Even as optimism about the economy wanes, more private companies plan to invest in 2016, according to the latest Trendsetter Barometer from PwC. And the key target for investment: improve the customer experience.
Almost a third of respondents said that they plan to make major new investment in 2016, up from 25 percent in the last quarter. And more than two-thirds of respondents said that making the company more customer-focused was a top or moderate priority for targeting investment.
This data aligns nicely with something MDM Publisher Tom Gale said in our recent MDM Webcast: The 2016 Distribution Industry Outlook. The market has changed – new competition, more disruption, etc. – but the focus still needs to be squarely on the customer.
One CFO respondent's comments echoed a sentiment we often hear from you: "Our business is to know what the customer needs before he needs it."
Operational efficiencies are still important to keep in mind, but the return on those at this point should be minimal. (In other words, you should be pretty good at that game by now.) Take advantage of the current environment to make sure you're focusing investment in the areas that will have the greatest payoff: knowing your customers and meeting their needs.
How are you identifying what your customers need? Are you prepared to meet those needs?
And where can you invest to improve that customer experience to keep them coming back?
