Evolving customers require new approach

IF you still think your business model is B2B (business to business) or B2C (business to customer), get ready for a paradigm shift.

With the emerging technological megatrends, often described as a digital tsunami, these business models no longer meet the needs of the sophisticated, technologically aware and empowered customer.

It will change the way leaders craft strategy, develop products and market to consumers.

It will require a shift in thinking, support processes and communication with customers.

The executive mindset must move from the certainty of the known to the courage and vulnerability of the unknown, where many questions are still unanswered.

The challenge for business is to allow customers to buy in a way that suits them.

Omni-channel strategies to micro-segments are the new way of thinking about service delivery.

Customers want multiple options that are mobile and interactive and blend both online and face-to-face.

The role of the customer has changed from being passenger to a co-driver on the journey to success.

They are now co-creator, collaborator and critic.

Businesses can no longer control communication and customer feedback through closely regulated channels.

The two-way conversation has become a multi-faceted network conversation between the supplier, the customer and the customer’s network.

The conversation about the quality and experience of your offering will often take place before you have had any direct contact with them. This makes reputational management across networks a strategic imperative.

According to the KPMG 2015 Global Consumer Executive Top of Mind Survey, consumer trust has emerged as a key driver of bottom-line growth.

Customers want transparency, honesty, authenticity and competence in the brands they engage with.

Consumer trust will reflect through the manner in which you engage with them, the consistency of your service and the quality of the relationship you build with them.

Listen deeply to your customers through all social and direct channels. They are your best source of intelligence and will more likely support you through lessthan-perfect delivery if they feel seen and heard.

How you deliver on your promises and engage with them will become more critical to your bottom line.

Altogether 63% of customers refuse to buy from companies they do not trust.

When they do trust, 68% will actively recommend that company to their network, which in the world of social networks could mean thousands of contact points.

You create trust through the quality of your people, the consistency and quality of your offering, and the manner in which you engage with your customers.

Invite collaboration through the value chain so that customers become your marketing via word of mouth, your R&D department and your greatest form of competitive intelligence.

Ensure an integrated message via all your communication channels where you skillfully and intentionally engage with customers rather than broadcast to them, assuming that they have heard and understood.

This model could possibly be described as a B2C2C2C model.

It is the agile and adaptive leader who will ride the wave of change.