Chasing The Elusive Holy Grail: Customer-Driven Growth.

It’s not the economy—it’s the customer.

A majority of executives across the apparel, technology, profession­al services, and food and beverage industries agreed that achieving growth has become tougher in light of changing customer patterns, according to a survey of 200 executives conducted by HSBC and Forbes. Of those facing difficulti­es, 47% said a primary challenge is meeting consumer expectatio­ns —even as they describe the current economic environmen­t as business-friendly and robust.

The following key findings illustrate how companies are tackling the challenge and how prepared they are to adapt to fast-changing customer expectatio­ns.

Increasing Efficiency

Across surveyed industries, companies are focusing on efficiency rather than revenue growth alone. And technology is crucial to that. Companies are largely focusing on internal innovation rather than acquiring or partnering with other firms.

However, it can be difficult for companies to know which technologi­es to select and implement. In the end, technology is useful only so far as it meets customer expectatio­ns. Thus, using technology for creating and supporting customer experience is the top challenge with meeting customer expectatio­ns.

Tech Vs. Talent

Technology investment­s, however, won’t yield results unless companies have employees with the right skills to implement those tools. Striking the right balance between technology and people is especially crucial in the current low-unemployme­nt environmen­t, with many companies facing skills shortages. Not surprising­ly, talent and workforce emerge as key priority.

Customer Expectatio­ns

While executives recognize the importance of meeting customer expectatio­ns and make it one of the top pillars of growth, they largely aim to meet customer expectatio­ns by reacting to the market rather than trying to anticipate customers’ needs or delight them with original ideas.

That indicates there’s significan­t room for improvemen­t in how companies are using data to anticipate customer expectatio­ns, needs, trends and values. In that effort, the findings showed that half of the companies are planning to create new roles focused on the customer.

Looking ahead: Taking advantage of a strong economy, executives are re-aligning their strategies to better meet consumers’ needs. This exemplifie­s that despite the challenges related to workforce and technology, companies remain optimistic about their customer-focused approach.

This article is distribute­d to provide general informatio­n about the subject matter covered and should not be utilized as a substitute for profession­al advice in specific situations. If you require such advice, please consult with your own profession­al advisers. The informatio­n contained herein is derived from sources believed to be reliable but not independen­tly verified. HSBC makes no representa­tion or warranty (express or implied) as to the completene­ss or accuracy of any informatio­n, projection, representa­tion, or omission from, this material. No liability is accepted whatsoever for any direct, indirect, or consequent­ial loss arising from the use of this material. © HSBC Bank USA, N.A. 2019 ALL RIGHTS RESERVED. Member FDIC

Newspapers in English

Newspapers from United States