(With Victoria Manes)

Obsession is a robust phrase. Based on the Oxford English Dictionary, an obsession is an thought or thought that frequently preoccupies or intrudes on an individual’s thoughts. At Forrester, we use the phrase intentionally, even provocatively, after we discuss buyer obsession, precisely as a result of we wish to evoke a robust response. We wish to provoke motion.

Clients Are (Nonetheless) Altering Quick

Ever since I joined Forrester, I’ve been writing and presenting on how buyer behaviour is altering ever extra quickly, Nicely, it’s nonetheless true. As an example, 65% of UK on-line adults stated they’re “all the time prepared to do or attempt new issues,” and 71% of French on-line adults have used chat for commerce at the least as soon as. That’s why buyer obsession is extra essential than ever. And by this, I don’t simply imply doing all the things your buyer desires. Buyer obsession begins with deeply understanding your clients’ wants and flows by means of to aligning your corporation operations to serve them profitably. Sure, profitably … customer-obsessed B2C companies display 1.8 occasions the revenue progress of non-customer-obsessed companies.

European Companies Are Catching Up

Our buyer obsession maturity evaluation clusters companies into 5 classes, from customer-naïve to customer-obsessed, primarily based on three components: management, operations, and technique.

In 2022, European companies have been lagging behind in comparison with their international friends of their buyer obsession maturity. However our 2023 information exhibits that the proportion of customer-obsessed and customer-committed companies in Europe has elevated considerably within the final 12 months. European companies are catching up, with Italian companies probably the most customer-obsessed, adopted by Spain.

Buyer Obsession Pays Dividends

We all know that buyer obsession pays. We will present that customer-obsessed B2C companies see 1.8x the income progress and twice the market share progress of their non-customer-obsessed rivals. However the advantages are wider. European govt decision-makers from customer-obsessed and customer-committed companies inform us that they:

• Are optimistic concerning the future. They see stronger buyer relationships, extra innovation, and extra profitability.
• Use empathy and understanding to create loyalty. They reach understanding their clients’ wants, create advocates, and win long-term loyalty.
• Innovate quick. They shorten the time between concepts and motion, prioritise primarily based on buyer wants, and undertake new applied sciences in comparison with their rivals.

In our upcoming occasion, CX EMEA 2023 on 10–11 Might in London, we shall be awarding our first EMEA Buyer-Obsessed Enterprise Award. We’ve had some very sturdy submissions, and our winner shall be there to share the story of their journey towards buyer obsession and present the advantages that it brings. We’d like to see you on the occasion.