Reaching customers innovatively
These days business scenarios are changing drastically. Thanks to globalization, businesses have become very competitive, dynamic, compliance driven & the most importantly customer oriented & customer centric.
Customer satisfaction has become the major contributing factor to success in business, where, in competitive environments, organizations are finding new ways and means to achieve it. Earlier, organizations used to compete based on quality, quantity & price of their offerings. Whereas now, competition is based on innovation and how appealingly products are presented to the customer. Organizations take special efforts to create brand awareness in the market.
Innovation has become the key to attract and retain the customer. Innovations can be in different phases of the Business & with different purposes:
- Innovation with respect to the utility of the product offered is one among them where organisations are striving to provide their customers one stop solutions, wherein more features are added to the existing offerings
- Innovation to be an entrant in new market: Were in focus in more on how to customize your offering to the needs and demands of a new market & new customer
- Innovation in increasing the portfolio of the offerings
- New innovative marketing tactics to reach the customers. To find a new route to reach the existing markets.
- New innovative techniques to enhance the product quality
- Innovative techniques to achieve operational efficiency, to make sure that all the enhancements to the offerings not necessarily add up to too much cost.
While all the innovations are meant for reaching the customer, the source for innovation is also the customer. The base for any innovation comes from answering the following questions:
- What exactly the customer wants?
- What else he would prefer?
- How else would he prefer it?
- What can we do to offer all that he wants in the way he wants, without pressurizing his pocket?
- What will make him happy & satisfied?
- And ultimately, what will make him not look for other options (or possible ignore the other options)
The answers to all the questions come when:
- Effective customer feedback is in place. Where customers satisfaction & expectations are clearly captured
- Clear understanding of customer's business or the purpose the offering serves is very important.
- Clear understanding of SWOT of the customer's business is a plus wherein you can target your offering to add on to its strengths, combat its weaknesses, thrive on its opportunities & tackle threats.
And needless to say that it's not just enough to know your customer, customers business & its challenges but, the organization should be well aware of its own business environment. It should be always be ready with the updated technology and people to face changing business scenarios. One more add-on will be to know the competitors well. They have to work to develop the ability to think ahead of its competitors.
Last but not the least; organizations should spend wisely on innovations, especially when operational efficiency has become the trend in global business scenario. Organizations should not merely be focused on innovation, but should give importance to innovating efficiently and effectively--by innovating the way they innovate.