Again, Do You Know Your Customers?

I recently wrote a blog called "Wow Me." which talked about wowing people by showing you understand how important they are to your business versus just letting technology carry the day. Then a few days ago I came across an article that reinforced the need for business, especially tech business, to become more consumer focused. At the end of the article he provides three simple questions to ask yourself, and if you can't answer them, then your business is not spending enough time and money gaining insight into who your customers are.

The three questions are:

-Who are your Top 10 customers?
-Are they satisfied with what you are doing for them?
-Are you satisfied with what they are paying you?


Please enjoy the read at the link below.

www.financialpost.com/small-business/Customers+companies+best+source+cash/3326066/story.html

Search Me

In Razorfish's 2010 Outlook Report , the leading digital agency talks about many trends in the digital world. The one that has moved beyond trend into the new normal is search.

If you have not taken the time to really understand what search means to your business, then do so now. As Razorfish so poignantly says "In 2010, search will become more than just a service; it will be viewed as a necessity. We are past the point where users think about searching. It is now a reflex, and it is an expected part of the user experience — no matter where that experience may be. Social, video, mobile, local and shopping are all tied to search."

GO TO: www.razorfish.com/#/news/press-releases/2010/pressreleases/pr-20100524-razorfish-outlook-report/

Wow Me.

Summer is full of wows like sitting on a pristine lake dockside. However, all year long people are looking to be wowed when they meet you and your organization. Some firms like TD Bank understand this reality so much they have trademarked WOW, which is amazing in itself. In my mind this wow me attitude is driven by the power of technology and how easy it is to make your brand or business shine from the get go. The bar is constantly being set higher by smart phones, and the apps that are driving them.

So what do you do to break the wow factor when you have no new news and really your brand is not all that different from the competition. In my mind you start with your customers and what makes them tick right now. The best way to get people to say wow, is to show you understand them better than anyone else. Your insights should be so on the mark that they think "wow how did you know that?". By better understanding the people that your business depends on, you begin to place less reliance on technology alone being your wow factor.

The amazing thing to me is that people spend tons of capital on technology to stand out from the competition, yet this same technology is being bought by everybody which makes it tougher to stand out on technology alone. Even more amazing to me is that in comparison, very little is being spent to understand what makes the people tick that drive their business. I mean why do people buy the category? Why do people buy the product? What do people want from the ideal product, and can your firm deliver this today? It's great to look sharp but after people get beyond the glitz, what makes your conversation with them worth their while. What makes them say "wow these guys seem to just fit with what I think.".

So this summer I ask you, what makes the people most important to the success of your business say wow! Hopefully it's more than your technology. Hopefully it's that you know them better than anybody else.

Being Social Should Not Be New

As the marketing world grapples with all the new social media tools available, I think we should take comfort in the fact that at a strategic level, being social should come natural to good business people. At its core social media is just about allowing people to engage, share and profile their thoughts effortlessly.



From a business perspective, we need to understand the tools and how our customers are using them, but the strategy should remain simple - engage with people when you have something to say and it's something you think they will really want to hear. Don't abuse the entry they will give you into their network. Different consumers will demand different levels of engagement, so again take the time to understand the people that are critical to your business. Understand how they engage with social media and how they want you to engage with them on it. It is not about having a twitter account and a facebook page. It is about knowing when to engage and having something relevant to say them.



Many marketing service firms are exploring the social media marketplace for businesses. Take the time to meet with one and begin to learn how it may help your business out. Don't be afraid at first to just get into a learning phase and track what people are saying about your firm and industry. Keep engaging on-line to a later date, when you are truly ready to get into a meaningful discussion.



Remember you are successful because you know how and when to socialise with people. This skill will transfer to the social media world as well. If you are patient and engage when you have something to say that you know will be relevant to your customers, research tells us that you will be welcomed and shared amongst their network of peers.

Gain Insight Or Perish

While the title of this blog seems a tad "over the top" as my Aussie friends say, the point should not be lost that if you do not have anyone in the organization that is constantly, and I mean constantly, uncovering insights about your marketplace and your industry then your organization is set up to perish. Are you listening to what is being said about you on twitter or facebook? Are you following global trends in technology, demographics, economics, regulatory horizons, environment and lifestyle? Do you know how these ever changing trends will impact your business today and tomorrow? The attached link to a McKenzie consulting piece is a quick short read that I fully support. Their five global drivers over the next decade one could argue but in general they are great starting points for business leaders to consider and follow.

Simply put, if you are not dialoguing with your stake holders and consistently monitoring your market and industry, how do you expect to be making the strategic changes that are differentiating and relevant.


Click on the link and enjoy the insight.

www.mckinseyquarterly.com/Global_forces_An_introduction_2625

Wake Up Time Again

Several months back I wrote about business in Western Canada needing to change their future global thinking from the mindset that trade goes across the Atlantic ocean and south to the USA. I mentioned that we need to think of Asia Pacific as the "near west" not the "far east" as generations before us did. The growth of many Western Canadian businesses comes from developing markets in Asia not from past models of the 20th century. To act as a rallying cry for the next generation of businesses, three days ago Michael Geoghegan, chief executive of HSBC, delivered a speech at the American Chamber of Congress in Hong Kong that I believe any business leaders must read.

Mr. Geoghegan recently moved his office from London to Hong Kong to visibly send a signal that the western-centric mindset of global business needs to change. The following is the close of his speech and I attach a link to the entire speech at the end of this blog.  This is a sober look at the business world going forward from someone who has a front row seat. Do yourself and your partners a favour - read it.


"To recap, we have already entered a new phase for the global economy. We will see a new set of dynamic economies: the CIVETS joining the BRICs. We will see the rise of a new middle class and the emerging-market millionaire. We will see trade routes continue to shift in direction. We will see emerging markets' financial centers come of age. All this spells the continuing decline of the Western-centric mindset. All this marks a new beginning for the way the world does business. After three months back here, I am more convinced than ever that this is the decade for Asia's economy."


http://www.forbes.com/2010/04/29/hsbc-ceo-asia-china-india-markets-economy-michael-geoghegan.html

.

The Pause That Refreshes

Many of us may know the famous Coca-Cola line a few decades back ..."the pause that refreshes". While this is still very much rich strategic territory for Coke today, the term I believe applies to how all businesses should be looking at the downturn in the past few years.

I have said in past blogs that this slowdown will be viewed by smart business leaders as a time to retool and strengthen not only product portfolios but corporate and brand positions as well. For those readers who enjoy a life line to the oil patch, you may find the attached video clip from McKinsey and Schlumberger's CEO Andrew Gold worth the three minutes it takes to view it. (The entire 6 clips take about 30 minutes if you are interested.)

Mr Gold's line of "This pause gives you an opportunity to get places where you think you've lost it or you don't have distinguished products and services.", proves that even the traditional oil field service industry need to look at business and reposition itself for the environment of the day.

Enjoy the clip.


http://www.mckinseyquarterly.com/McKinsey_conversations_with_global_leaders_Andrew_Gould_of_Schlumberger_2572?pagenum=1#interactive