Today, most firms are faced with a very challenging business environment –fueled by several macroeconomic conditions, ranging from a lack of liquidity in the credit markets, to lower spending at both the enterprise and consumer levels, and followed by a paralysis of inaction due to all the uncertainty.
The fear to act puts you further behind your competition. A strategy of “prevent” defense generally prevents you from winning. And inaction has never delivered a single business result.
There are few times when a company is at an actual inflection point, where “real and consequential decisions” can make a tangible difference in its future growth, by opting to galvanize strategic efforts around maximizing the customer experience to create value instead of focusing on deep cost cutting measures.
Unfortunately, this often goes against the basic DNA of many business leaders and organizations. However, companies that have taken the “big swing” such as IBM and Apple, for example, in favor of a customer centric platform have reinvented themselves, which has driven substantial customer and shareholder value.
This means driving growth based on customer centered insights from a potent “go-to-market” segmentation strategy, coupled with enhanced targeting that focuses on customer level profitability, efficient channel management and an optimization of the marketing mix to drive revenue and EBITDA.
A company ultimately grows its share of wallet by delivering value that is perceived to be better than a competing alternative. It must deliver new innovative products and services, leverage its core market strengths, and enhance the customer experience to generate higher share of wallet, and greater brand loyalty.
This is your inflection point. Leverage the current environment to make some bold changes to outpace your competition.
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