Something that would be defining the next leap .. would be building customer relationship, traditionally we have always thought relationships needed to be built on a face-to-face basis, that is why most of the business in early 90’s and 2000’s the way the company can capture more business is to open more and more branches whether it was a bank, a food joint or a fashion brand each one of them opened more and more branches, lately more and more banks have been closing the brick and mortar branch, food joints move to the model of a central kitchen and delivery at doorstep..
The younger generation is more likely to find and trust information received on the social media, banks started using twitter for money transfer, for me it was a surprise, I never thought it would be secure, the key reason why banks were able to go with this strategy was “business was able to establish a relationship with the customer”.
The game changer would be …Customer Experience…
The customer experience is the key differentiator, the fact today some of the startup were able to make big names because they have a great customer experience, but if they drop the ball, so to speak, on another channel, then all that good work is immediately going for big zeros. The customer would abandon them very quickly, customers simply don’t think about loyalty anymore, so neither should the company, it’s about customer experience and they want better experience every time. The customer of this digital age has the power of greater choice, greater access, and faster, more efficient modes of delivery and service.
What’s next…..Breaking the Silo’s.
Most of the channels of recording customer experience are in Silo’s today, the company don’t share the customer experience their spending trends, interest trends etc. with each other as a result most of the remarkable opportunities goes missing or without much impact. Just imagine amazon, Flipkart and Snapdeal sharing the customer learnings with each other, what a new experience it would be, we would be able to guess what would be the top selling products in the market this season. What product would take off and what would not, the opportunities are limitless.
Most of the changes that are happening in the digital marketplace are happening in isolation of the customers, customers are not involved. The proposed solution is to Break the Silo’s as the customers don’t use a marketplace in isolation they use it as an integrated shopping avenue, In case I want to buy a mobile phone I may go to Flipkart, if I feel like buying a shoe I might go to amazon both sell both mobile and shoes, customers choose the channel depending on the number of factors such as time constraints, availability and likelihood of getting a good deal.