The Future Business Formula is my new book that provides insights into the changing landscape of business and how organisations can adapt to succeed.
In this second blog in our series in the countdown to the book’s release in May, I provide an overview of Chapter 2, titled “Customer” – the focus is on the importance of customer centricity in today’s market.
Principle Two: Customer
Formula 1’s response to Covid-19 demonstrated the significance of understanding customer needs and wants. They engaged with Gen Z through esports, resulting in record-breaking viewership. This example shows the importance of listening to customers and engaging in two-way conversations to create an immersive and meaningful experience for them.
The rise of emerging generations and the impact of social media and influencer marketing are major factors driving changes in customer expectations. Companies need to adapt to these changes by thinking about where this generation spends most of their time and driving their services there. As customers demand more, technology is enabling more immersive experiences, leading to the growth of Extended Reality, for example.
Customer-centric organisations need to get closer to their customers by speaking to them and understanding their needs. A relentless focus on customer journeys and experience is necessary to understand and adapt to customer needs. Companies need to compare themselves to the best digital experiences out there and not just their direct competitors. They need to have a rebel mentality to challenge the status quo and innovate.
Creating an intentional experience for customers is key to delivering high-value, complex, and emotional interactions. We’re very familiar with the notion that personalisation and segmentation can be used to create a better customer experience, but businesses need to understand how to truly balance customer insight with analytics to optimise experiences and continuously improve them. Measuring customer experience and satisfaction is key to success, with loyalty being influenced more by poor service than exceptional service.
Chapter 2 of The Future Business Formula emphasises the importance of customer centricity in today’s market. By understanding customer needs and wants, companies can adapt and succeed in a rapidly changing business landscape.
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Read Principle One: Strategy
Read Principle Three: Alignment
Read Principle Four: Leadership
Read Principle Five: Culture
Read Principle Six: Talent
Read Principle Seven: Innovation
Read Principle Eight: Change & Delivery
Read Principle Nine: Simplification
Read Principle Ten: Organisation Design
Read Principle Eleven: Learning
Read Principle Twelve: Measurement
More information on The Future Business Formula