I was asked to speak at the CMO Momentum one day event in Sydney 20 July (CMO = Chief Marketing Officer). Customer centric was definitely a theme of the event. After a breif disucssion on the Customer Centric approach to Business, I presented on “Making KPIs meaningful” particularly in customer and marketing areas, which is really about defining the results you want to achieve, and measuring those outcomes.
So here are few highlights from that one-day conference.
A panel discussion on the skills marketing teams needed for the future:
- Develop a “burning curiosity, the ability to ask great questions and experiment, systems thinking and cross-functional engagement” skills.
- We need to get involved with customers – not just consume insights within the walls of the business – knowing customers helps us put those insights into a useful context.
- Testing , rapid prototypes – Amazon does 200 tests per day, yet many organisations only do a few a year.
- New research was quoted saying that most organisations are completely misaligned to be customer focused. (I think many of us already know this, but research can be important)
Airbnb head of customer experience, Aisling Hassell, talked about building a purpose-led brand.
- Brands looking to become customer-led organisations need a clear purpose, and it all starts with employees.
- Airbnb, purpose: Creating a world where anyone can ‘belong, anywhere’.
- “It’s one thing to have a tagline, but the sense of belonging is at the centre of everything we do.”
- So if your purpose is challenged, then you need to step up and make a stand, which is what Airbnb did when The Trump Administration Travel Ban was proposed.
- “We are all grappling with change in customer behaviour, in technology, in regulatory and climate – at every single touch point. But with that comes a hypothesis: As a large company, can we adapt and be resilient, or are we on a slippery slope to oblivion?”
- “How can we enable our organisation to be resilient to change and how can we adapt, particularly, if you’ve been in business for a long time… this should be the number one thing boards need to think about.”
- “…it’s the customer-centric businesses that can operate more like digital platforms that will ultimately survive.”
As an example of this last point, Reinke described the customer’s journey in buying a new home. Typically, Suncorp would seek to help that customer with a home loan, insurance and maybe some financial planning. But as a digital platform, why not help the customer find their new home, why not use Suncorp’s network of approved repairers to do property inspections, or even conveyancing.
Adding value to your customer’s journey across the entire journey – not just the bits we have an interest in…
One great story delivered by Gavin Merriman was that of Nude by Nature. From a data and analytics exercise they discovered two distinct types of customer. One group that valued the products based on the “cruelty free” value; the second group didn’t care so much about this message but loved the product for what it was. This allowed Nude by Nature to communicate with the two groups, based on what they valued. People buy based on our emotions, and what we value drives those emotions.
By the way, Nude by Nature have an Net Promoter Score of 73. Understanding what your customer’s value, and then aligning your communications with them delivers results.