Your customers have more choice, more information and are better connected today than any other point in human history. They can research, compare and purchase products from anywhere on the planet without having to leave the comfort of their offices or homes.
And if that was not challenging enough customers are not just customers anymore, they have become commentators and recommenders of the products, services and experiences you deliver. They are happy to leave reviews and comments on digital channels to have their voices heard and by doing so influence other peoples purchasing habits.
The truth is that customer behaviour is now more varied, complex and influential, challenging many organisations historical business models. We have seen many famous brands fall in recent years as they have been unable to adapt to changing customer needs and preferences. The history or size of those failing organisations has offered no protection or guarantee of their survival. So what does this mean and what can you do to safeguard the future of your business.
Accept that your customers will ultimately decide whether your business dies, survives or thrives. Understand that change has, is and will continue to impact your business and that your ability to identify and adapt to it is the key to success. Continuously question whether the factors that created your success historically will have the same impact in the future. Embrace digital technology because it is not only the future, but it is also the here and now.
And finally, come to terms with the fact that change is the new constant and while it can be challenging it also brings with it a wealth of new and exciting possibilities and opportunities.