Today Blackberry announced that the market should expect 1B$ loss...
and more to come with its smartphones not selling very well and a burn rate of 500M$ per quarter. Its 2.6B$ cash will be gone in a year. What will they do? What went wrong with Blackberry? What did they forgot? Why did they not transform their business?
For BlackBerry the end of the road is very close indeed. For those who still have time to turn around they must do so and avoid the same pitfalls.
On my previous post I mentioned that companies who care about good customer experiences performs better than the ones who do not. Having said that how can a company turn it self around and become more customer centric? Such a transition would mean several changes, first and foremost with the organizational strategy, its thinking and more importantly for employees who will have to have to provide a better customer experience. For any organization to adopt a customer centric approach, that has to start from the very top. Company executives must be the sponsors of such transformation programs and more importantly for the program to succeed executive pay should be tied to customer experiences. It is also important to have customer experience champions within the organization, this are company directors who takes the lead in driving the entire workforce toward customer centric thinking.
To achieve a sustainable and constantly improving profitability a company's products and services should evolve to cater for its customer and take market share from its competition. At the end of the day increasing profitability means better market penetration and positioning. This can be achieved by addressing customer needs starting from product or service design and most importantly when providing customer support services. Any new Products and Services should be designed to ensure that it is better than the competition not only on pricing but also on how customers will experience the product and the services. The question is how can you offer a value proposition that competitors can not match? For most of us that unmatched value preposition is the holy grail. When it comes to mobile communication technology, the world I know most where for some time Nokia knew that advantage then lost it and more recently Apple knew that secret until Samsung figured it out and starting to match it…. In my little world it is an excellent customer experience that provides that unmatched value proposition. Great customer experience is embedded in a product, it is entrenched in a service delivered, it is the main difference maker…
In the Customer Experience Summit Asia, there is a panel discussions that focus on embarking on a customer centric transformation. The aim is to improve customer experience, achieve sustainable growth and above average profitability. Some highly respective executives will be in the panel headed by Mahesh Fernando of Airtel, and Rimzie Ismail of Dubai Airport and Ritesh Chatterjee of SKS Microfinance. They will explore he impact of customer centricity on revenues, profitability and growth. They will also impart their knowledge in identifying, measuring and making the most of all customer channels for long-term profitability.
Transformation as I mentioned above starts from the organization it self, from the top. Once that happens the top executives can sponsor various programs to get the organization to put customers first, all the time. Customers first from product design to delivery of support services. Having said that putting customers first is not enough, we need to give them the best customer experience they can ever have on the product we sell and the services we provide. Once we do that then we are truly a customer centric organization.
and more to come with its smartphones not selling very well and a burn rate of 500M$ per quarter. Its 2.6B$ cash will be gone in a year. What will they do? What went wrong with Blackberry? What did they forgot? Why did they not transform their business?
On my previous post I mentioned that companies who care about good customer experiences performs better than the ones who do not. Having said that how can a company turn it self around and become more customer centric? Such a transition would mean several changes, first and foremost with the organizational strategy, its thinking and more importantly for employees who will have to have to provide a better customer experience. For any organization to adopt a customer centric approach, that has to start from the very top. Company executives must be the sponsors of such transformation programs and more importantly for the program to succeed executive pay should be tied to customer experiences. It is also important to have customer experience champions within the organization, this are company directors who takes the lead in driving the entire workforce toward customer centric thinking.
To achieve a sustainable and constantly improving profitability a company's products and services should evolve to cater for its customer and take market share from its competition. At the end of the day increasing profitability means better market penetration and positioning. This can be achieved by addressing customer needs starting from product or service design and most importantly when providing customer support services. Any new Products and Services should be designed to ensure that it is better than the competition not only on pricing but also on how customers will experience the product and the services. The question is how can you offer a value proposition that competitors can not match? For most of us that unmatched value preposition is the holy grail. When it comes to mobile communication technology, the world I know most where for some time Nokia knew that advantage then lost it and more recently Apple knew that secret until Samsung figured it out and starting to match it…. In my little world it is an excellent customer experience that provides that unmatched value proposition. Great customer experience is embedded in a product, it is entrenched in a service delivered, it is the main difference maker…
In the Customer Experience Summit Asia, there is a panel discussions that focus on embarking on a customer centric transformation. The aim is to improve customer experience, achieve sustainable growth and above average profitability. Some highly respective executives will be in the panel headed by Mahesh Fernando of Airtel, and Rimzie Ismail of Dubai Airport and Ritesh Chatterjee of SKS Microfinance. They will explore he impact of customer centricity on revenues, profitability and growth. They will also impart their knowledge in identifying, measuring and making the most of all customer channels for long-term profitability.
Transformation as I mentioned above starts from the organization it self, from the top. Once that happens the top executives can sponsor various programs to get the organization to put customers first, all the time. Customers first from product design to delivery of support services. Having said that putting customers first is not enough, we need to give them the best customer experience they can ever have on the product we sell and the services we provide. Once we do that then we are truly a customer centric organization.
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