Over the course of my career, I have helped numerous companies deal with important issues and challenges. These days, my main areas of focus include the following:
1. Business Innovation
You already face fierce competition. A new category of products and services is just around the corner to replace your main offerings. And worst yet, your customers have no loyalty and are ready to try something new. You know you can’t sit still and you gotta do something… But what?
Can you buy your way into a new market? Can you afford to spend heavily on R&D and hope for good results? Can you pivot and shift to a new direction and risk disrupting what still works for you at the present moment?
Every company talks about how important innovation is but few get it right. The key is to understand where you stand in terms of innovation, acquire the necessary market insights and correctly identify the right innovation opportunities. Then figure out the right course of actions to realize such innovation potential – including a full-scale business model transformation, internal incubation, investing and acquiring other companies or a mix of these options.
In short, innovation is not throwing darts and see what hits. Innovation can be done methodically and scientifically.
2. Digital Transformation Strategy
Emerging technologies like the Internet, smartphones and now 5G and AI are changing the way we live our lives and companies conduct their business. It’s not an overstatement to say we’re in the digital age. As such, every company needs to know how it wants to and needs to adapt to the new digital reality or else be prepared to lose to its competitors.
A digital transformation strategy would clarify 1) how a company’s model for creating value would evolve, 2) what new products, services or experience it needs to offer to its customers, 3) how its organization and/or operation model must change accordingly, 4) what new capabilities it needs and 5) step-by-step how this paradigm shift is best carried out.
3. Customer Experience Strategy/Design/Management
Today’s consumers are savvy. They are well informed about what they want to buy and they have a lot of choices in front of them. Furthermore, they are not just looking to receive a product or service. They care about the whole experience. From how they can find out about your products and services, where they can make a purchase, the products and services themselves and how they may be supported and cared for in an ongoing manner… every little thing affects if they are a happy customer, if they come back for more and if they would recommend you to their friends and family.
Customer experience is more important than ever. Everything you do to engage, sell and service your customers must be carefully designed and executed. And it’s something you can effectively measured and managed.
Happy customers translate into good business. Knowing what your customers want and delivering that consistently should be on the top of everyone’s mind in your company. It requires a systematic approach that involves both an enabling company culture as well as putting in place the necessary management structure.