The Boston Consulting Group wrote a fantastic paper entitled The Consumer Voice – Can Your Company Hear it? The paper was a challenge to organisations to use market research to meet the consumer head on. To quote them “Organisations talk about consumer preferences, choice, satisfaction, and needs, but those things take a back seat position to things that companies are more comfortable with, such as profitability. To win, companies need to address the consumer head on.”
Now that has got me thinking….the concept that we spend a lot of time working on with our clients is ….How do they become more client centric in the way they work?
It struck me that there is quite a simple solution, but incredibly hard at the same time!! So what is it? The simple answer is to change what you measure your business on, from internal metrics such as revenue and profitability, to client centric ones. Why so incredibly hard – because it is a massive risk to move away from measuring money to measuring the things that will lead to money. But surely this is at the heart of the latest behavioural economics thinking, if you become famous for something, success will follow.
So what could be the client centric metrics to consider:
- Visibility – which stakeholders are spending time with you and how much time
- Experience – how do clients describe working with you
- Engagement – what is the level of engagement they have with both your people and your business
- Curiosity – how interested are they in finding out more about what you do
- Trust – do they see your people as a team they can share information with and go to for advice
- Informality – how much time is spent formally discussing work in process versus informal rapport building
- Events – what meetings and events do you get involved in with your clients
I know the above motivates me to be the best I can with my clients.
I am not saying any of this is easy, but I do wonder how successful the organisations that adopt this way of thinking will be.