Businesses are always driving to be more profitable, along with thinking of new and innovative ways to achieve this. The easiest option would be to sell more stock, but now businesses are thinking beyond that. Instead of investing in more product, companies are investing in better internal processes. By streamlining workforce operations and integrating systems, businesses can work more efficiently than ever before. But what is driving this sudden change? Why are businesses now focusing on providing a quality service over simply purchasing more stock?
The answer is of course their customers. Unlike ever before, consumers are the driving force behind businesses to address and re-evaluate their internal workforce operations, (whether they know it or not!) Customers want increased efficiency and an overall improvement in productivity. The stakes have never been higher for businesses, and if their processes can’t live up to this then the consumers will take their custom (and money) elsewhere.
Just look at what happened to Blockbuster when Netfilx burst onto the scene in 1997. (Debatably overused example I know, sorry!) When consumers were exposed to the concept of streaming thousands of movies and TV series at the click of a button from the comfort of their own home, the urge to drive to Blockbuster and rent one or two tangible DVDs became less appealing. The company was becoming obsolescent when this new and improved option was available. Blockbuster put up a good fight but the customers spoke with their online clicks, causing the company to fold in 2011.
This shows just how powerful customers are. They can make or break a business, and now companies are finally putting in the effort to engage with their clients. Netfilx have set the bar for this by always communicating with their customers. Whether it’s to remind consumers via email that their monthly renewal is coming up, or to simply recommend a newly added movie, their customer engagement has resulted in amazing growth. Netflix now have 103.95 million subscribers worldwide off the back of their digitally transformed business.
If leading companies can easily fall at the hands of a newer more innovative alternatives, businesses need to be flexible and take note of this so it doesn’t happen to them. Unpicking your ‘solid’ foundations can seem like a massive risk, but with new systems and technologies out there your customers expect you to embrace ways to make their experience with your company easier. The best reward that they can offer you is of course, loyalty.
The progression of online shopping has shown this. Customers wanted more from this option, they could see the potential. So now online retail has evolved into the global commodity it is today.
Shopping online, before the likes of UPS and FedEx, wasn’t a particularly smooth or confidence fulfilling process. Once you selected something to purchase you had to call that company to pay via credit card, follow this up by verbally accepting, then finally just sit tight praying that your parcel would arrive. Now, thanks to courier services everything is internally processed online, giving you complete confidence in the progression of your parcel. From the item being ordered, to the expected delivery time, you are never at a loss knowing where your order is (well most of the time!)
The rise of social media alongside these improvements has almost created a benchmark for ensuring long term quality service doesn’t falter. If you provide a shoddy customer experience to just one client, then expect millions of potential customers to read about it the next day. Customers no longer accept bad service and will take to Facebook to make sure nobody else has to suffer the same treatment.
With increased technology comes increased customer expectations, which if businesses don’t realise they soon will, seeing a steady migration of their client base as a result. The good news is here at FLOvate our platform LEAP can help. Our technology can get your processes performing at their very best, so your never to have to worry about delivering anything less than amazing customer service.
So, are your processes up to scratch?