A lot of companies struggle to close deals not due to defects in product, pricing, market relations or sales savvy, but due to an imperfect understanding of the customer. A global study conducted by the strategy unit of PwC on one-hundred and sixty-one executives has revealed that majority have claimed business success when adopting a closer customer strategy. First of all, companies must accept that innovations are continuously possible as long as they have a relevance with the audience as achieved by Uber, whose success further fuelled Lyft, Haxi, BlaBla Car and Sidecar. Granular business intelligence must be procured about customers so that informed decisions may be made. The customer outlook must be streamlined with the overall corporate strategy. Those customers must be targeted, who are realistically convertible. Customers must be treated like assets, who on nurturing while grow in value. The entire ecosystem involving buyers, vendors and suppliers must be leveraged. Customers must be able to experience a smooth omnichannel experience. This should lead to excellence in delivery of services. Any organizational transformations need be done with the customer as central to plans. Finally, a corresponding company culture must be fostered to align with the customer strategy.

Source:https://www.strategy-business.com/article/10-Principles-of-Customer-Strategy?gko=083a5

Uploaded Date:14 December 2017