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Business Continuity: How To Keep the Customer Connection Alive
We find ourselves in unprecedented—certainly, the word of the year—times. Was your company prepared for employees to work from home? Did working from home further disrupt business on top of the windstorm 2020 blew our direction? While Americans and those around the globe manage working from home and the slow return to the workplace, we all would do well to reflect on and capture lessons learned. And, in the rush to return to normal, let’s all take time to consider what is worth hurrying back to. In business, leaders will benefit from reflecting on how these changes—shutdowns, communication changes, working from home—have impacted their relationships with their consumers and consider…
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The Customer Experience’s impact on Customer Churn
Successful companies make it a strategic priority to retain customers because they know retention has a significant impact on their bottom line. When considering a company’s assets and liabilities, customers should be viewed as the greatest ‘asset’, and diligent work and time should be dedicated to making sure losing customers doesn’t hold much weight on the liability side of the balance sheet. The Cost of Churn Loss of revenue When a company loses a customer, there is the obvious loss of their business, which includes any immediate loss to a company’s revenue, the loss of what could’ve been that customer’s recurring business, and the potential loss of a referral. Lost…
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Considerations, Risks, and Benefits of Digital Transformation
A strong digital transformation strategy to usher a company into the digital age is critical for the company’s legacy. While digital transformation is not a golden ticket to success, it is necessary to compete in today’s environment. “Digital” is a way of working. This three-part series on digital provides insight on the following: Why organizations hesitate to go digital Consequences on not going digital Considerations, risks and benefits of digital transformation — There are clear benefits and risks to going digital. Benefits: Going digital allows companies to offer a personalized, connected customer journey Technology will continue to change, and today’s upgrades are much more fluid than legacy systems Systems are…
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Consequences Of Not Going Digital
Digital transformation is not a one-time thing. Instead, ‘digital’ is a way of working. This three-part series on digital provides insight on the following: Why organizations hesitate to go digital Consequences on not going digital Considerations, risks and benefits of digital transformation — We live in the fourth industrial revolution, the digital revolution. This era represents the combination of new technologies, and technology-enabled era does not discriminate; all sectors of the economy are being disrupted, which causes customer preferences to shift and expectations to meld together. Companies that choose not to ‘go digital’ are not able to quickly adapt and are not able to provide expected customer experiences. Examples of companies…
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Why do organizations hesitate to go digital?
Every company wants to go digital. But, what does that really mean? To some, digital means using the latest tech tools. For others, digital is how a company connects with customers and the available capabilities on any given device. And to others, digital is simply daunting and maybe even threatening. “Digital” is more than a definition, and it is certainly not a destination. Instead, it is a way of working. This three-part series on digital provides insight on the following: · Why organizations hesitate to go digital · Consequences on not going digital · Considerations, risks and benefits of digital transformation — So, why do organizations hesitate to go digital? “Going digital” is…
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Tips for a Successful Digital Transformation
Wikipedia defines digital transformation as “the change associated with the application of digital technology in all aspects of human society.” This broad definition covers both social as well business aspects. Consider the five tips below to promote a successful digital transformation. First and foremost, understand your digital transformation objectives and create a strategy, marrying business and technology in the final deliverable. As you build out a strategy, research industry and non-industry trends as well as the key technologies to bake into the final plan. Also, consider what risks leadership is willing to take before, during, and after executing the plan. As you build out a strategy, consider the current customer experience…
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Don’t forget about the 50’s & Up
While Millennials and Generation Z are often in the spotlight, those above the age of 50 shouldn’t be overlooked. Generation X consists of individuals born between 1965 and 1981, they are considered a transitional generation sandwiched between two larger, louder generations, and as children, they were defined by terms such as “slackers” and “latchkey”. However, while a smaller population, companies still need to keep an eye on this group, as they are in the prime time of their income and according to American Express, they have more spending power than Baby Boomers and Millennials, even if it is heavily influenced by their Generation Z children. When it comes to customer experience, Generation Xers value…
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Love ‘em or hate ‘em, The Millennial Generation Continues to be King
The Millennial generation will continue to be a topic of interest in 2018 and beyond, as they are “on the cusp of surpassing Baby Boomers as the nation’s largest living adult generation, according to population projections from the U.S. Census Bureau.” (Pew Research) While the characteristics of Millennials cross a broad spectrum – narcissistic and lazy to open-minded and receptive to new ideas – the fact remains that they have and will continue to have incredible purchasing power. In fact, in 2017, Forbes estimated it at $200 billion dollars! As the soon-to-be largest adult population, this generation not only holds their own purse strings, but as they take on leadership…
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It’s all about them Gen Zzzz’s
It’s time to stop talking about millennials – or if you are a millennial, it’s time for the attention to finally shift – because Generation Z is entering the marketplace with a unique set of expectations and characteristics. Generation Z is larger than the Baby Boomer or Millennial groups, making up 25% of the population, and even though they are between the ages of 4 and 24, they have incredible buying power because of the influence they have over their parents’ buying habits. This buying power will only increase as they age. Additionally, Gen Z doesn’t even have a memory of dial-up, life without a cellphone, or the inability to…
