It can be easy to get caught up with all the different theories and perspectives of how to run a business – and what opportunities you should pursue and implement for your own organisation. Devouring and implementing too many “best practises” can often cause a swinging pendulum scenario, where you swing from one extreme to the next with no real understanding of the implications of what you are doing.
Understanding data
It’s important to collect data and analytics on both your business performance and marketplace trends. But the return on investment can be limited when there is a lack of understanding of what the business should be listening for. Or even when the information is gathered but not digested and applied. This is often the outcome of not having the proper processes in place to decipher what is actually important for the company’s growth. Which can result in making an ineffective decision.
If a company can lay out a strategic plan and goals, they are able to then look at ways to better improve their product or service. When reviewing solutions, it is important to separate when to react immediately versus when to find a long term solution. Customer feedback tools can often help identify what it is customers want, helping businesses have a pulse on that arm of their business.
"A business with too many unhappy customers cannot continue to operate at
a profit, which is why it is important to keep a pulse on what
they think and feel about your brand."
Giving people what they want
Customers can often make or break a business. A business with too many unhappy customers cannot continue to operate at a profit, which is why it is important to keep a pulse on what they think and feel about your brand. However, there is a line that needs to be drawn when it comes to being customer centric.
Some businesses have been known to invest in every customer desire, but in the process lost sight of what their company is actually about. This leads to money wasted on things that actually had no impact on the success or otherwise of their business. For example, if a customer complains that staff members don’t smile enough and the business throws money at training for said employee, they are not actually addressing the root cause of the problem. Businesses need to manage the relationships they have with all stakeholders – an employee may not be smiling because they feel undervalued and lack motivation.
True needs – what makes people tick
Organisations that have a true understanding what is going on both internally and externally often have a better sense of what customers (and their employees) actually need, as opposed to what they want. As a result, they understand that they don’t have to go to extremes, bending over backwards to make a single customer happy. Treating customer service as an opportunity to build customer loyalty can transform complaints into a solution that benefits the business.
These organisations can look beyond the stated needs and see what has not been said. This leads to more accurate insight and directs where to invest their resources to optimise the business – meeting both strategic business goals and customer experience, which go hand in hand. Thus, they are able to balance the pendulum.
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