For many brands, the existing customer base is one of the most important and valuable corporate assets. Companies look to existing customers for not only today’s revenue, but also as the source of tomorrow’s opportunity. However, focusing exclusively on existing customers is largely about producing incremental growth, protecting existing market share and satisfying known demand. With The Customer perspective of the Growth Strategy Framework, leading experience and service brands are able to formulate strategies and opportunities around the answers to questions such as “How can we create new value for existing customers?”, “How can we attract prospective customers, or non-customers?”, and “What are the unmet needs of our customers?”
Simultaneously serving existing customers, while expanding to non-customers is critical to generating strategic growth outcomes. To that end, The Customer perspective of the Growth Strategy Framework supports the strategic objective of Redefining the Customer as a means to finding the ones that are most attractive. By using customer attractiveness, loyalty and advocacy as strategic drivers, leading experience and service brands position themselves to generate value that is recognized and valued by existing customers, while also uncovering ways to attract entirely new sets of customers. The deeper the insight into customer and non-customer needs and jobs-to-be done, the higher the probability that brands can create the service and experience-based propositions and deliver the elevated service experiences that can generate unique value, create high emotional switching costs and unlock latent demand. The focus of this objective centers on helping brands balance investment decisions in ways that retain existing customers, while also attracting non-customers and the new sources of growth that they represent.
Author: Wayne Simmons
To learn more about the power of service excellence culture, leadership operations, customer experience culture, memorable customer service and employee engagement read the full article by Wayne Simmons of Opptiv – The Service Excellence Company on CustomerThink:
About the Author:
As co-founder and Chief Experience Officer of Opptiv, Wayne Simmons was previously the Global Head of Service Delivery for The Ritz-Carlton Leadership Center. As a thought leader, change agent and an expert experience strategy consultant, he led a team dedicated to delivering the legendary ethos, practices and systems of the Ritz-Carlton brand for client organizations across industries. Wayne leverages the principles of Horst Schulze, Cofounder of The Ritz-Carlton Hotel Company and creator of that brand’s legendary reputation for service excellence and customer-centric culture. As a Trusted Advisor working at the intersection of HR, CX and C-Suite leaders, Wayne coaches, trains and consults with businesses and brands on their journeys to maximize customer growth, loyalty and attain competitive advantage through service excellence and customer experience culture, leadership and operations.
This article was informed by personal experiences as the Global Head of Service Delivery at The Ritz-Carlton Leadership Center and working with businesses and brands on their must urgent customer and service challenges.
Opptiv is the Service Excellence Consultancy. We help businesses and brands win through service excellence culture, customer-centricity and exceptional customer experience. Unique in the industry, we take a playbook approach to help clients achieve business outcomes at enterprise scale. We start by applying Design Thinking to activate leaders and engage frontline talent in the co-creation of purposeful culture platforms and unique service propositions that all levels can understand, embrace and hold each other accountable for. We then create brand-aligned playbooks to document the underlying elements of the culture as actionable guidance, practices and function-specific “plays”. Finally, we use these playbooks to inform the internal communications and tailored training needed to align, integrate, reinforce and sustain service excellence across all parts of the business.
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