[Guest Spot] - Peter Adams
Business confidence starts with you - what’s your plan?
People, Processes, & Technology.
These are the key commercial elements that can be the master of risk exposure or future reward. Get all 3 right and the sky is the limit. Unfortunately, getting it just a little wrong can create an imbalance that may ultimately lead to economic failure and, or damage to your business and brand equity.
Recently I attended an industry launch of a survey about the attitudes of large to medium NZ businesses in regard to marketing in general, and their 'use of data' in particular. It was quite apparent the 30% that were most confident in their success were doing something that the others were not.
In my experience, the defining factors have always been personalisation of the customer experience (CX) and the use of data. So the staggering revelation was that70% of those taking part in the survey failed to use the data they had captured to develop actionable insights that increased customer satisfaction and retention.
Our Ready-Steady-Grow Formula:
People: Know your customers and train/reward your staff to meet your brand promise of providing them with the products or services they desire. Processes: Create a blueprint for all your activity that defines and supports the customer journey. It starts with the customer, encompasses your suppliers and ends with your stakeholders. Technology: Technology should efficiently support the customer experience and diligently report on activity to enable data analysis to enhance processes and increase profitability.
If you follow this line of business logic; then you have created a flywheel effect. Energy applied in the beginning process reduces over time due to efficient practices for greater return on investment. A cycle of blueprinting business activity data and applying towards continuous improvement and long-term customer retention.
"Show us the colour of your data and let's paint a picture of actionable insights".