Building a consumer centric enterprise
Posted by Jason Dunstone on February 22nd, 2007 at 6:36pm
We are living in the Information Age. With the Internet, pay-TV and emerging technologies we have never had greater access to information from all corners of the globe. While this promises a new era of enlightenment, it more often creates headaches from the continually futile search for relevant information. The frustrations are even further exasperated for business. Never before have managers had greater access to information with the potential to assist with more effectively meeting the needs of consumers -Â research, CRM data, website usage statistics and sales data etc. Yet, it all just seems too hard.
For many businesses there is an unquenchable hunger for more and more information. They are on a constant hunt for new ways to access information that just may help them to be more innovative and outsmart their competitors. To fill this need, new techniques, software and services are emerging promising to provide greater guidance to managers. However, is the hunger and corresponding investment helping or hindering? More information does not mean greater strategic wisdom, potentially quite the opposite. The hunger for information is a bit like trying to put a round peg into a square hole. While managers may be able to make it fit with a bit of effort, it often isn’t a suitable match for the business. A new technique or software application may be very alluring, but fail to correspond with the business’ strategy needs.
The failure of business information to provide a tangible benefit is well appreciated by many managers. From this many ignore the potential of a well structured information strategy, preferring to take a narrower view of what they have available to avoid information overload and focus on the day-to-day management needs.
There is a need for government and corporate enterprises to be more dedicated to continuously observing their consumers. This allows for greater agility and responsiveness to emerging trends and issues. The collection of more research and other information is not the solution. A fresh approach is.
Enterprises should invest effort into designing suitable programs within their organisations. This may involve more strategic use of research; empowering staff at all levels to contribute to ideas generation; and being creative in the use of new technologies such as the web, email, blogs, RSS, mobile etc to collect and plant seeds of creativity and innovation.
So where do you start? The process Square Holes works through with clients is as follows …
- Consultation – essentially internal research through surveys, depth interviews and brainstorming discussions
- Sharing - review of the current systems being used and alternatives
- Information – review of information, alternative sources and gaps
The outcome from the design stage should be to recommend a workable solution (including options & associated costs) :
- Review of existing available research, information, websites etc.
- Where gaps exist
- Key performance indicators to monitor
- Information strategy needs and objectives
- Review of current and alterative information systems, databases etc.Â
- Process of collecting/sharing information more systematically
- How to empower staff to generate strategic ideas
- Design of how to maximise internal and external strategic ‘wisdom’ (e.g. how can marketing, R&D, ad agency and finance work together?)
- Streamlined, engaging and offering a notable return on investment
Over the past few years there has been a greater focus in some larger corporates on consumer insight rather than market research. This is not only a more trendy name but a rethinking of approaches, responsibilities and management philosophy. It requires a rethinking of how we understand our customers and potential customers as an on-going and systematic strategy.
Read how Electrolux is reshaping how it engages with its consumers.
High Marks from Leading Consumer Magazine
Posted in Imagination, Marketing Strategy
