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New jobs are popping up that challenge our very concept of what the working world has become. Recently, a job ad for a 'Customer Success Manager' led to a hunt for what that might mean. There is even a Graduate Certificate in Customer Success Management you can earn today.
The new notion of Customer Success is one of the megatrends sweeping across business. It's as frightening as the internet was to retailers ten years ago - and it promises just as much disruption.
It isn't the answer to today's slow sales environment, but it will form part of how every user-facing business works its way out of today's slow sales.
Megatrends Are Not New
'Megatrends' have been a part of management thinking, and have been written about, since at least 2015.
According to Stefan Hajkowicz, director of the CSIRO’s Data61 Insight team, megatrends are the “gradual yet powerful trajectories of change that will at some point express themselves with explosive force and throw companies, individuals and societies into freefall”.
Hajkowicz says that megatrends are powerful forces that can reshape the world we live in and it’s dangerous to ignore them or push back against them. This edition of 'Management Memos' is based on Hajkowicz's work.
Businesses, management, and staff, all need be aware of these megatrends, adapting so as to 'ride the wave'. To do this, all of us will need to make active choices (not passive ones), so our business will be carried along by the trend.
Seeing the Megatrend
Uber and the global taxi industry is one good example of a megatrend in action, and how that megatrend completely disrupted a business. This chart from Bank of America in 2016 shows how swiftly Uber and Lyft started to kill the business of traditional taxis.
Taxi companies did not see the megatrend
Taxi companies didn’t see the disruption coming. They were suddenly in “freefall”. It’s one industry example, among many in recent decades. We have seen the disruptors trash traditional business models - but only when it's already too late.
The Four "Ps" of the Future
A Classic Tale
Think back now, and the emergence of the online retail industry was a 'plausible future' we should have foreseen.
As everyday use of the internet was beginning to emerge, and as websites were developing a functionality to record credit card details and charge electronic bank account, quick and easy on-line purchases could be seen as very plausible, even likely.
Those vested in the old retail simply refused to accept the idea.
Today, it is easy to see a plausible future where a wallet is no longer required, and our identification cards, credit cards, loyalty cards, and driver's licence, are all on our smartphone.
Megatrends Taking Shape Now
According to the CSIRO, the eight baseline megatrends reshaping the globe right now include:
Back To Where We Started
This is a convenient point to come back to where we began - the new role of Customer Success Manager.
Ibis rolls-out new mobile check-in procedures
This is a change sweeping across some of the world's biggest companies - and it's coming to you sometime soon.
You might have experienced it yourself when you checked into some of the big brand hotels (and not just the top shelf) - where it's been in place across the world now for a couple of years.
Some readers have resisted, and keep resisting the idea of selling on-line, even as shoppers desert traders who don't have an on-line presence, or enable on-line purchases.
Their resistance continues all the while prices and margins keep moving downwards, reflecting the reduced expense of on-line trading.
That's a megatrend that's now become a universal retail fact. It's no longer a trend, and further resistance is pointless.
It's a good lesson in why reaching out and embracing the megatrends that impact you, will give you a stronger, more profitable, long term future.
When you begin implementing Customer Success Management in your place, you will see:
A clear Customer Value strategy
Customer data used to track, predict and optimise, customer behaviour
Increased customer loyalty and lifetime length, with customer lifecycle maps
Use of customer discovery and analysis tools, and customer mapping
You and your staff will be engaged in customer experience design
'Customer Success' is the next megatrend you'll need to consider. Figure out how to adapt to meet it with your customers.
Help is readily available. Call us now, and discuss how this important and powerful topic affects your business.
We can help you explore the challenges you face, and the opportunities they represent.
Let's discuss it on a phone call. After that, you can just hang up - if that's what you'd like to do. NSA!
Phone us (see the numbers below) or use the contact form here to get help. Absolutely obligation free.
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Any advice, information or comment contained in this document is general in nature, and should not be relied on as the basis for any specific commercial, business, employment, or financial decision. Specific advice should always be obtained for each individual circumstance. Accordingly any advice, information or comment contained herein is for general guidance only.