The symbol “Rx”, which is customarily written at the top of a medical prescription, is a Latin word meaning “Recipe”. One of the hangovers of these pandemic times is our familiarity with medical lingo.Now that we are raring to re-galvanise our organisations in a post-Covid re-imagined digital space, the success recipe is primarily dependent on the “CX” factor — or Customer Experience.
An unanticipated outcome of Covid is that Quarantine Day metrics like 7, 10, 14 have become embedded in the public consciousness; plus, of course, the social distancing numeric of 6 feet. In the same vein, it may be helpful to prescribe a recipe of “9-letter” ‘buzzwords’ to successfully manage an enterprise (In this piece, such 9-letter words are highlighted for quick reference).
The gospel truth is that business is all about ‘Customers‘ or ‘Consumers‘. And the sure way of gaining a competitive edge is taking customers through a ‘wonderful‘ ‘Xperience‘. Any business to grow consistently, needs to create a differentiated CX, by way of unique ‘solutions‘ which enhances client ‘wellbeing‘.
Let’s simplify the fundas a bit more. The real ‘paygivers’ who sustain an organisation in the long term are neither employers, nor investors, nor bankers, nor shareholders, but the firm’s ‘financier‘ or ‘custodian‘ : yes, the person who eventually pays for products and services. In farsighted firms, the priority extends to another 9-letter resource, ‘employees.’
As consumers become more empowered and share their actual brand ‘Xperience digitally, negative feedback is shared at the speed of ‘lightning‘. In the pre-internet era, it was said that, “A happy customer tells 3 people; an unhappy customer tells 10 people”. Today, an adverse CX, howsoever trivial, will face the wrath of ‘Voxpopuli‘ armed with a ‘cellphone‘. Interestingly, consumers double up as ‘advocates‘, ‘reviewers‘, ‘Youtubers‘… and are ably supported by a mini-army of rebels without a cause: ‘onlookers‘ and ‘catalysts‘, ever ready to join the melee.
However, though in a ‘covidised‘ ‘ecosystem‘, digital appears to rule supreme, physical interactions too will play a dominant role in shaping a joyful CX. A smart blending of the physical and digital interface is essential to create customer-centric ‘bi-channel‘ ‘platforms‘- the buzzword is Phygital.
In high-value purchases particularly, like cars and homes, end-users tend to first prefer digital channels, and later expect seamless transition to a personalised interface. As consumers traverse their buying journey, the company should be sensitive enough to deploy matching ‘promotion‘ channels in order to ‘customise‘ CX expectations.
As ‘e-roasting‘ by prospective buyers turns into a fine art, with Wi-fi transforming into a Wi-fry tool, the message is loud and clear: Get your ‘marketing‘ ‘campaigns‘ ‘finetuned‘ to client’s aspirations. Alternately, be prepared for ‘aggrieved‘ customers, armed with e-Weapons of Brand Destruction.
The business world is replete with tales of astronomical market valuations, dazzling founders and exotic start-ups. But all it takes to choke a firm’s survival are clogged ‘pipelines‘ thirsting for ‘authentic‘ customers. Thus an astute understanding of the changing patterns of consumer ‘behaviour‘ and CX is critical for a company’s growth, albeit survival, especially in a dynamic and disruptive environment.
History is replete with puzzling tales of enterprises falling like ninepins: perhaps, the key growth recipe is a ‘memorable‘ CX business strategy.
An oft-repeated management mantra is, “Business is Marketing”. Now that we are floating in the Cloud-9 troposphere, here is a nano-definition: ‘Marketing‘ is ‘nurturing’ ‘delighted’ ‘customers’ ‘gainfully’ : a 9-letter ‘potpourri‘, of sorts !
Sushil Kumar A Dean-Emeritus – Amrita School of Business | Co-Founder – Grochange Global |