6 Ways to Enable Company Growth
More than ever, large global businesses must engage, co-create and develop collaborative relationships with their customers and employees for mutual benefit. Global companies with a variety of customers and employees should want to be transformational -- not just focused on the shareholder.
1: Take a minute or two on the strategy
At the start of the annual business planning process, businesses need to assess which customers promote the continuing growth of the business. An agreed and achievable customer strategy is crucial to the businesses ability to deliver relationship value to its customers.
To implement the relationship building process effectively, a business should always keep this strategy in mind. The task is to build stronger, longer customer relationships that maximizes profitability and increases productivity of staff.
2: Continually add value
Customers expect more and more from businesses these as such it makes strategic sense to continually add value to the service offering while still being able to charge a premium. As part of this step a business wanting to grow their relationships should seek to understand what is deemed important to the customer and then create tailored value propositions for different customer segments.
Conducting periodic reviews of what supplementary services could be added to the organisation’s offer, and how these will increase the value received, and perceived, by customers is now more crucial than ever to business growth and success.
3: Use information for better engagement
As a business gets bigger the need to share information about their customers becomes greater. The knowledge about customers that exists within each employees head is useful and relevant and needs to be captured and actively analyzed to determine opportunities for business development.
When information exists in different, disconnected parts of the business causes a lack of understanding about the customer. The business should have a 360 degree view of the relationship because without that, opportunities have been lost to increase revenue from strategically important customer segments.
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4: Use technology to enable customer focus
Technology is a tool to facilitate an understanding of customer needs that allow businesses to manage customer relationships. A business that assumes that building relationships with customers involves just the installation of an IT system, is a business that generally falls at the hurdles.
A full and thorough investigation and budget for change management, project management and employee engagement issues are intrinsic in any new IT system that the business chooses for managing customer relationships productively and profitably.
5: Monitor performance but make sure action is swift
It becomes increasingly more important to monitor business performance at the various stages of the interaction with customers. Equally important is identifying the key performance indicators at the start of any transaction with the customer that will enable an ongoing relationship to be developed.
When a customer care program has been developed, it is the acting on monitoring information which is crucial to increasing performance standards in customer and employee satisfaction, service quality and supplier performance.
6: Touch-points should satisfy customers not cause frustration
Ensuring that the customer experience is a highly positive one at each of the businesses customer touch-points, where customers can interact with the business through telephone, website or employees, is pivotal. Done correctly, this ensures that a business can achieve strategic objectives, deliver value to its customers, and be perceived the way it wants.
Businesses that intend to survive the global revolution will invest wisely in their talent to enable meaningful dialogues with their customer and employee base.
Lena Benjamin is an Independent Business and Events Consultant working collaboratively with corporate and entrepreneurial clients.
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