The sole purpose of the enterprise’s existence is : Customer.
Customers are the backbone of the commerce / economy / financial well-being of enterprises and hence of the people working for them.
The essential objective of CRM solutions is to embrace the customer life-cycle in a wholehearted manner. Let us look at a real-world story to get a feel for how things have evolved in the last 30+ years.
A company ventured boldly into making the washing machines available at an affordable price to the Indian customers. They reciprocated happily showing a lot of interest, leading to a healthy sales.
While going over the region-wise sales data, the company people noticed that in the north, the washing machines were selling more than the typical sales numbers in all other regions.
To cross-validate the signal in the data, they decided to also look at the sales numbers for the detergents & soaps.
And they were in for a surprise : this signal was not at all reflected in that data. The detergents were selling just as usual everywhere. Now the curiosity went higher and they decided to explore by actually visiting the new customers.
The truth was stranger than fiction or even imagination !
The new customers were not household families, but, rather, the roadside Dhaba people who used the machines to churn curd in large quantities to deliver lassi !
Having discovered a new customer segment with indicative pricing, rather actually a new line of business, the company promptly came up with a product specifically tailored for this new market.
Given the technology available 30+ years ago, it is no wonder that this discovery of new market and delivery of new offering took several months. Perhaps even a year or two.
This is an excellent example of customer-centric business innovation. Let us identify the factors that made it possible.
The essence is :
- gathering pertinent data,
- analyzing the data for finding hidden signals,
- forming a business insight,
- cross-validating it with other data,
- refining the business conjecture,
- conducting experiments to validate the business hypothesis
- and upon confirmation, putting the business plan into action.
Coming back to the present, we’d wish to find out :
- How do we re-live this story today ?
- How do we refine it ? How do we apply it with variations ?
- How do we get a timely insight ?
- How do we devise interventions for successful innovation ?
- How doe we do it quickly ?
- How do we sustain it ?
Salesforce has added two new interesting technologies to its portfolio enabling us to go for yet another mile towards the ultimate dream of sustainable customer-centric business innovation leading to business profits.
They are :
Salesforce Einstein for deriving insights from data and Saleforce IoT for timely acquisition of such data.
In this blog series, we’ll explore these new levers further to understand how to apply them effectively to improve our scenarios.
Feel free to share your thoughts & stories. Stay tuned for more to come !
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