It would not be wrong to say that it is the customers who dictate a company’s priorities. So once a company falls in the pit of neglecting their customers’ demands, things tend to go downhill from there.
We talk to Sayeed Peerzade, CIO of Reliance BIG Entertainment, to understand how important it is to listen to one’s existing customers. He tells us about how things are changing due to digital transformation happening in the industry and what it means for customers and marketers. He doesn’t mince his words when he talks about how easy it has become today for customers to move from your company to your competitor, if their demands are not heard.
Interviewed by Avanish Tiwari
/ / What, according to you, is the big change that is happening, which will significantly impact businesses next year?
One change that has happened across industry and businesses is digital transformation, and it is something that will continue to happen. We need to look at the benefits, as well as challenges that this transformation has brought us.
One clear advantage is that the reach of products and services has increased manifold, be it through social media or newer technologies such as the cloud. Both have helped a lot in increasing the reach of products.
Now everything is going mobile. Mobile apps are being used increasingly to reach out to customers. What is happening with mobility is that as the economy improves, every business will become an app-driven business rather than a physical entity sitting at one place. Even the retail business is no longer just physical; they are quickly moving to app based communication with their customers—be it taking orders or listening to their grievances and suggestions. We are going to see this change in B2B as well.
Talking about challenges: These digital advancements have brought in increased competition. If a company has to innovate and launch a new product, it has to be done really quickly, hoping that any changes required will be made on the move after the launch. Four or five years ago, when we talked about launching a new product, we had to buy a server, install an OS and then develop the application. For a new product to be launched, it would take at least four to six months. Today, on the other hand, any product that you can think of can be launched within days. This leap from six months to a few days is happening because of digital transformation.
/ / How important is it for a business to engage with its existing customers?
One of the other challenges of digital transformation is that it allows your existing customers to move to your competitor in a matter of hours, and there is nothing you can do about it unless you interact and listen to them. Since there are other companies selling almost similar services or products as yours, the only difference you and your competitor could have is around customer care.
In fact, B2B companies are facing much of this problem, arising out of not interacting with their clients often. This is what I have been observing. Today I am sitting on Amazon’s cloud and if I have some issues that they are not caring to resolve, in a matter of hours I can move to other data centres. You need to be in touch with your customers, get to know their problems and fix them as quickly as possible.
It’s practically self-destructive to ignore your existing client base, which in the first place is the reason why your company is where it is today.
/ / Our research says enterprises mostly go after new clients and don’t engage much with existing clients. Your take?
I would say I differ on that research a little bit. Although this has been the drawback of B2B companies for some time now, times are changing, and these same enterprises are beginning to focus on solving their clients’ problems. Enterprises are realizing the value of business that existing clients can bring, especially if it’s a subscription based revenue model.
Many B2B enterprises I know are investing in listening to their customers’ woes; because if they don’t, they will soon lose the business.
/ / What are the channels that enterprises are using to engage with clients?Which, in your opinion, is the most effective one?
It varies from business to business. However, customers are mostly available on smartphones, so enterprises have regularly been using mobile devices to get in touch with them. At Reliance Entertainment, we have developed a platform to send notifications to customers who play our games regularly, to understand what they want next. Banks and telecom providers often send notifications asking for feedback from customers.
But if you ask me how effective these interventions are, to be honest, we are not sure. But then at this stage, it’s not about how useful these efforts are. For now, customers will notice that the brand is making efforts to know more about their playing habits. This attention and trust alone will keep them glued to my channel because they know there is someone at the other end always willing to listen to them if there is an issue. We are working on how to translate those demands into reality.
Contributors
