer loyalty programs in the consumer retail market and how they helped Myer overcome significant challenges. The principles discussed in the article apply universally to all businesses because they hinge on connection, understanding, and action—key elements in our daily lives. Yet, companies often forget to apply these basics to their customer interactions.
Businesses thrive when they know their customers exceptionally well, understand their specific needs, and solve their ongoing problems.
As noted in the AFR article, "It doesn't matter whether you're selling an airline ticket or a dress, all the principles are still the same. But what's really important for us is scalable data and customer loyalty, which are exactly what we need to lead us to our next growth horizon."
This insight underscores the importance of deep customer knowledge and engagement.
We began this blog by asking you to contemplate how your customers truly feel about the way your business serves them. Now, let's delve into some key questions that will help you assess whether the business has a strong customer focus. We believe that if you’re able to action these disciplines, the outcomes will be positive from a customer satisfaction perspective,
Gathering customer data
Collecting comprehensive data about your customers, including their preferences, behaviours, and feedback, enables you to tailor your services to meet their specific needs more effectively.
Sharing customer data across the business
Transparent and accessible data sharing ensures that all departments have a consistent understanding of customer needs and can collaborate effectively to enhance the customer experience.
Sharing customer "learnings" across the business
Regularly sharing insights and lessons learned from customer interactions fosters a culture of continuous improvement and innovation, helping your business adapt to changing customer demands.
Proactive conversations with customers
Initiating and maintaining open dialogues with customers helps you anticipate their needs and address issues before they escalate, demonstrating your commitment to their satisfaction.
Managing the range of stakeholders within a single customer up and down their organisation
Understanding and engaging with all stakeholders in your customer's organisation ensures that your solutions are aligned with their broader goals and objectives, fostering deeper and more strategic relationships. Remember, there are MANY people in a customer’s organisation (for B2B clients) that are impacted by your service delivery.
Understanding what customers value
Identifying and delivering the specific value that your customers seek helps differentiate your business from competitors and reinforces your role as a trusted partner. Your service delivery MUST meet their NEEDS!
Leveraging your suppliers to pass on value to your customers
Collaborating with suppliers to enhance your offerings can lead to improved quality, cost savings, and innovation, all of which benefit your customers and strengthen your value proposition.
What conclusion did you draw? How is your business performing in these high-cut-through tests?
As business leaders, we must remember that focusing on customers is not just a strategy; it's a necessity for survival and growth. Customers are the lifeblood of every organisation. Without them, there is no business. By making advancements in understanding and meeting customer needs, you set your business up for sustained growth and success.
Challenge yourself and your leadership team to deepen your customer relationships. Ask the hard questions, seek out the data, and act on the insights you gather. Double and triple-check how much collaboration and customer information and learning are being shared across your business.
At Visage Growth Partners, we can help you build and implement strategies that bring you closer to your customers and ensure long-term success. Contact one of our growth advisors today to transform your customer relationships and drive your business forward.