Neha Sethi, Head of Marketing at Teleperformance India, delves deeper into how Marketing influences business growth, whilst highlighting importance of empowering employees and driving customer satisfaction.
Ever since the coronavirus pandemic has shaken global economies, companies across all sectors have been experiencing a paradigm shift in their operations. The shake-up of business models was made necessary overnight to remain resilient in the face of ongoing disruption and had a direct impact on evolving customer preferences and needs. Corporations navigating the unknown have been trying to address new expectations and reevaluate their offerings to ensure their business stays afloat whilst maintaining employee and customer satisfaction.
At Teleperformance, our mantra is – Simpler, Faster, Safer – and we are doing this by keeping our people safe and able to work productively and happily, which in turn enhances business growth.
For a business to succeed, it is important to place the customer at the heart of everything you do, which means that every communication regarding sale or service proposition is based on their needs. Customer delight is key to growth for almost every business. Data shows customers who are devoted to your business and brand are better for your bottom line. Bain & Company and Harvard Business School report that increasing customer retention rates by 5 per cent increases profits by up to 95 per cent.
Today, I want to emphasise on effective and simple communication being paramount. I use the word ‘simple’ because effective communication in the workplace is often wrongly associated with being complex. Instead, one should be focusing on delivering a message in the easiest way for employees and clients to comprehend and absorb. I firmly believe simplicity is the ultimate sophistication. Make it simple, but significant.
While digital transformation may not be a new priority for business leaders, COVID-19 has surely made it most vital. Businesses have surprised themselves with the speed and success of their digital initiatives. According to a McKinsey & Company study, digital offerings have accelerated in progress by seven years in a matter of days and months, allowing employees to work to the best of their ability and ultimately keep clients happy.
In the post pandemic world, there is a strong preference for a cloud-first approach expecting all of us to think quicker and move faster, at the same time not compromise on employees’ empowerment and customer satisfaction.
There is also a strong need to leverage gamification, thereby encouraging greater social connect and companionship among employees. As companies become more hybrid in their working approach, keeping up with technological advancements and implementing new technologies across core business functions defines a company’s competitiveness as we walk the tight rope on the journey of accelerated transformation and employee empowerment.
Never has there been an increasing need of a safe environment for employees, clients, and end customers. With accelerated digital transformation becoming the need of the hour, raising awareness about information security and the increasing need of data privacy is of utmost importance.
Companies are also increasingly becoming committed towards cultivating a diverse and inclusive workplace and creating a safe environment that spells uncompromised safety and equal opportunities for all employees.
Businesses cannot continue to grow if everyone within them thinks the same, acts the same and has the same interests. Diversity and inclusion means that your business will be open to new ideas and new ways of thinking, which not only make it more likely to succeed, but also a place where each individual can thrive, grow and fulfill their dreams.
Merging High-Tech with High-Touch
Businesses are no longer defined as B2B or B2C, but more so H2H—Human to Human. Therefore, it is important to leverage latest technology to enhance customer experience and offer zero-disruption services with a human touch.
This can create lasting impressions by reducing customer effort and relaying the necessary level of human empathy, with the aim of retaining customer loyalty. What high-touch is and how it relates to the average business in today’s highly technological world is essential for growth and success. A balance of both approaches allows a business to use technology for growth without alienating customers or clients.
The Business Model of the Future – the 5 Cs
As we all progress in the virtual era, the foundations of a resilient business model will remain timeless. Critical thinking, communication, collaboration, creativity and cultural awareness will forever be the cornerstones of keeping employees, clients, and customers satisfied.
Yet, the risk of becoming irrelevant in an unpredictable market means businesses must ramp up the basics: keep communications simple, anticipate the evolving technology trends and act fast, keep your stakeholders safe and preserve empathy.