3 tips to increase company value by customer relationsships
Entrepreneurs, today more than ever, face the challenge of establishing long-term customer relationships, as customer experience and a highly integrated, engaging customer base is becoming increasingly important to evaluate companies. As consultant for Business Development and Capital-Fundraising, I often discuss how to set up a customer-centric strategy, that is value-oriented but also feasible in highly disruptive markets.
Chris Brahm, partner of Bain’s Digital practice sees a sees a shift from assets to ecosystems in the firm of the future: http://bit.ly/assets_to_ecosystem
Today, firms are defined by the assets they own and control. In the future, firms will be defined by the ecosystems—the assets and the partnerships—that they control. Due to increasing automation, increasing transparency and intelligence, much lower transaction costs and the increasing value associated with networks, firms will have to focus more on ecosystems in the future.
Most valuable companies like Apple, Google and Facebook have a clear focus on customer ecosystem and customer experience, rather than on assets.
Thomas A. Stewart, former editor of the Harvard Business Review, and Patricia O’Connell, president of Aerten Consulting, present a guide to designing what could be the most critical part of the sales process: customer experience.
Their just recently published book, Woo, Wow, and Win the authors show businesses how they can give customers positive “Ahhh” moments, instead of negative “Ow” experiences. “You’ve got to be able to deliver to your clients or customers at every point on the journey, and on every channel.” –Thomas A. Stewart (http://bit.ly/Customer_Experience_WowEffect)
Entrepreneurs and CEOs of small and medium sized companies can take action to increase the value of their company and set up a customer centric strategy.
1. Empathize with Customers:
Get to know your customer, no matter what your product or service is. Take a deep dive into your customer’s journey and immerse yourself into your customers needs - even if they are unarticulated.
2. Think Ecosystem
Understand the full picture of your customer’s journey - including all stakeholders involved in your customer’s satisfaction. Do not only think about your product or service, but try establish interfaces to services of other stakeholders. This way, you manage the whole customer journey, even if your own company only contributes parts to this journey.
3. Collect Data
Make use of data your customer provides and constantly watch your client’s behaviour. Data gives you the best insights to constantly improve your relationship to the customer.
When starting with simple steps, even small companies with limited resources can create high value increases for their company. Keep in mind, that setting up a customer centric strategy takes time. However, any investment is worth it and will be honored by your investors.
Looking forward to hearing your thoughts.