Holistic transformation: the ultimate juggling act

It goes without saying that over the past year, significant shifts in customer buying habits and engagement preferences have turned the world as we know it upside-down – proving legacy go-to-market models ineffective. Organisations globally, have had to stop and rethink how they’re going to transform to stay relevant in their consumer’s minds and keep up with fast-moving competitors.

Combining this with an environment where significant financial and resource pressure exists, it can be tempting to view your CX, productivity and growth objectives as mutually exclusive. However, in order to achieve sustainable change, you must start with identifying your high-potential segments and understanding what they value. This will then allow you to reallocate inefficient resources to new channels and capabilities that are critical to delivering on priority moments that matter.
 
Where we see leaders typically fall short, is when they focus on uplifting one or two of these objectives, rather than considering all three concurrently – more often than not, resulting in diminished outcomes on what the transformation was originally set out to achieve.
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So, what does a holistic approach to transformation look like and why is it critical to ensuring long-term success?
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Taking an all-inclusive view, will not only ease the minds of executives around the scale and scope of the initiative, but will also allow you to propel the business towards becoming more digitally-led in terms of how you go-to-market.
 
Looking at what’s required to execute on each objective, there are a set of key activities you must undertake to maximise value from your program.
 
Elevate the customer experience – Firstly when uplifting CX, leaders must revisit their ideal customer profile based on future potential value, define critical moments that matter across the customer journey, assess channel preference shifts and identify strengths and gaps in the current experience. This will ensure that the changes you’re making are focused on delivering the consumer’s preferences and needs, at that particular touchpoint. The next step is gaining cross-functional alignment between your marketing, sales and service teams, so that you can build the organisational momentum required to achieve your ideal customer experience.
 
Improve productivity – When looking at efficiency gains, you must review underlying channel economics, rationalise the operating model and streamline people, process and technology resourcing. For example, leaders can get behind pull and push-based campaigns that are less reliant on agency spend with high-quality content, leverage automated workflows and outsource non-critical capabilities that are less aligned to the new moments that matter.

Drive growth – Reassessing market positioning and analysing competitors, standing up new channels and/or capabilities, revising strategic growth plans and developing a business case for tech and data infrastructure enablers will help tie these three objectives together. Investing in new business models or offers can enable you to leverage underlying assets but take it to market in a unique way – accelerating the conversion of new / churning customers. The value of underserved customers (a.k.a the ‘long tail of customers’) should also not be overlooked, as they hold the potential to increase revenue significantly if they’re targeted in an efficient and scalable way.
 
From a behavioural perspective, moving away from a static annual planning cycle to a more agile, short-term cycle will allow leaders to reflect on what worked, re-think new strategies for a specific customer segment and propel the business forward to transform sustainably.
 
We know – this sounds like a lot of effort… so, what is the reward? Organisations who have successfully balanced these three objectives simultaneously have experienced a range of customer, efficiency and commercial benefits, including:

 
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For those embarking on this journey and looking to get the balance right, the image of David Bowie juggling three balls while maintaining a constant rhythm can serve as a great reminder. Outside of the customer efficiency, growth and productivity-specific benefits, a holistic approach will also enable you to:
 
  1. Achieve greater customer-centricity: Align all program elements to the customer journey, to effectively calibrate channel and capability cost-out, or investment decisions which target critical moments that matter
  2. Self-fund the transformation: Transform in a budget-constrained environment by taking efficiency savings from non-critical moments that matter to re-invest in new channels, capabilities and growth enablers
  3. Maximise the impact of your initiatives: Meet more needs simultaneously, with greater operational awareness of the relationships and co-dependencies across the different strategic objectives
  4. Promote cultural change: Provide the right enablers to engage and energise employees post-transformation – to drive uplifted CX outcomes and genuine cultural change

For deeper insights on how to self-fund your transformation, watch our on-demand webinar now