ABeam points to customer-oriented business as the future for long-term profit

The customer experience (CX) transformation trend is growing exponentially and as a result, companies and businesses have to learn how to adapt to digital changes and rely more on technology; customers are expecting a good brand/business experience online. As a result, every company is under pressure to deliver a great customer experience.  So, how can we be successful when pursuing customer experience (CX) transformation?

According to ABeam’s research and survey from Japan, when asked about what employees in managerial positions believed was the single most important topic for digital transformation initiatives, the top three choices were to focus on "New Business Creation" at 25%, followed by "Digitalization of Customer Contact" at 14%, and in third place, "New Service/Product Development" at 13% of all top choices.

We learned from the survey that to accomplish excellence in customer experience (CX) the business model must transform and shift center to focus on customer satisfaction; therefore, “Customer-oriented business model reform" is the key. In Essence, it is first necessary to provide customers with an outstanding customer experience (CX) and continue to gain their trust.

Mr. Ichiro Hara, Managing Director and SEA Leader of ABeam Consulting (Thailand) Ltd, stated, "If we look closely at some of the success stories in Japan about expanding business, we can see that those relied heavily on a focus on customer experience, and it is especially true for one of Japan's most famous gaming companies, 'Nintendo.' The outbreak of the COVID-19 situation resulted in a lockdown measure; therefore, people needed to find activities that could help release their stress indoors. This led to the sudden popularity of certain games is attributed to a high-level strategy centered around the customer. They touted their plans to increase the number of people that encountered their intellectual property (IP) and increased the engagement of fans through the expansion of touchpoints through game merchandising, theme parks, movies etc. They have also built a structure to connect directly with customers through their platform to increase accessibility."

According to the success of the company which rely heavily on the influence of the customer experience, and with an eye on a customer-oriented business model reform, building the foundation for new opportunities using digital tools and transforming business portfolios is essential. With customer contact evaluated so highly, ABeam advocates its three key elements to adopt a customer-oriented model emphasizing outstanding customer experience (CX) as the premise.

The purpose of these steps is for sustainable business growth by focusing on satisfied, loyal, and committed customers, which is considered the best way to ensure profit – even during periods of economic downturn.

1. Customer Experience (CX) Expansion – Building a new customer experience journey through the evolution of digital technology

Customer Experience (CX) Expansion means discovering business opportunities based on a future vision and working backwards or "back casting". A simple way to illustrate this is to acknowledge the expansion of knowledge with the improvement of AI as well as the expansion of storage using iCloud, both of which have increased accessibility and ensured better customer experience in the digital space. Another example, in the past, people were hesitant to offer up their personal information for fear of their safety. However, nowadays, people are much less resistant to typing down their personal information when subscribing to a new service because of its benefits and today's "Virtual IDs" allowing people, or at least their data, to exist in the digital world. This change in customer behavior, brought about by the evolution of technology, is a core component of Customer Experience, which has even had an impact on more traditional industries like Automotive, where the customer journey is mapped to provide additional convenience to customer throughout the lifecycle of their vehicle.

2. Robust Pivot – Build a business model based on customer feedback 

After discovering new business opportunities, the next step is to change how a business operates to focus more on customer demand. For example, suppose a SaaS (Software-as-a-Service) company launches a new application and releases a beta version for its users to test the service. In that case, any user feedback should be collected, and any changes to the software, if necessary, swiftly implemented. This workflow ensures the company develops its business with the customer in mind at every point. While conforming to customer demands is critical for a successful customer experience (CX) transformation, there are times when the company should stand firm for what it believes is the right decision – this is what is meant by being "robust".

3. Expansion of Supplied Value Through Co-Creation – Co-innovate with partners and customers

To quickly deliver value to the customer through products and services they need – or didn't know they needed - companies may find it necessary to partner with other companies or customers through open platforms to acquire equipment, materials, or know-how. An excellent example is a Japanese multinational cosmetic company's acquisition of a U.S.-based start-up specializing in using digital tools to provide customers with individual cosmetic customizations – which Shiseido touts as the future of the cosmetics industry. However, co-innovation also comes with risks, such as investments falling through, so companies need always to have backup plans. To effectively prepare countermeasures for such scenarios with their partners, ABeam has created "ecosystem management" methods and successfully implemented corrective actions involving all stakeholders

"While customer experience is often brought up, few companies have committed to developing their customer journey map. As a result, there is much room for improvement," said Mr. Ichiro Hara, Managing Director of ABeam Consulting (Thailand) Ltd. "To keep up with customer expectations, companies must deliver exceptional customer experience and envision a digitally dominant future to identify business opportunities long before they become a reality. This will give them the edge they need to stand out from the competition," added Mr. Ichiro Hara.

Even though achieving successful customer-oriented business model reform can seem daunting, ABeam can assist companies in accelerating their progress with its customer experience (CX) transformation services.

For example, ABeam has utilized digital marketing platforms and AI targeting technology to acquire new leads and close deals to significant effect in the insurance industry – all of this without having to come into close contact with the customer – in compliance with the 'new normal. ABeam's comprehensive customer experience (CX) transformation services are designed to help guide companies in the right direction to focus on what truly matters – providing customers with added value.

ABeam Consulting (Thailand) Ltd. is a subsidiary of ABeam Consulting Ltd. – headquartered in Tokyo having 6,900 people serve clients throughout Asia, the Americas and Europe providing consulting services in Thailand since 2005, ABeam Consulting (Thailand) has more than 400 professionals serving clients in Thailand with expertise in business and digital transformation services that create the future together with corporations and other organizations. As a creative partner leading the way reliably through change, we contribute to industrial and societal change. 

Please contact us at contactthailand@abeam.com or visit https://www.abeam.com/th/en for more details.