20 Jan 5 THINGS CHANGE LEADERS MUST DO IN 2022
In the wake of the worst global pandemic in over a century, and following unprecedented economic reshuffling and political tensions, the challenge today for business leaders is to embrace and lead change. We have no other choice.Over 60 years ago, the great management consultant Peter Drucker said: All business is about two things: marketing and innovation . . . marketing and innovation. And today, this is especially true when it relates to customer service. And so, my advice to business leaders is to follow the wisdom of Drucker and also the great American investor Warren Buffet—who is unafraid when the market is going one way, to go the other way. He’s unafraid to double- or triple-down in investing in companies and customer service, even in difficult times.
Consider the great companies in the United States that were invented during a recession: Netflix, Airbnb, Disney, General Electric, Revlon, Warby Parker, Hyatt, Federal Express, all invented, created during difficult economic times of recession.
Moreover, new studies by McKinsey, Salesforce, and Benbria point to loyalty shakeups among customers, new focus on “trustworthiness,” and the significant return on investment for large companies who are able to institute even a small increase in the positive experience of their customers.
But today, how do business leaders do this? I suggest five steps:
- First, LISTEN to your customer—because they will tell you what they want, what they need, and how to move even to higher success levels.
- Second, LOVE your customer. Fall in love NOT with your own products and services—fall in love with your customer. Organize around your customer.
- Third, focus on your LOYALISTS—and move what I call “Soft Support” to “Hard Support,” to greater levels of loyalty . . . . because this is where new value and profit await, and because no company ever got in trouble by over-investing and paying too much attention to their loyalists.
- Fourth, PROTOTYPE. Experiment. If something works, double- or triple-down on the experiment. If it doesn’t work, try another. And if that doesn’t work, try something else. Experiment and prototype.
- And finally, COMMUNICATE. Get into a dialogue with your customers. Today, research shows 49% of a company’s brand and reputation comes down the leader—to what they say; and what they don’t say. And so, if you’re a leader, run a campaign centered on your customers—run a campaign as if your company’s future depends on it. Because it does.
David Morey’s publisher is offering a special holiday discount on his two most recent and best-selling books, Creating Business Magic and Innovating Innovation. Please click here for special pricing and enjoy the Holiday and reset as we begin our journey across a new year.
Happy Holidays,
Team DMG Global
Sorry, the comment form is closed at this time.