With the convergence of marketing and technology, companies are struggling to identify the rightful owner(s) within an organization responsible for prioritizing opportunities which will drive business growth and engage the empowered customer.
Additionally as the use of mobile, social and web increases, it has become critical for organizations to create a 360-degree view of the customer, highlighting both good and bad experiences, across channels and touchpoints. In addition to focusing on business imperatives such as reduced cost, increased loyalty etc. to drive the customer experience, companies should also consider ‘engagement imperatives’ such as identifying customer pain-points, improving convenience and motivating customers to change behaviors which in turn will lead to increased ROI.
As organizations attempt to understand the customer better by creating customer journeys as well as creating a 360 degree view of the customer cross channels and touchpoints, they need to consider the ‘impact’ these innovative technologies will have on the enterprise. Some key considerations to keep in mind are listed below:
- Identify Leaders: Identify leaders within the organization to drive the business model innovation required to incorporate new channels such as mobile, social and digital.
- Create New Business Models: New business models will need to be developed which are nimble, agile and rapidly iterate.
- Portfolio Optimization: To achieve portfolio optimization organizations will need to drive alignment and synchronization of activities cross-brand, cross-channel and cross-stakeholder group (Decentralized approaches imply higher costs).
- Update Business Processes: Current transaction-based processes may need to be updated to deliver personalized, targeted content tailored to the lifestyle of the customer.
- Update Operational Governance and Management Processes : Operational governance and management processes will need to be built that tap into new market opportunities and customer needs.
- Co-Create Value with the Customer: Organizational structure of the organization will be impacted by introducing customers into product development efforts.
- Co-Create Value with Partners: Organizations will need to collaborate with players, such as information technology companies, design agencies, companies providing strategy / management etc. to deliver customer-centric products and services, as they may not have the resources and skill-set in-house to build relevant offerings.
- Integration of Systems : Building a 360 degree view of the customer requires an understanding of data integration requirements between disparate data sources namely systems of record such as CRM as well as data from social networks like Twitter and Facebook. Data architects will now be required to build processes to connect structured as well as unstructured data