Digital Business - lead with experience strategies

Experience leaders & Customer centric companies, have strong business performance? 2.5X Growth, 2.4X - Engagement, 2.1X - Margins / Profitability - a research by Qualtrics. ?

CX is reaching its inflection point, as we approach this pivotal moment, businesses must adapt rapidly to capture the opportunity i.e. Thought leadership on evolution of enterprise transformation by Bruce Temkin https://www.xminstitute.com/blog/history-enterprise-transformation-xm/ ?

Humans are governed by emotions, and are looking for intelligent and human services. As companies develop offerings to cater to the needs, aspirations of the customer, here are some emerging common patterns??:

1. We now live in an experience economy, companies are moving closer to customer #shifthappens
2. Brand, to tell a story to build relationship between product and Customer, Led through Design, and experience!
3. Shift from stability to agility, volatility to vision and drive outcomes

Challenge: With cloud and other opensource technologies, there is increased competition. Companies in the last couple of years have seen Skyrocketing CAC -up to 75%, Multi year payback periods, and GTM engine has become the most expensive part of your business. Also new user retention is one of the most challenging phase, where at average we lose 70% users, between Onboarding, value discover and habit formation. #Fletch

To succeed and edge out the competition, companies need to adopt a digital-first mindset and redefine their business models to be able to meet their customers’ expectations. At the core of this, new lean business models are digital products that create the best possible outcomes & experiences for customers. I.e. freemium, D2C, SaaS, PaaS, PLG, Platform business model.

To Digital - We would explorer ways to develop competence i.e. Technologies, Processes

1. Challenge is turning data into valuable information: The focus shifts to transforming data into useful insights
2. Value of data is in connecting it across silos: The importance lies in integrating data across different departments (bring the operations and experience data together for analysis)
3. Data is a key intangible asset for value creation: Data is considered a crucial asset for creating value.

Method: Once you get it right how do you scale a magical experience. Align strategy with decision making and data, centrally-generated customer research to start with(Federated COE ) and then determine root causes, share findings and develop recommendations for the business, and motivate and influence to define plans and execute on the recommendations.

Technology capabilities using COTS software to deliver OMNI Channel experience:

1: ?Develop Customer 360, to be able to understand the customer journey, challenges and aspirations i.e. personalization, visibility.

We can get insights on the Customer interactions, attitude, behaviors and descriptive data, helping in providing real-time opportunity to nudge and influence. Segmenting and engaging customer proactively by anticipating latent needs, anytime access and also reduce the cost to serve (reduced support tickets, repeat calls).

2: Enabling self-services capabilities for customer(low ticket size offerings) and also reduce time to value (CPQ Tip- Simplify offering's)

Provide access and capabilities for frictionless access to targeted content (based on propensity modelling) and dynamic recommendations, based on behavior segments / microsegment and actions of customer. Typical STP Segmentation, Targeting and positioning get sharper and dynamically resonate with Customer needs and journey.

With Insights into Customer, brand, pricing and growth, develop programs on Loyalty and VOC. Understand latent customer needs and also early signal sensing ( shifts in people's needs and expectations), able to offering New products and be an early mover.

?3: Commerce engine for eco-systems engagement and Smooth interactions and orchestration achieving operational efficiently and cater to new business models i.e. B2B, B2B2C, B2X.

Platform Business - Orchestrate in the ecosystem, Developing Partnership /collaborate, Multi Side market & Exponential Value building of the platform.

These recommendations are useful to improve business competitiveness and get to close to customer's! Develop inbound and Social Marketing capabilities for improved economics.

Track GEM metrics performance indicators, starting with Engagement (Leading indicator), Growth(lagging indicator) and Margins (Synergy outcome).? We can expect improving conversion rates, Cross sell and reduced CAC and improved GTM.

All business is a bet on future human behavior, so leaders need to define whose behavior will change, how, and how that will lead to more revenue. Also strengthening relation with clients and efficient NPD and GTM with deep understanding of customer latent needs, e2e journey, usage, post purchase relationship and ecosystem synergies.