How a customer reaches a decision today has changed from yesterday and will change more radically tomorrow.
Winning the battle for an ever-evolving consumer requires a combination of deep, holistic insight and the willingness to design a distinctive, personalized and - critically - intentional customer experience. Research shows that companies that deliver excellent customer experience enjoy twice as much revenue growth as their underperforming peers.
KPMG's unique Five Mys framework - My Motivation, My Attention, My Connection, My Watch
Everything about the customer is changing - their motivations, connections, expectations, time and purchasing power. Even the landmark life events - owning a home, getting married, becoming a parent - are less predictable than they were even five years ago. Organizations that don't detect these shifts - and adjust their strategies accordingly - will struggle to remain relevant.
“It's imperative that executives wake up and confront, and importantly define, the problem. Build strategies based on the new realities of their consumers, not just those they've served in the past. And then execute with both determination and discipline.”
— Willy Kruh, Global Chair, Consumer & Retail, KPMG International