Does the title of today’s blog sound alarmist?
My position at the company I work for enables me to be involved with a large cross section of companies in South Africa – often around digital transformation. Operating in the Customer Experience field, for which I have a passion, I am also continuously monitoring how companies either interact with me or customers in general.
It has become obvious to me that companies that offer the most modern products and services to their customers and aim to be at the top of the South African Customer Satisfaction Index for their industries are doing the best. In other words, companies that are making it as easy as possible, and enjoyable, to do business with them, while offering good product and services as well as pricing are coming out on top.
Conversely companies that haven’t focused on transforming their business models, on becoming digitally agile and are not giving total focus to their customers are losing customers and revenue. Today the time it takes for previously great companies to fail is accelerating with every passing month.
It is really worrying for me to see quite a few large companies and brands in South Africa that are floundering. I am not going to name these companies, but I shudder to think of the jobs lost if they eventually are forced to close their doors.
Transform or die! Business Transformation is No Longer Optional
Ian Golding, an international CX consultant, wrote an excellent article on www.customerthink.com titled “Transform or die! Business Transformation is No Longer Optional”.
I am not going to plagiarise his work and I really encourage everyone reading this blog to click on the link above.
In the article he asks these questions
“Exactly why businesses are struggling to transform themselves is an interesting question. Is it fear of change? Is it arrogance? Is it poor leadership? Or is it simply the case that businesses that were created for a specific purpose at some point in the past, will always get to a point where they are just no longer needed anymore?”
Ian goes on to suggest ten questions that companies need to continually ask themselves to survive, and thrive, in today’s world. Read the article and let me know if you agree with the ten questions.
I don’t know all the answers for a company to thrive in today’s economy, but I do know though, that companies need to be doing at least two things:
Have a fanatical customer obsession making it their mission to make it easy and enjoyable for customers to do business with them.
Do continuous digital transformation to gain the agility needed to cater for the ever-changing customer needs and expectations.
I would be interested to know what you think? Where is your company – is it transforming or is it dying?
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Last year I collated the blogs I had written on Idea Management into an eBook titled “An introduction to Idea Management. If it a topic that interests you, then you can send me an email and I will send you a copy. My email address is firstname.lastname@example.org.
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The views contained in this blog are my own and do not represent the views of the company I work for.