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Why are so many organisations failing to live up to their customers’ expectations? New research reveals that, on average, every adult customer in the UK complained at least once in 2016 – that’s 55 million complaints, resulting in 28% spending less or taking their business elsewhere. This failure to deliver the experience and satisfaction customers expect costs companies an eye-watering £37 billion a year in lost revenue – consistent with previous findings that $100 billion is lost in the US and $400 billion worldwide.
We believe the right response to such unprecedented change starts by fundamentally re-visioning around your customer. Who are they? And how will you help them navigate the complexity of their universe to better achieve the outcomes they’re seeking? While you might be used to enticing the customer into your world through your brand and great customer experience, you now need to reverse the logic and decide how you’re going to fit into their universe. For many, we believe this will involve redesigning your business model around the customer.