It is often said that to excel one must leave one’s comfort zone. That is another way of saying 'overcome your fears' if you really want to succeed. The UK faces a huge decision in Brexit next month. The information is far from perfect; the stakes difficult to quantify; the risks are hard to mitigate; and the decision makers have no direct experience. Sounds like business!
What price freedom?
So, in less than six weeks, on June 23rd we must have courage. Vote for what we believe to be best, not what we fear the least. In this referendum there are only two options – unlike most decisions in life.
Learn from your Brexit experience
In business we take many decisions. I was given two pieces of advice as a young accountant:
- Business is about taking well-judged risks
- If you are unsure – do something – doing nothing is nearly always worse
By and large this advice have served me well. Be courageous, stop short of cavalier.
Thinking about e-commerce
Being a finance director I know systems are important. They need to be robust and usable. They need to keep pace with the business. Over time, I have found user groups both a source of inspiration and desperation in equal measure.
There is necessarily a distinction between ‘front office’ and ‘back office’ systems. In the latter group, they must be robust and efficient. Stability and seamless integration are paramount. No frills no fuss.
The front office is altogether different. It is your business "shop front". It needs to be current to meet or exceed expectations. It must be dynamic to reduce the time to market for new products and services. Unfortunately it is in the front office group that I have found vendors of package software to be deficient. The bottom line is that I find business changes faster than the software.
Taking the well-judged risk
So how does one apply these lessons? Changing a customer facing front office software package is very resource intensive. Forget it being an 'installation' – the actual act of migration is far from simple. From the customer's perspective – how can the change be seen as good?
Give them something better
I have certainly learned that to maximise adoption, the key enabler is bringing something altogether better, but without taking something away. Change is inevitable, but put yourself in your customer's shoes. What positives will they experience?
A winning strategy to improve CX on your web trading platform
And so I come to what you can do to meet today’s critical challenge – the customer experience, or CX. Customers are undoubtedly flooding to you web platform in ever greater numbers: over half already and growing if statistics serve us correctly. They demand web convenience and immediacy. Your need to retain influence at the point of purchase and provide expertise to differentiate you and your products. Add in promotional activities to maximise your share of wallet and a method of building your customer relationship - in short you need a platform that delivers Account Management.
And here in lies the rub. In this decision, there are many choices, and to change platform is often cavalier. So look out for other options that can enhance the status quo without the pain of wholesale migration. And do something!