Value, results, success. The process is pretty clear-cut, and one that has proven successful time and time again. However, many businesses still focus entirely on results and success, completely leaving out one-third of the equation. This is why we founded WeZimplify.
Our work is completely focused on the reality that too many products and services are developed without creating real value for customers, the company or the environment, and the philosophy that we can change this. The customer should always be at the heart of operations and innovation, and the practice of social innovation should exist in all production-based organisations.
Customer experiences and improvement of existing solutions are crucial in social innovation and essential to us. This is why we advocate targeting customer experiences in all lines of business, building a foundation for stimulating work paths, superior innovation and irrefutable success stories.
As a whole, social innovation in business deals with customer needs in superior ways as opposed to current solutions in order to target customer experiences and boost customer satisfaction through value creation. The goal is to strengthen customer relationships.
This article is the first in a three-part mini-series about achieving better business results through a customer value-orientated approach. In it, we talk about:
- Establishing a Work Path
- Why Social Innovation and Experiences Matter
If you are looking for more information about the value of customer insights, customer experiences and data collection for better decision-making, we can help. Go to our website to learn more about what we do and get a proposal today.
Establishing a Work Path
As a Denmark-based company, our team has had to realise that while many companies want to incorporate customer involvement into their innovation, the vast majority of them lack a structured path, tangible directives and outspoken visions dealing with customer engagement or data. Last year, a study we conducted with OnMarket revealed that 87% of Danish corporations lack substantial, measurable strategies for customer engagement.
Businesses lack work paths, and without these success and progress are hard to achieve. Without a clear path, how do we know what the end goal looks like? To maximise the efficiency of corporational social innovation, strategies need to be applied to extend and strengthen relationships with customers and online communities.
Finding your path doesn’t have to be a tiring process. All it takes is creating a foundation for your business’ social innovation focus, and uncovering your ‘whys’ on a cultural, corporational, managerial and business level, connecting innovation and customer experiences. This connection is about understanding valuable touch points for the customer as well as where your business can create impactful change for you and the customers.
Why Social Innovation and Experiences Matter
If your company is already raking in success stories, you might struggle to see why you need to make changes internally and focus more on the customer and creating superior-value items or services. However, we strongly believe that making such changes is beneficial.
We believe that the business world of the future will be deeply dependent on differentiation and following a unique path that best suits your company ideals. More importantly, the winning differentiation tactics will rely on customer engagement and cooperation, and will be used by companies that confidently keep customers in the loop and remain knowledgeable on what customers consider to be valuable and important.
In addition, various studies suggest that daring to remain innovative and identify oneself as a innovation-orientated company will lead to company growth. PWC, for instance, found that innovation-orientated companies can expect upwards of 62% in company growth. If all your novel ideas and innovation are based on creating value for customers and applying customer insights, imagine what customer loyalty could do for company growth, even beyond the 62%. This is why social innovation and customer experiences matter.
Another crucial argument is that new products, technologies and companies are being created every day. All markets and industries are becoming increasingly competitive, and the fight to be no. 1 can get bloody (figuratively speaking).As a result, differentiation is crucial, and it is also important for companies to differentiate themselves beyond their offer (product or service). Moving forward, companies will need to differentiate themselves with regard to elements that are valuable for winning customers.
Getting ahead means realising that the elements that will keep your company running are not the ones most important to you (except maybe principles), but those that are most valuable to your existing and future customers.
Lastly, let’s talk about the customers of today. Millennials and the younger generations are becoming increasingly involved in business decisions, if not completely in charge of them. These are the people you need to be targeting, and this requires understanding certain points:
- Millennials and the younger generations trust institutions less than the generations before them. They are more sceptical when it comes to businesses and do not settle easily.
- The younger generations demand personal connections and bilateral loyalty. They prefer businesses that welcome interaction and show compassion for their users.
- The younger generations are busy. They demand presence from businesses and want to know that they can always reach out to them and have their issues resolved within minutes through their preferred channels.
- As we become more sophisticated, we are also constantly looking for better solutions, easier connections and superior features. These generations will get bored if the offer remains the same, so innovation is crucial.
- What is the best way to measure customer satisfaction?
There is one superior way of measuring customer satisfaction: asking. Connecting with your customers is the ideal way to measure how satisfied they are with your service, your products and the overall experience they’ve had while interacting with your brand. Using surveys, rating systems and interviews or by asking questions while in your brick-and-mortar shop, you can leverage substantial amounts of feedback on customer experiences and how satisfied your new and returning customers are.
Do you have a passion for business and aim to grow your company to reach its full potential? Do you believe that customer-centric approaches in business are the way forward in winning new business and crushing the competition? Or do you want to improve your decision-making in new innovation projects?
If so, you’ve come to the right place! At WeZimplify, we focus on connecting businesses with their customers as well as industry experts to gain valuable data and insights to push their brand and production further. We believe that experiences are the ideal target; that is why we’ve created our software for data collection.
Make sure to reach out to us today if you are interested in becoming a decision-making mogul. We love being the connection between businesses and their optimal source for growth.