(With Victoria Manes)
Obsession is a powerful phrase. In response to the Oxford English Dictionary, an obsession is an thought or thought that frequently preoccupies or intrudes on an individual’s thoughts. At Forrester, we use the phrase intentionally, even provocatively, once we speak about buyer obsession, precisely as a result of we need to evoke a powerful response. We need to provoke motion.
Clients Are (Nonetheless) Altering Quick
Ever since I joined Forrester, I’ve been writing and presenting on how buyer behaviour is altering ever extra quickly, Effectively, it’s nonetheless true. For example, 65% of UK on-line adults stated they’re “all the time prepared to do or attempt new issues,” and 71% of French on-line adults have used chat for commerce a minimum of as soon as. That’s why buyer obsession is extra vital than ever. And by this, I don’t simply imply doing all the things your buyer needs. Buyer obsession begins with deeply understanding your clients’ wants and flows by means of to aligning your online business operations to serve them profitably. Sure, profitably … customer-obsessed B2C companies exhibit 1.8 instances the revenue development of non-customer-obsessed companies.
European Corporations Are Catching Up
Our buyer obsession maturity evaluation clusters companies into 5 classes, from customer-naïve to customer-obsessed, primarily based on three components: management, operations, and technique.
In 2022, European companies have been lagging behind in comparison with their world friends of their buyer obsession maturity. However our 2023 information reveals that the proportion of customer-obsessed and customer-committed companies in Europe has elevated considerably within the final yr. European companies are catching up, with Italian companies probably the most customer-obsessed, adopted by Spain.
Buyer Obsession Pays Dividends
We all know that buyer obsession pays. We will present that customer-obsessed B2C companies see 1.8x the income development and twice the market share development of their non-customer-obsessed rivals. However the advantages are wider. European government decision-makers from customer-obsessed and customer-committed companies inform us that they:
Are optimistic concerning the future. They see stronger buyer relationships, extra innovation, and extra profitability.
Use empathy and understanding to create loyalty. They achieve understanding their clients’ wants, create advocates, and win long-term loyalty.
Innovate quick. They shorten the time between concepts and motion, prioritise primarily based on buyer wants, and undertake new applied sciences in comparison with their rivals.
In our upcoming occasion, CX EMEA 2023 on 10–11 Could in London, we shall be awarding our first EMEA Buyer-Obsessed Enterprise Award. We’ve had some very robust submissions, and our winner shall be there to share the story of their journey towards buyer obsession and present the advantages that it brings. We’d like to see you on the occasion.