What it takes to win in the age of the customer
14 November 2018
Sharifah Amirah, Chief Client Officer
We live in the age of the customer. With an ability to choose anything, anywhere at any time, the customer has become king of the business universe. Being exposed to an unlimited supply but having little attention to spare, the customer naturally goes for a brand that provides three crucial things: laser-focused personalisation, speed, and consistency of delivery.
This game is led by the “FAANG” group of companies (Facebook, Amazon, Apple, Netflix and Google), that are engaging in the arms race of deep personalisation at the highest speed possible. “Order now, receive today” is becoming a new business mantra. This benchmark has led the customer to not just expect personalisation at speed but demand it. According to recent research by Salesforce, as many as 84 per cent of respondents across both B2B and B2C sectors said that being treated like a person, not a number, was important to winning their business.
More and more companies realise that in order to compete for customers’ wallet share and mindshare, they have to benchmark their customer experience (CX) against the FAANG group. Personalisation is not just an option anymore – it’s the only way to stay relevant in the current economy.
Forrester research echoes these findings: according to a recent report, “competitive strategy can no longer rely on strength at manufacturing, distribution, or information. It’s the Age of Customer and the right CX is the only way to significantly differentiate”.
The right CX, we believe, rests on three pillars – personalisation, speed, and consistency. Advanced customer AI technologies enable you to achieve all three and provide the CX your customers expect today:
- Personalisation is about knowing your customer, understanding them as a human, acknowledging that everyone deserves an individual treatment, and predicting their intent. It is achieved by creating rich AI-driven, human-like profiles.
- Consistency implies merging all your customer data in a single “source of truth” so that a customer receives a seamless service at every touch point. A novel way of doing it is storing each customer’s data in micro-databases instead of one large data warehouse.
- Speed means every employee in an organisation has access to the same source of customer data, which results in a customer getting a highly personalised service in seconds.
We call this new paradigm a customer-first approach. No successful business in the market will deny the importance of putting their customer first. However, a transformation to a customer-first organisation doesn’t come easy. There are several barriers a company needs to overcome to become an organisation that truly puts its customer in the centre and delivers consistent personalised experience at speed.
Helping companies to transform to a customer-first organisation, we have identified three major barriers: operational, commercial, and emotional. Establishing the change journey is about turning internal organisational thinking on its head. Building on many years of experience, Intent HQ will guide you in becoming a customer-centric brand.
Looking to transform into a customer-centric brand? Your journey starts here.