Tactics for business leaders to navigate the ‘poly-crisis’ - Part 1: Keeping the customer front of mind

The current economic climate in the UK and across the world is turbulent. Inflation remains high, consumer spending is tight, and rising interest rates have put pressure on financial systems who are used to years of cheap money.

In response to this, companies are being forced to adapt new strategies or even adopt new business models.?Some organisations are embracing this uncertainty and transforming their operations, while others are prioritising cutting costs with a view to maintaining growth.

However, for any business looking to navigate the current storm, no matter their strategy, there are some key considerations all should bear in mind to help mitigate risk and stay on track.?

In the below, I’ll be exploring these in further detail, so please do read along and get in touch if you’d like to find out more about how we, at 高知特 Cognizant , can help you on your business growth trajectory.?

Consideration 1: Keep the customer front of mind?

Customer expectations have long been evolving as we all acclimatise to our rapidly changing world. Businesses may well be used to adapting to changing consumer demands, but in the current climate, they must now ensure they can respond to them with greater speed than has ever been required. This means putting the customer at the heart of their business model.?

Great customer experience can mean growth even in a downturn. Businesses urgently need to adopt a data-driven, customer-centric approach to both better understand their current customers and pave the way for future growth.?

The gap between knowing your customer and guessing what they need is a significant point of differentiation for any business, as it shows the business is actively listening and building the experience customers demand – ultimately increasing value of existing customers and retention of them.?

This can be a daunting task as it involves pulling seemingly disparate data that may be siloed in different areas of your business, but this data-driven approach leads to a greater understanding of customer lifetime value, which can be turned into action.?

Combined with a tech stack that's aligned to the customer segments and journeys which are most impactful to the business, this will enable executing on personalized messaging at scale across the entire customer base.?

Constructing and transforming models like this to add value for customers will be crucial if businesses want to survive and outperform their competition.?

Digital Experience Services and Solutions | Cognizant

Thank you for reading. Check in again next week for Part 2 where I’ll discuss the importance of remaining focused and responsible in the face of new technologies.