Word Nerd Wednesday – REINVENT


The watch-word from PWC’s annual CEO report was “reinvent.” Almost half of the 4,702 CEOs surveyed said their company won’t be economically viable in ten years if it stays on its current path. Yikes.

Other than technology change, the biggest thing driving corporate reinvention is changing customer preferences.

This has HUGE implications for CX leaders. We need to reinvent what we do to support the larger business transformation. Let me explain.

Boards and executives need a clear picture of three things to ensure they pivot the business in the right direction:

1) which groups of customers exist to target

2) what each of those groups considers valuable (value proposition, service offering)

3) how people want to access the value your company could offer (the ideal experience)

A classic VoC program is typically more backward looking than this. We measure how current customers think and feel about the current experience to make retaining and expanding an existing relationship easier. Let’s call this VoCC (Voice of Current Customer).

How is a VoFC – Voice of the Future Customer – program different?

It’s more of a research project than a measurement program at first, and more exploratory than evaluative. The insights also feed into higher level strategic decisions than a typical NPS dashboard.

What else?

If your team is, or was going to, focus more on the future than the current state, what would you have to change?

*Link to study: https://www.pwc.com/gx/en/issues/c-suite-insights/ceo-survey.html