If you want to be out in front in the digital age, then you need to manage your challenges effectively.
A common challenge echoed by many CEOs, in an Inc. 500 CEO survey, is how to build customer relationships in the digital age.
In this short post you’ll learn how to managing changing customer relationships in the digital age.
Managing Customer Relationships in the Digital Age
If you want to become a leader in the digital age, then you must build relationships with your most visionary customers.
In this short post we’ll learn how to identify your most visionary customers and join forces with them.
- Understand what a visionary customer is
- Why visionary customers are critical for your company’s future
- 7 Reasons for joining forces with your most visionary customers
- Key Take Aways
- Getting Started
Understand what a visionary customer is
Status quo customers are important, because of the revenue they provide and the stability they offer.
When it comes to digital innovation and digital transformation these customers slow you down.
Relying on them, your digital innovation process and digital transformation program will fail.
Why visionary customers are critical for your company’s future
Visionary customers see the world differently, they want to shape the world.
They play a key role in defining the digital future.
They’re out in front in technology, processes and in business sense.
They always try to figure out how new opportunities and markets are emerging.
They are not content with the status quo.
In fact they know staying there is a recipe for disruption.
It’s critical that you understand your key customers’ digital transformation strategy.
It’s important to understand how their digital transformation strategy will impact your value proposition and relevance of your current business model.
In fact these are the customers your future revenue growth and profitability will depend on, because they will lead the rest of the market.
A key part of your digital transformation strategy is to establish working relationships with them.
They’re struggling with the same issues as you’re around digital innovation, digital strategy and digital transformation.
They will welcome partners in joint digital business development.
Focus on visionary customers will be the best future strategy to create the most value from your digital initiatives.
7 Reasons for Joining Forces With Your Most Visionary Customers
- Recognized Innovation Leaders
They strive for innovation and tell you where you’re falling short in your vision, strategy and products.
- Strategic Transformation Approach
They’re engaged in their own strategic digital transformation. They run initiatives that generate quick wins and strategic value.
- Strong Top Management Commitment
Those efforts are lead by senior executives. They act as speaking and sparring partner for the digital transformation team.
- Creating Mutual Strategic Value
They’re very willing to work across company borders on a strategic level to breed new mutual value generating initiatives.
- Building Strategic Relationships
They want to build strategic relationships with key suppliers who help optimizing total cost of ownership of the entire value chain.
- Creating Digital Transformation Program
They want to setup a digital transformation program with their strategic suppliers.
- Establishing Cross Company Steering Group
To demonstrating their strong commitment, they’re willing to form cross company steering groups for leading the digital transformation program effectively.
Key Take Aways
- Visionary Customers Creating the Future of Their Industries
- Visionary Customers Are the First in Identifying High Growth Opportunities and Markets
- Visionary Customers Want to Stand Out as Leaders
- Visionary Customers Digital Strategy Impacts The Whole Value Chain.
Engaging with visionary customers is therefore critical to your digital transformation strategy because not only they can lead you to the future, they can help your program team see the world differently as well.
Have a discussion with your management team members about:
- Who are your visionary customers and why are they important?
- Who are your most visionary customers and who are their key people?
- What is your level of engagement with them?
- What is their digital strategy?
- What is their digital transformation program?
- Are they engaged with your competitors?
- What threat / opportunities do those present to your organisation?
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