So says new research from Accenture, which is part of the consulting giant's “Living Business" study, surveyed over 1,000 C-level executives from companies across the globe to understand how leading organisations are achieving sustainable growth.
The study found that companies which adopt new capabilities to be more agile, responsive and innovative will not only thrive, but are also about three times more likely to achieve above-average revenue and profit growth.
By identifying these common characteristics, Accenture uncovered a new formula for companies that want to evolve into a living business – one that continuously adapts to changing customer preferences and market conditions with speed and at scale to thrive.
It found that 55% of UK consumers switch companies that no longer meet their needs, and 47% get frustrated when companies fail to use their personal information to make interactions and offers more relevant.
For companies to capitalise in this era of "hyper-relevance", Accenture has highlighted five core actions:
- Target core and disruptive growth initiatives. Companies that have a deep understanding of customers’ changing digital needs and preferences are better able to identify areas ripe for disruption and growth. New plays can be funded by optimising costs elsewhere.
- Design products and services as hyper-relevant platforms. Organisations that create products and services that generate real-time customer data are well positioned to use that insight to develop compelling new experiences that adapt to the ever-changing context and needs of their customers.
- Build a range of engagement channels through agile technologies and prototyping. So that companies can bring designs to market in a variety of ways, enhancing customers’ experiences and enabling continuous feedback.
- Scale a broad set of ecosystem partners. Collaborating with a diverse array of partners enables companies to quickly create a new type of customer experience and value. Each player brings something new and unique to the table, such as customers, industry experience or technology, enabling all parties to benefit from the experience.
- Rewire the workforce through new technology and culture of hyper-relevance. Companies that cultivate a mindset that puts customers front and center do so by drawing on the latest technologies to mobilise the right people at the right time. They foster a culture that breaks down silos and continually seeks to better customer relevance.
Accenture Interactive president Nikki Mendonça said: “Boardroom concerns are on the rise as many long-established companies relinquish revenue to more agile competitors that are engaging with customers in more relevant and meaningful ways.
“All organisations need to embed analytics at the core of their marketing operating models and build a broad platform ecosystem so they can adapt in real-time to individual customer needs and preferences.”