Business Transformation: Delivering Better Value to Customers
Changing customers are driving significant change in every organization. Innovation has been empowering both the customers & business. Nowadays, customers have become very smart. They have the knowledge of all the data like never before. They have a voice on the web and also have the ability to create pressure on the organizations. This empowered customer is the reason organizations need to upgrade their diversion and convey terrific administration in whatever they do. Organizations can’t stand to disappoint their customers. This has prompted the production of bi-modular innovation- the core program which enables slow and steady customer engagement program which are agile and light.
Today, whether its a small agency or a Fortune 100 company, everyone is undergoing some kind of business transformation. There’s no way around it. The world is changing at a faster pace than ever before. Consumer preferences, needs and wants are evolving. Technology has enabled new ways to do just about everything, including how consumers shop, connect with brands and purchase. Not to mention, competition. Smaller, scrappier players have come into the market and disrupted companies that have been on top for decades.
The success of any business relies upon how rapidly and effectively it reacts to the changing inclinations and desires of its core customers. Many organizations streamline their business procedures and make them significantly more customer driven, unlike others people who are impeded by the looming change.
Successful Organizations reconsider where and how they focus and grasp new types of venture and methods for working. Organizations need to consider three basic areas to drive reasonable change:
- New ways to work: Digital transformations has helped companies take fast move towards an information driven world where each activity is recorded and investigated for significant bits of knowledge.
- New competence: ‘Being Digital’ has opened ways to numerous opportunities drove by coordinated frameworks and trial taskforce. Smart business pioneers have made specialty regions for their organizations, empowering them to gain a significant market share and increase profits in the new world order.
- New Focus: With new plans of action and the pace of progress stimulating with time, the future will be incomprehensibly unique from today. Organizations need to relook at themselves from the future perspective and re-examine regions that will be outdated tomorrow. Addressing themselves about how to deliver value to the changing customers will enable organizations to recognize their concentration zones.
From where to begin all these?
To begin with business transformation the organizations need to take full load of their customers’ requests and desires. When they grasp their optimal customers well, as the first step towards business transformation would be to build the technology infrastructure for tomorrow.
Five ways marketers can prepare for business transformation:
- Predict and embrace change: There’s no doubt that change is happening – fast and merciless – as we watch some brands like Uber and Amazon thrive while others like Blockbuster and Borders have collapsed. A common thread is the way these brands respond to changes in customer preferences – to what ‘the best customer experience’ looks like. Some embrace the new best, while others seem to keep doing what they’ve always done and stagnate themselves into irrelevance.
Businesses need a logical and intelligent way to understand and engage with their markets, to constantly figure out what they need to change and why.
Marketing can help to identify and respond to change by creating virtual world of customer types and the interactions they have with the business.
- Define your customers with personas: A persona is “a fictional individual that represents a group of people with similar needs and behaviours, and aims to bring this group to life.” Customer personas can be created through research, surveys, and interviews of your target audience. That includes a mix of customers, prospects, and those outside your contacts database who might align with your target audience.
- Build a customer journey: after setting up of personas, it’s time to see how they interact with your business. Customer journey maps put the personas into real-world context by visually modelling the steps the customer follows as they find, buy, use or talk about what is being sell.
- Make personas and customer journeys work in the real world: personas and customer journey maps will most likely be created and updated with both qualitative and quantitative data captured from multiple sources. Once personas and customer journey maps are created, people in direct contact with customers need to easily match customers to a persona, to see where they are in their journeys and act accordingly.
- Create a culture of customer experience: The point of having personas and customer journey maps is to support customer-centred decision-making across the business. Once you’ve created your personas and maps, and then made them accessible and easy to use, the next challenge is to motivate people to actually go ahead and use them. It’s important convey that personas and journey maps evolve over time, so everyone’s ongoing participation is crucial for them to be a powerful business transformation tool.
“The future of companies-mature or startups- will be built on a strong foundation of data driven decisions. Every business generates piles of data both internal and external from which it can accumulate plenty of actionable data points. “