Customers and markets.

Lottie

Know what your customers want.

“People want what’s best for them, and they can switch on a dime, because there’s always a new disruptor disrupting the last disruptor. So, companies should just strive to keep changing and adapting to their customers’ needs.”   Ben Chestnut, Co-founder & CEO of MailChimp. 

This is a key part of the 3CirclesofSuccess, you just need to acquire as deep an understanding as you possibly can. The key here when incorporating the 4IR is to extend your thoughts to beyond the market you operate in and the customers you serve, to the markets and customers that your customers serve.

For example, the accountancy profession in the 1980s when the third Industrial Revolution, electronics and Information technology, started to have a commercial impact on the business world; were very adept at utilising it for their own purposes, but did not consider how they could help their clients to utilise it to help give them advantages. As a result, a whole new industry, the IT industry, was developed and filled the void.

If you now look at this with hindsight, how did they let this happen? They were in a position where:

  • They had a client base that was all going to be effected by it and would need support in introducing it.
  • They had a good knowledge of what their clients did, how they operated and how it could be incorporated into their client’s business to help give them advantages.
  • They already had a relationship with the client.

A study of the current market will show numerous IT businesses, small and large, but very few accountancy firms offering the service.

The key is to look beyond your own markets and customers, and reflect on the markets and customers they serve, ask:

  • How are they going to be impacted?
  • What challenges do they face that I can help them with?

Open dialogue with your customers. Find out the challenges they are facing and go on the journey with them.

If you can solve a problem for someone, help them to become more profitable or even do both you are in a win win situation, and will become the trusted adviser and also “the early bird that has catches the worm”!

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