What are the Biggest Challenges of Customer-Centric Companies?

April 6, 2018

At part of our Underground series of executive roundtables, InnoLead and PA Consulting Group brought together more than a dozen corporate executives in New York City to discuss innovation strategy and the customer-led revolution. During the roundtable, participants explored what PA calls “Customer 4.0,” and held brainstorming break-outs related the biggest challenges to becoming more customer-centric…as well potential solutions.

The biggest challenges included:

  • “Arrogant complacency,” or believing you already understand your customer
  • Politics
  • Regulation
  • Culture
  • Speed to market
  • Compliance
  • “Customer Tribalism” (perception of inherent rivalry, honesty, etc.)
  • The existing business model

Solutions to these challenges included:

  • A focus on customers’ desired outcomes, not the process
  • Positioning your company into their universe, not the reverse
  • Looking not at what customers are buying, but why they’re buying
  • Understanding which parties — both formal and informal — are informing, advising, and advocating for your customers (i.e., bloggers, aggregators, celebrities, services, etc.)
  • Future World: Picturing what the future could look like.
  • Build partnerships to spur innovative thought in the C-Suite.
  • Creative self-destruction
  • Hot-housing projects separately
  • Looking beyond your industry
  • Building a “universe map”: Where does the company actually touch the customer need?
  • Paying influencers to give honest opinions on the product.

Interested in joining us for a future roundtable? Check our events calendar.