Stay Relevant To Stay Profitable: Service Transformation Strategies To Grow Your Customers In Unprecedented Times

Book excerpt: Service transformation is about ensuring that you stay relevant to your consumers. The world is seeing unprecedented change and your customers are also changing alongside this. How do you stay relevant to them so that they stay loyal to you?Whether it is technological disruption or the Covid-19 pandemic that has engulfed communities across the globe, businesses are being forced to take a closer look at how they survive, thrive, and generate new value. If history has taught us anything, it is that discontinuity is a part and parcel of the business cycle.The first part of the book provides a macro perspective. What are the trends that are going to have significant impact on consumption in the years to come? In tandem, it explores concepts like customer satisfaction and using data.The second part of the book is about zooming in and details putting transformation initiatives in place through a framework (Explore, Engage and Expand) that looks at the key components of embarking on transformation. For example, understanding customers and their service journeys. How do you write the brief in a way that allows fresh ideas? How do you test ideas before investing capital in production? What are some of the considerations before you can roll out or scale your new idea.Finally, the third part of the book focuses on the core of creating a strong and sustainable business. This includes understanding customer's expectations, ensuring you deliver what is promised, understanding where the service processes fail and the role that leadership and culture play in building a business that is able to change with adapt to changing times.