Enabling clarity so that people serving brands can maximize their influence in the marketplace
Organisations that focus too much on either marketing or sales often encounter challenges:
Overemphasis on Sales:
Short-term Gains, Long-term Pain: Focusing solely on sales might generate immediate revenue but can lead to a lack of brand loyalty and customer engagement.
Companies like Google, Tesla, Apple, Nvidia, Alphabet, and Microsoft have all exceeded the $2 trillion market cap by leveraging their purpose. These organisations have not only defined clear purposes but have also embedded them deeply into their operations, driving innovation and growth. Google: With the purpose “to organise the world’s information and make it universally accessible and useful,” Google has revolutionised access to information and continuously innovated to maintain its leadership.
If purpose weren’t crucial, Fortune 500 companies wouldn’t be leveraging it so effectively. We previously highlighted examples such as Tesla and Patagonia, which have grown significantly guided by their clear, compelling purposes. However, having a well-crafted purpose is just the beginning. To truly win in the marketplace, organisations must go beyond words and ensure that purpose drives every action and decision.
The first step in creating a purpose is to see it not as a mere initiative but as an integral part of your growth strategy. Purpose is the company’s reason for existing, a concept that transcends social responsibility or corporate trends. It’s about understanding the wider ecosystem in which your organisation operates, examining what you currently do, what you have the potential to do, and identifying opportunities to add value or solve problems.
As the saying goes, “If you don’t know where you’re going, any road will get you there.” This highlights the importance of having a clear purpose before embarking on any journey, including in business. Purpose serves as a guide that directs all efforts and strategies towards a meaningful goal. For customer-centric organisations, having a compelling purpose is not just beneficial—it is essential for thriving in a competitive marketplace. Why is purpose crucial for Customer-Centric Organisations?
The Introspection Phase is not necessarily more important than the other phases, but it is critical because it reflects the culmination of the entire customer journey. A positive reflection can lead to organic and sustainable business growth. Often, satisfied customers skip the first two phases for new customers through strong word-of-mouth, creating a multiplier effect.
Consider our example of Mr Husband, who, while searching for a classy restaurant, encounters a convincing programmatic ad featuring a respected influencer couple. Their endorsement leads him to make a reservation, heightening his expectations. However, failing to meet these expectations upon arrival—such as having no available seating—can severely damage the customer relationship.
This is why bridging the gap between expectations and engagement is crucial. The transition from expectation to engagement is where many organisations falter.
Results from the Expectation Phase naturally spill over into the Engagement Phase. Here is the truth. Without engagement, there is no business. This makes the Expectation Phase crucial for standing out in the marketplace. There are two key circumstances to consider: When Customers Are Actively Seeking Your Product or Service: Here, you need to ensure your presence in the right places where customers search for solutions.
When You Need to Position Your Product or Service as a Solution: In this scenario, you must strategically position your offering as the best answer to the customer’s needs.
The cornerstone of any successful customer experience strategy is a thorough understanding of your customers. Who are they? Have their needs evolved? Are there any neglected segments that should be reconsidered or explored? These questions are vital as they inform the rest of your strategy. Knowing where your customers are in the buying phase, what they are trying to achieve, and where they typically research for solutions helps tailor your approach to meet them right where they are.
Designing the Experience: Three Key Phases
A few key factors influence consumer decisions prominently: convenience, brand reputation, price, referrals, and increasingly, customer experience. This quintet forms what I like to call the “sacred list” of customer priorities. Ignoring any of these can be detrimental to any business not protected by monopoly or oligopoly conditions.