This past year was a year full of transitions, amazing challenges, and stunning opportunities!
It was a year that saw many extremes including:
- Outrageous political antics
- Frightening political standoffs
- Stunning Bitcoin valuations
- Record breaking stock indices
- Oil price climbing back to the $55-$60/bbl
- Continued company downsizing
- Record company profits
- First recycled (reused) rocket
- Great advances in hyperloop technology
- #metoo movement
Some businesses experienced amazing growth (NVIDIA, Google, Apple, Amazon) while some saw their business shrink (Sears, Macys, GE). Others saw their market shift in an entirely new direction. Some took advantage of this shift and others were damaged by it!
This unprecedented rate of change and marketplace complexity can cause business leaders no end of sleepless nights and stressful days! However, this is where Thinking Business can help you thrive!
A recent study completed by Business Insider indicated that 66% of consumers are willing to spend more money at a company that gives them an excellent customer experience. Conversely, 60% of consumers have canceled a purchase due to a poor customer experience!
Also, consider that consumers are five times more likely to engage with a sales representative who provides helpful insights and that it takes 12 positive customer experiences to negate the damage from one negative experience!
Based on this compelling evidence, it is hard to understand why businesses don’t spend more money training employees and building systems, processes and tools to ensure a great customer experience!
Good and Bad Customer Experiences
We are all aware that the world around us is changing very quickly. In fact, the rate of change is continually accelerating. As a result, individuals, organizations, businesses and even entire cultures are struggling to keep up.
Furthermore, as business leaders, we can no longer assume that the market space we occupy today will be the same market space that we occupy in six months. Products and services that we offer and the technology that we use today will be obsolete tomorrow!
Renowned authors, Alvin and Heidi Toffler’s book entitled “Revolutionary Wealth” provides innovative ideas on how changes in society, government, culture and business are transforming our lives in this century. Especially relevant, the Tofflers have compared the rates of change of major institutions in North America to cars speeding along on a highway. They have rated nine institutions with a “change” rate of speed between 0 and 100 miles per hour as follows: