How can Small Business capitalise on Dynamic Customer Base?
According to a recent survey by PwC Australia, Australian business leaders believe that changing customer demands and preferences will have the biggest impact on profits over the next decade. This response was stronger than other factors such as regulatory change, skills shortages, technology disruption, supply chain distribution, and transition to new energy sources. Customers are becoming more informed, engaged, and networked than ever before, and businesses need to be able to adapt quickly to meet their changing needs. To capitalise on the value of ever-changing customers, businesses can follow three guiding principles to gain a decisive market advantage.
- Re-Imagine Customer Demands:
CEOs are contemplating raising prices and diversifying products. To stay ahead, companies must go beyond transactions. As consumers are increasingly more informed, they have higher expectations, including how a company treats its staff and environment. Businesses must view customers as allies to discover what’s valuable to the market. The contribution of customers can be considerable, including problem-solving and marketing. Smart businesses will see the opportunities of evolving alongside ever-changing customer demands.
2. Reinventing the Business:
Business reinvention is crucial for survival as 28% of business leaders believe their business won’t exist in 10 years. Invest in data and have deeper customer relationships. Remove old silos and ensure the whole organisation works in sync to meet customer needs. Unite every aspect of your business and brand around a single promise for consistency across all touchpoints.
3. Unlocking Benefits Through Strategic Alliances:
To satisfy customer demands and provide greater value, businesses must think beyond their own walls and develop alliances with other organisations. However, creating effective alliances is no small feat and requires the development of new capabilities around how to approach and engage partners, as well as systems to allocate resources effectively.
Customer demands are changing quickly, and it’s up to businesses to decide whether to view it as a challenge or an opportunity. Companies that adapt and evolve around the changing customer landscape will stay relevant and experience growth.