Key Traits of a Successful Singapore Companies
Success is vital to any company. You won’t find one formula explaining to you what makes a company successful. Some companies are just better than others. Though you can’t completely quantify what makes a business successful, many of the most successful companies have the same things in common.
In this article, we’ll take a look at four key attributes that make a company successful.
A customer-centric company is more than a company that offers good services. Customer centricity is a way of doing business with your customer in a way that provides a positive customer experience before and after the sale in order to drive repeat business, customer loyalty and profits.
It means offering a great experience from the awareness stage, through the purchasing process and finally through the post-purchase process. It’s a strategy that’s based on putting your customer first.
The customer journey from start to finish should be designed so that all sales activities and communication are aimed at helping the customer achieve short and long-term success. To be fully effective, customer-centric selling should go beyond the sales department – to your customer service, marketing, and account management teams as well.
Suppliers Relationship Management
SRM is the discipline of strategically planning for, and managing, all interactions with third party organizations that supply goods and/or services to an organization in order to maximize the value of those interactions.
At CulturalManagement.org we believe finding good suppliers and maintaining solid relations with them can be an invaluable tool in the quest for business success and expansion. In fact, a business can only be as good as the suppliers with whom it works. The typical goal of SRM is to streamline and improve processes between a buyer and its suppliers – the organizations that supply the goods and services.
Suppliers are often a procurement organization’s secret competitive weapon, their hidden resource, their competitive edge. Leading companies develop tailored supply strategies that are directly linked to their corporate strategies.
Understanding Consumers and Market Segments
What Does it Mean to be Customer-centric?
To have the customer's best interests as the focus of your attention - not to be pre-occupied in your own interests at the customer's expense.
To do this, you need to:
(1) Really know the customer in order to anticipate their best interests.
(2) Differentiate between primary and secondary motives.
Customer-Centric Primary Motives:
Making it easier and nicer for the customer to get and use solutions.
Self-Centric Secondary Motives:
Building revenue and profit through new product development, word-of-mouth, etc.
There's a myth that talking often to your customers (sales, service, surveys, etc.) means you're customer-focused. However, customer-focus goes beyond lip-service to the primary motives that drive your behaviors.
Gap in Desired Versus Actual Customer-Centricity
Half of companies say they're extremely customer-centric, but when customers of those companies were asked, only a tenth of them said those companies were extremely customer-centric. Why is there such a huge gap? When you think about who makes business processes and policies within a company, it's usually the workforce that doesn't interact directly with customers. Three-fourths of companies say that customer experience is not well defined and communicated within their company. Half of companies say they have fair or little knowledge of customer demographics, behaviors, psychographics, and transactional histories. Less than a tenth of companies say they have excellent knowledge of customers. Three-fourths of companies say their employees aren't well versed in how to delight customers.
Ways to Really Know the Customer
This represents an opportunity for those who work directly with customers to share valuable stories and facts with the rest of the company, to help the entire workforce live up to their brand promises. We usually think of marketing, sales, and customer service as outward-facing, with only outbound deliverables.
Yet, if a company is customer-centric, then concentric circles around the customer mean that marketing, service and sales are the natural conduit for helping the rest of the company - engineering, finance, human resources, production, operations, technology, safety, accounting, etc. - understand their impact on customer experience and customer profitability. Three-fourths of marketing groups say they don't influence the customer service function ... so you can imagine how much influence marketing has on the rest of the company!
Customer-facing professionals can sensitize the whole company toward the customer's plight and priorities:
(1) Make sure customer stories reflect the customer experience spectrum.
(2) Use creative ways to share customer stories:
- Internal newsletters
- Bulletin boards & posters
- Lobbies, break rooms, war rooms, conference rooms, cafeteria
- Staff meetings
(3) Involve organization in learning and adapting their mindsets - this is the organization-wide journey guiding everyone on managing their personal impact on customer experience, called internal branding
Return on Investment
Your company makes huge efforts and investments in communicating your value proposition, which is the brand promise that shapes customer expectations. A corresponding investment - at least in energy and scrutiny - makes sense for ensuring the brand promise is indeed delivered. Customer satisfaction occurs when the customer's experience meets or exceeds their expectations. Trust - being true to the brand promise - is biggest the biggest factor in building a customer-centric culture that maximizes customer profitability.
Note: statistics from CMO Council Customer Affinity study and Peppers & Rogers Customer Retention presentation.
Business resilience is the ability an organization has to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people, assets and overall brand equity. It is the process of creating systems of prevention and recovery to deal with potential threats to a company.
Business resilience planning at CulturalManagement relies on identifying essential functions and prioritizing what is critical to be performed in times of distress. A critical step in becoming a resilient organization is understanding what your vulnerabilities are so that you can prepare to stay in business.
Most concerning threats that lead to business disruptions include cyber attacks, data breach, acts of terrorism, fire, unplanned IT and telecom outages, and adverse weather among others.
Careful business resilience planning can mitigate the impacts of a disruption and allow your business to continue to function or to return to normal more quickly.
Employee Job Satisfaction
Job satisfaction is the feeling of contentment or a sense of accomplishment, which an employee derives from his/her job. Job satisfaction is all about an individual’s feelings about the work, work environment, pay, organization culture, job security and so on. Successful companies provide a high level of job satisfaction to its employees.
Fortunately, job satisfaction is dependent on a variety of factors, many of which are within an organization’s control. Key factors include engagement, praise and appreciation, compensation, motivation, culture and work-life balance.
While these traits alone don’t necessarily tell the whole story, at CulturalManagement they are important factors in evaluating whether a company might be recognized globally as a successful one.