Do you know what your customer wants? It might seem like an obvious question, but it’s one that many organisations forget to ask. When you’re deeply invested in your companies’ culture, output, services, offerings and products, it can be hard to put your head up for another view. Can’t see the wood for the trees? Time to ask: are you in the right wood at all?
That’s why our first commandment, at Magnus Club is: ‘look up’. Look up from your phone and your computer, your spreadsheets and your sales reports. Instead, consider your current customers and your hoped-for customers, and ask: what are THEY looking for? Are you meeting their needs, can you ensure your business keeps up with their changing requirements in the future, and are you communicating that added value effectively?
Then look at other industries and businesses around you – the successful ones – and ask: what are they doing that you’re not? How can you surpass their results with your own approach?
Making this a systemic process in your business has never been more important. For one thing, COVID-19 has accelerated customers’ transition to digital and remote buying, allowing them to take control of finding the suppliers who precisely meet their needs – and switch away from those who don’t.
But perhaps of even more value is the development of the Customer Data Platforms (CDPs) that now allow us to track customer journeys and behaviours at every touchpoint, in greater detail than ever before. That gives us an opportunity to tailor our offerings, our comms and our services in a way that engages customers on an emotional level, making it harder for them to say no.
When you bring that data together across sales and marketing teams, with an Account Based Marketing (ABM) approach, you can develop, and act on, deep insights into your customers’ needs.
You can, in other words, truly understand your customers not only at an industry level, but an account level and even an individual level. And when you understand them, you will identify how to give them what they need – perhaps even before they know they need it.
If all this sounds like a lot of work and jargon, consider this: according to research by Deloitte, customer-centric organisations are a massive 60% more profitable, while an Accenture study showed that 96% of customer-centric B2B customers have higher profitability and 97% grow their market share. Plus, according to a report by Les Binet and Peter Field for LinkedIn, emotion-driven campaigns are seven times as effective as those driven by ‘rational’ messaging.
It’s a simple principle, isn’t it? Understand your customer. But implementing it in a sophisticated, intelligent way could yield immense and long-lasting rewards.
That’s why, for me, these ideas are at the heart of what we do in the Magnus Club: take a step back to clearly see and challenge the status quo; and be inspired by others to adopt the cleverest strategies around you and build on them.
That’s how we make change happen fast. And how we make it last.