Adapt to customers’ needs, expectations, brands urged

CURTIS

In today’s digital world, the only way for brands to achieve sustainable growth—and that’s what winning is all about—is for them to continuously adapt and respond to their customers’ needs and expectations.

Brands should change the way they think about their customer. They shouldn’t busy themselves chasing customer loyalty but instead flip the tables by focusing on becoming loyal brands.

We work with our clients to transform them into “living businesses” that seek to do exactly that—unlock growth with relevance and profitably deliver products, services and experiences that are hyper-relevant to customers, even as their context and needs evolve over time.

What we found from a recently launched piece of research from Accenture on living businesses was that when companies adopt new capabilities to become more agile, responsive and innovative in catering to the needs of their customers, they are thrice more likely to achieve above-average revenue and profit growth.

On the flip side, the study said US firms risk losing $1 trillion of revenue if they fail to maintain customer relevance, forcing customers to switch brands.

According to the study, 64 percent of consumers switch companies that no longer meet their needs and one of four customers says he would quit doing business with a company that wasn’t relevant. It is no surprise that research also found that 93 percent of the highest-performing companies prioritize organizing their entire business around customer needs, instead of relying on siloed initiatives to positively impact consumers.

As consumers, we’re bombarded by choice at every turn—promotions in our social feeds, related or suggested product lists on ecommerce sites, and acres of retail space packed with offers. This could be tackled with better advertising and communication.

However, we also face a more regular—and aggressive—onslaught from social upheaval, tension and technological advancements; so much so, it’s come to characterize modern life. This more substantial challenge will demand that businesses use their resources and knowledge to work towards actively improving our lives, rather than simply flogging us more stuff.

For companies to capitalize in this era of hyper-relevance, they need to transform into living businesses.

Defining characteristics of a successful living business include:

– Delivers intelligent experiences through a dynamic understanding of each customer.

– Guided by purpose: Campaigns that embrace a set of behaviors, beliefs and values that align the organization and shape the experiences of interacting with their customers.

– Engages in responsive innovation: Infrastructure and culture are primed to embrace new ideas, behaviors and technologies so they can respond to evolving opportunities and anticipate customer needs.

– Acts as agile organisms: Able to adapt operating models to break down internal silos and deploy the latest technologies to advance performance.

When companies transform into living businesses and constantly adapt, and redefine products and services to satisfy customers today, they are 50 percent more likely to stand firm and succeed in the face of industry disruption. The beauty of focusing on becoming a loyal brand is that everybody wins—as consumers enjoy real-time dynamic and personally satisfying experiences, living businesses achieve sustainable growth.