3 Options for Business Growth in 2013
3 Options for Business Growth in
As we move into an increasingly competitive and commodity driven 2013 business, especially in the service industry, is struggling for ideas and strategies that will bring about growth and increased profitability.
Here are three main options that will bring about these two outcomes according to Chris Bell Managing Director of Customer Experiences, a company specialising in the development of quality customer experiences.
The number one option is to be the
cheapest. Everyday, as consumers, we are bombarded with
price as an organisations’ only competitive
As a result businesses are coming under increasing pressure on margins.
The fact is that there is always a competitor more desperate to make a sale and a consumer with expectations over and above just price. In today’s market where the novelty of price has long gone the question now is, what else can you offer as well as a sharp price?
The number two option is exclusivity. An exclusive product or service in an economy that is largely made up of businesses that are copiers and followers is extremely difficult.
Business is more aware
than ever that competitors are watching each other more
If they see you are gaining market share due to exclusivity you can guarantee they will be working on copying or developing a product or service that will quickly return everyone to what we call the “world of sameness” a business world that is lacking innovation and creativity.
The number three option is to develop a quality, consistently delivered employee and customer experience.
A recent Bloomberg Businessweek survey revealed that “delivering a great customer experience” has become the new imperative: 80% of the companies polled rated customer experience as a top strategic objective.
Research confirms that companies that
provide exceptional service have a strong competitive
advantage. Customers are prepared to pay higher prices, make
additional purchases, are more loyal and recommend the
business to others. All of this can have a significant
impact on growth and profitability.
This third option is by far the most viable long-term. Up until now business has struggle to understand how to go about the development of a long-term customer experience strategy.
To make this easier Bell has co-founded Customer Experience Management NZ www.cemnz.org.nz a business community dedicated to
providing business leaders with the knowledge, tools and resources they need to grow both customer loyalty and advocacy.
Bell has also created an affordable, fully supported online customer experience development program http://www.customerexperiences.co.nz/customer-ex-online to give SMEs the opportunity to take advantage of this third option.
Three growth options for 2013- the first two are
extremely difficult to achieve. The third is very quickly
becoming the most attractive option.