As the saying goes, if your business is not growing, it is
dying. Well, I am not sure I believe that entirely. Today's
competitive landscape is shifting so rapidly that change is the
only constant, which means that your business should be changing
and innovating to keep pace. Focusing your energy solely on revenue
growth could lead to sudden death as you can lose sight of what
brought you success in the first place — providing your
customer with something they need.
When was the last time you thought about your customer's
experience? I am not just talking about the delivery of the product
or service but the entire cycle – from their initial
identification of need through order entry, payment and ongoing
support. Are they satisfied? You might believe that they are given
that they continue to purchase your product/service but perhaps
there are gaps in the experience. It is within these gaps that the
potential for disrupters can arise. These gaps represent both a
threat and opportunity to your business and the better able you are
to identify and mitigate the gaps, the more satisfied and loyal
your customers will be.
Uber is one of the most recent high-profile examples of a
disruptive company. In most major cities, the taxi industry is made
up of one or a few companies. Their assessment of the need of the
customer was to simply pick them up – there was little
thought put into the experience of the consumer: the convenience of
how this order would be placed, the wait time or the condition of
the vehicle product, the ability to rate the driver, etc. And
customers didn't think there was another option, until there
was one. Suddenly, one app has turned an entire industry upside
That trend of connecting consumers directly to the
product/service at their convenience can be seen in other forms as
well, like smartphone wallets (which have the potential to cut out
the bank intermediary) and on-demand services like Netflix.
Consumers are increasingly demanding convenience as it relates to
the delivery or consumption of products and services. The catch is
that most consumers don't know they can expect something
different until a new option is presented to them.
So how can you make your customer experience better and protect
your business from disrupters? It starts with having a deep
understanding of your business's value proposition and making
sure that it is consistent with your customers' impressions and
expectations. That unique value proposition (USP) should then
become engrained in the minds of each and every one of your
It is also important to review the customer experience through
the lens of delivering on your stated value proposition at each
stage of the process. The customer should experience your USP at
each stage and if they do not, it is up to you and your team to
determine what can be done to augment the process. Cohesion through
the whole experience creates wildly satisfied customers who are
loyal to your company. The experience gaps you identify are your
opportunity for innovation. This does not have to come in the form
of significant capital expenditures, although it should involve
input from each functional area of your business. The more you
anticipate and solve issues for your customer that they didn't
know they had, the more you protect your business from
Your business and its interaction with your customers does not
happen in a vacuum, that is why it is critical to ensure your
business and its processes are evolving to anticipate the changing
landscape. Revenue will grow when you are truly satisfying your
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).