From Revenue Obsession to Customer Obsession As a business owner, what is your favourite pastime? Apologies for asking this personal question, but at the same time, we know that it is to speculate what should be your Dream-revenue. What about a revenue goal of owning a trillion-dollar business? Well, the goal here is not to give you Goosebumps right now. It is to reveal the one OBSESSION of a company that is a strong contender in the race of the yet to be grabbed dream-spot of becoming a trillion-dollar venture ever! Here’s that North Star of Jeff Bezos’s that has been the guiding Amazon all the way up to its momentous status quo: “Obsessive customer focus is by far the most protective factor for a business’ vitality.” The above line can’t have any second thought or doubt and cutting a slack to this obsession is the biggest blunder of a business. Taking forward the Amazon’s cult of customer-centricity, we will portray the freshest face of this cult in practice. In the evolving red-hot glare of the consumer, the digital advances made the rightmost reactive adaptation. Hence, the baseline is: A business driven by Customer-obsession is carried best (today) by digital marketing that is Targeted, Trackable, Measurable and Involved in direct relationship with the customer. 3 Reasons why Digital marketing has new ways for companies across industries in the form of below capabilities: Following the customer journey from pre-engagement to post-purchase, constant listening through social listening, learning the way different customers interact with their brand Engaging customers across multiple channels, generating deep insights, and seamlessly executing on them on those several platforms Using data-mining and integrating multiple data and refining their segmentation approaches to recognize and thereby serve the correct customer segments. Here’s the Ultimate Reason– It all brings to life a beautiful gameplay of customer’s emotional connection, satisfaction and publicity. 3 Ways how businesses achieve multiple objectives this way Using customer data to understand buying behaviour, interests and engagement Identifying opportunities to create products/services for your best customers Using customer lifetime picture to segment customers based on top spending customers Do you want to see the downside of ignoring this facet that is literally like wrecking havoc in your business? Dangers of customer non-obsession Customers always expect to have good service, and if they don’t have it? Well, it’s so easy now to complain about it in a very visual and vocal way on the social media. “Consumers are 2 times more likely to share their bad customer service experiences than they are to talk about positive experiences.” We can only imagine about the extent to which it can be amplified online. Rather than complaining about a bad customer service job to a friend or anyone in person, a customer can just tweet it out. That is bound to make brands very nervous. For example:- Need more proof? Data to stir your mind The case of how customers behave here’s tons of data on it. And, that data points to the fact that customer -obsession matters: “A customer is 4 times more likely to buy from a competitor if the problem is service related vs. price or product related.” – Bain & Co. “70% of buying experiences are based on how the customer feels they are being treated.” – McKinsey “98% of respondents said that customer experience was among the top 3 factors.” – Kissmetrics So yes, it matters, but for more than you think. Bottom of the blog Digital advances unlock ways for companies to interact with customers and capture valuable insights about their level of engagement and potential to a brand. Are you ready to enhance your digital capabilities in order to cater to the customer-obsession? In that case, we got your back 🙂 Hitesh Kothari Has played some key Digital Marketing roles when at IBM-Australia and New Zealand, Infosys, Sonata Software. Also worked with the world's best Digital marketer, Neil Patel as Internet marketing consultant helping startups to billion $ companies with their Digital Marketing. Has worked on 100+ marketing campaigns and a few of them are IBM Australian Open, SAPPHIRE, Oracle Open World, etc. He's currently leading Marketo Labz and giving digital marketing strategies to various companies and individuals alike.