Improve Your Customers’ Experience for Exceptional Business Growth
Nano Tools for Leaders® are fast, effective leadership tools that you can learn and start using in less than 15 minutes — with the potential to significantly impact your success as a leader and the engagement and productivity of the people you lead.
Contributor: Ian MacMillan, The Dhirubhai Ambani Professor of Innovation and Entrepreneurship; Professor of Management; Director, Sol C. Snider Entrepreneurial Research Center, The Wharton School, University of Pennsylvania
Identify and take advantage of ways in which you can dramatically improve your customers’ experience to drive exceptional business growth.
In their book Marketbusters, Ian MacMillan and Rita McGrath describe five approaches for re-visioning growth strategiesin order to create new revenue streams and competitive advantages while working with known customers. The first approach involves examining your customers’ total experience with the goal of transforming it. MacMillan and McGrath suggest a tool which they call a consumption chain (see an example below) to identify every step in the consumer experience.
Once these steps are identified, the chain can be used to “prospect” for or identify potential changes you can make in specific customer experiences—ones that will create a surge in demand and result in substantial growth opportunities.
How Companies Use It:
It is important to keep in mind that no strategy will be successful indefinitely. Competitors catch up, markets change, and organizations can become lazy during upswings that inevitably come to an end. Instilling constant consumption chain enhancements into your overall strategic process can help you create growth opportunities continuously.