How can companies increase their profitability based on customer centricity?
Our world changes fast, and we see new brands, products and ideas nearly every day. The insight into consumers needs and the speed of respective production is key to delivering fresh, personalized products and services to the markets. Companies are forced to implement sustainable long-term growth and increase profitability. In a globalized world, companies are confronted with limited resource, not only in regard to our ecological footprint but as well regarding labor.
We see a change in how products are being produced. Minimal viable products and digital products are a challenge for B2B companies in most industries. In a similar vein, the services of companies (e.g. service desks) have to adapt to the volatile needs of the market. This is why experts call our world VUCA – volatile, uncertain, complex and ambiguous.
To handle this situation, understanding customer sentiment and preference for products and services will be pivotal for the solution to this challenge. Why? Because it reduces the time to produce products fit for use and the efforts to adjust services. Therefore, companies need to achieve, among others, the following goals:
- to increase customer satisfaction (and therefore the lifetime value) and
- prevent churn.
In a nutshell, companies can increase the profitability with the help of technology.
We at Insaas are committed to providing a dashboard that enables management inter alia to increase lifetime value and prevent churn through actionable insights from customer feedback.
A small example of how we work: we analyze what customers say about products and services and what features they like or dislike. From charts similar to the one shown below, decision makers can with our help deduct the most important aspects of consumer opinion. The data is gathered in real time and we assist you in the implementation of results. In doing this, the optimization of products and services can be achieved with immediate effect.
We are happy to explain the details of our approach and how we can help you to even better satisfy your customers.
Sources
- http://www.oecd.org/economy/growth/digitalisation-productivity-and-inclusiveness/
- http://donellameadows.org/archives/a-synopsis-limits-to-growth-the-30-year-update/
- https://www.forbes.com/sites/jeroenkraaijenbrink/2018/12/19/what-does-vuca-really-mean/#96f5d1517d62
- Ökonomen auf der Suche nach dem Heiligen Gral, FAZ, 18.02.19, S. 16.
