DAY 5 at LIF – Innovating to Meet New Customer Demands
Today concluded an incredible week with best practices and lessons learned from some of the world’s leading brands, including Grubhub, Mercado Libre, Flipkart, Dropbox, and many more. Navigating the COVID landscape has forced many companies to reimagine their business models, and adjust to dramatic changes in customer demand. So, it was fascinating to hear perspectives from around the world, and across industries, on how these business leaders have survived – and even thrived – during the crisis.
Esteemed industry experts also shared key insights and unique perspectives, like Adrian Swinscoe’s punk rock approach to CX. Paul Mackel from HSBC shared his economic outlook and predictions for global recovery. Bojana Bellamy from the Centre for Information Policy Leadership discussed how the COVID-19 pandemic has accelerated the collection and use of data in unprecedented ways. And, Boston Consulting Group (BCG) outlined how financial service organizations can strike the right balance between digital convenience and customer expectations. But that wasn’t all.
This morning’s keynote from industry thought leader Steven Van Belleghem concluded the forum by offering guidance on Getting Ready for the ‘Day After Tomorrow’.
With so many people forced to adopt digital tools during the crisis, usage has grown more in the past five months than it would have in five years. And, according to Steven, it shows no sign of decreasing. This was not a temporary spike, but rather a plateau that appears to be holding steady.
So, with adoption accelerating and the technology also advancing so rapidly, we are at an interesting point in human history. In the past, all a company had to do to be successful was offer a good product or service at a good price. But not anymore. Now there is another factor that must be considered – digital convenience. Is it easy to buy your product and engage with your brand?
“Today’s modern, digital customer expects transactional excellence.” – Industry Thought Leader, Steven Van Belleghem.
Steven also discussed how customers have a higher level of trust in business leaders than government leaders. They expect CEOs to take the lead and make the world better – effecting change faster than governments can.
They want to view the brand they choose as a “Partner in Life”. So, global companies are beginning to make choices based on principles, and not just the bottom line. Like one US-Based Retailer who decided to stop carrying tobacco products because selling it conflicted with their core principle around health and well-being. But, to off-set the nearly $2B tobacco products generated for them annually, they instead chose to promote a unique message about “quitting together”. This creative angle generated an increase in the sale of nicotine mitigation products, helping thousands of people give up the habit all together. What an amazing – yet risky – undertaking! And it worked.
Steven summed up this key point with “It’s not about changing the world; it’s about changing your world.”
So, let’s take Steven’s profound words to heart. Let’s change our world for the better. Let’s strive to do even more for our customers in 2021, and beyond. Together.
Thanks to all of our guests, esteemed speakers, session moderators, and support staff for making #LIF2020 so memorable! See you next year!