Do You Have Too Many Customers? This question was posed to a room of about 80 business owners and senior executives. Not surprising, there wasn’t anyone in the audience that said yes. In fact, there was a low chorus of chuckles and incredulity.
The presenter then asked: Are you making too much money? The collective response was the same, but noticeably even louder, with more laughter. The entire audience was fully engaged. EVERYONE wanted MORE customers and money. Go figure!
This presentation was about customer experience and journey mapping – very important topics for all businesses. Yet, it occurs to me that every business owner and executive charged to grow their business might reflect upon these two questions and arrive at completely different change initiatives to generate MORE customers and MORE money. It might be improvements in IT infrastructure, operational efficiency, HR hiring practices, marketing communication, and/or a host of other critical business activities.
Our advisory practice helps businesses to improve “customer-facing” employee motivations, capabilities, and habits, and the company processes and business practices that support customer creation and customer retention. We help sales teams to sell more effectively and all employees to deliver customer services that keep more customers. Many business owners have concerns in this area.
While the challenges (we call them GAPS … hence our company name) vary in each company, it is important to frequently evaluate poor financial performance to determine what is causing the shortfalls.
For instance, if the challenge is weak revenue growth, the resolution of that issue may reside in the sales team, or it may reside elsewhere in the business. It may derive from dysfunctional company hiring or onboarding practices, or order processing procedures. Numerous factors can combine to have a negative impact on customer perceptions of the value delivered.
We believe all business owners need to understand the root causes of underperformance, the resources required to resolve those challenges, and how best to prioritize the resolution of those challenges.
The perspectives of independent expertise can help businesses in this discovery process, and implement specific initiatives that can move the entire organization to being significantly less forceful in answering the two questions posed in this post.
One final question: What are you doing about it?