By 2020, customer experience will be more important than price. Businesses will remain cost aware but stuttering customer service won’t be tolerated.
Why? We live in the age of the customer. Digital innovation has not only made it possible for businesses to deliver more, it has meant that customers know more and expect more. It will no longer be enough to meet customer expectations but to predict them. What does that mean for your manufacturing business?
- Adapt or Fail
To stay relevant in the future, you have to start now. Many companies are already laying the foundations. Others are stuck in the past and assume that high quality and good prices will be enough to survive. That isn’t the case. Imagine one of your customers decided to give another supplier a go for any reason at all. Now imagine the other supplier already has the systems, processes and data use in place to not only meet your costs, but to provide your customer with an experience that makes their own job easier. How much more can you discount your cost to compete? And at what point would you really just be buying business?
- Observe (but act)
Look around the manufacturing industry and you’ll hear talk of Industry 4.0, intelligent factories, artificial intelligence, robotics, cyber security, digital strategy, digital skills, simulation, cost reduction and automation to name just a few! What are your competitors already doing? What are other sectors within manufacturing doing? Are there any insights there worth exploring? Observe now and get a feel for what progression looks like for your business, then start board level discussion about it.
- Big Data is Key
Data is only as helpful as the insights it can provide you with and you can only see the most valuable insights when the whole organisation’s data is brought together to provide a full picture. A set of data on its own can tell you a few things and could mislead you; wasting time, resource and opportunity. Data in context tells the truth and helps you to meet customer expectations with better products, services and prices.
- IT has never been more important
Who leads your IT strategy and how important is it to the board? It’s crucial that digital innovation is not seen as back office issue focused on operational efficiencies. It’s a culture that threads through every facet of your company empowering employees at all levels of the company.
- Start at the beginning
If you are a business trading on customer service and value, what are you currently doing manually that is slowing down your progress? How informed and effective are your client interactions? Are you turning information across the business into strategic opportunities and how are you currently going about that? Is there a better way? There is no point investing in any platforms, processes or equipment until you have answered all of those questions.
Take some time aside with your team and consider your current efficiency and effectiveness. Get an outside view of your systems, processes and corporate objectives. If you are looking at new systems, look at the bigger picture of integration of where you are now and where you plan to go. Scalability is crucial.
Once upon a time, in a land pre-digital, B2B data was a longed for resource.
Fast-forward to 2017 – data and technologies to handle it abound. So, why are senior marketing leaders still dissatisfied?
A new study commissioned by the Martech Industry Council has highlighted that 25% of businesses are using over 20 tools to handle, process and use the data available to them. No wonder they’re frustrated! That alone is a huge waste of precious time and the silos enormously restrict the ROI.
How many marketers want to spend hours of their working week managing databases? According to the research, only 11%. So, at best, you could find your business data relegated to the ‘chores’ list.
60% of marketing leaders are asking for a more accurate understanding of the buyer persona and person most likely to buy. It’s worrying that 60% don’t feel they have that currently. But it’s not surprising. Data sitting in separate systems doesn’t tell you enough. It’s only once data is brought together into an integrated platform that it can tell you a full story about your buyers.
75% of those surveyed said they’d like more time to develop and launch new campaigns. Tying in with problem no. 3 above, this suggests that marketers have to make assumptions about their buyer personas in order to get campaigns out within a time-frame. And as we all know, assumptions can be costly.
Here’s the solution:
In one word, integration. To be able to get truly actionable insights from data, it needs to be part of an ongoing loop that does the work for you. For high-value products, the sale is dependent on a good journey from lead to conversion and then retention. Actionable insight from data helps marketers to identify what works at what stage but it only becomes actionable when it takes customer behaviour from other departments into account.
High-value product or service marketers know that good quality leads are their primary goal. To get those leads, you need to know what leads have previously converted and what the characteristics are of the ones that went on to become the most profitable for your business.
Since it launched in late 2016, Dynamics 365 has been described as a game changer for operational efficiency and customer experience. For the first time, the full workflow is on one system so that every interaction is informed, and every sale is creating data and insight to fuel the next wave of marketing.
Find out more information by watching on our High Value Marketing Webinar .
Did you know that the Microsoft stack is perfectly suited to banking? Want to know more about how Dynamics 365 and Power Platform can integrate into your organisation? Our Banking Business Unit Lead Jamie Logue breaks down for you in this video: https://www.youtube.com/watch?v=LL-pMIb5Oow&t #banking
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