Creating a business culture that values and places a very high regard on knowledge building is critical to the success of any CX leader. Research market developments but also find ways in utilising said market news to upgrade the current line of services or design new ones to respond to said market demands and developments.
When we effectively gather and utilise business knowledge, a continued and optimal business growth, as well as more opportunities for success are ensured.
There are various sources of business knowledge that can help CX leaders build the required knowledge bank but there’s a process that precedes knowledge building, it begins with the below:
Defining your customer persona
I know what you’re thinking: I already know who my customer is.” But do you really? Do you have an in-depth understanding of the things that make your customer tick or the characteristics that identify your customer? Do you know which of your customers has the highest commercial value? These and a range of other aspects, are all things that your persona can tell you, and these critical insights should be used to shape the ways in which you build a bank of business knowledge as a CX Leader. Your messaging is important, and you must be able to speak to your customers in a way that directly lines up with their needs and the pain points they’re looking to have solved.
Defining customer personas is an obvious corner stone to building business knowledge, after all how can you be sure your brand is up to the task of fulfilling customer needs without a deep understanding of who the customer is and what is that customer is looking for. Building customers personas doesn’t just mean outlining the typical customer needs that map to the services you provide. Sure, this can be helpful, but your customer personas should go much deeper than that, and outline the makeup of your customer, put a name and other key details to the sea of faces that is your target audience. In this way, when you’re creating your customer personas, you’re actually building out characters that represent real market segments of your customer audience. It’s beneficial to start by creating a persona template that outlines all the different areas of information you will need to know about your target customer personas. In this way, once this template is built, you can reuse it again and again to better define the sources of business knowledge relating to each of your customers.
Once you’ve framed your personas and fully built them out with all the details, it’s time to take things a step further. The next step is about being able to use the information you know about your personas to begin to research the sources of business knowledge relevant to your customer.
Let us look at 3 general sources for business knowledge:
- Market analyses
- Business environment and dynamics
- Product and service research and development
Market analyses allows CX leaders to expand their business knowledge pool, and helps clarify business’ long-term business objectives and plans of their customers. Understanding current customers’ market, their current and potential needs, wants, will lead to easier adaptation of services to ensure customer satisfaction.
Business environment and dynamics
Outside factors and stimuli including developments in local and international politics and economy, technology, and the society can affect business goals and the business’ development. It is important for CX leaders to show respect and in-depth understanding of the business environment and dynamics of their customer as leads to sustainable CX solutions.
Product and service research and development
Continually utilise scientific and technical research and developments on services to pave innovation in the line(s) of service offering(s). Be sure to acquire business expertise through the years. Through this, as a CX leader you can formalise sharing and improving on business’ best practices.
Benefits of business knowledge
When CX leaders maximise and utilise business knowledge, they can enjoy the following benefits:
- Business efficiency
- Improved services
- Customer satisfaction
- Knowledge licensing
- Information technology and managing knowledge reservoir
CX leaders will be able to intensify and strengthen their customer’s business efficiency using their expertise as reflected in better business standards, processes, products, and services.
CX leaders should utilise business knowledge to efficiently bring services closer to their customers. Acknowledging and reacting quickly to market trends and developments will help design and customise services to respond to the demands of their customers and get ahead of the competition. Devise strategic ways to deliver services in the best possible quality that can be offered.
When CX leaders deliver services that respond to the needs and wants of customers, it is important to maintain and grow a satisfied market base. Utilise business knowledge to streamline all specific goals and processes to achieve and maintain customer satisfaction.
You could look into ways to share expertise and go into knowledge licensing.
Look into advisory opportunities and make sure, to have an extensive and comprehensive knowledge bank and a secure and protected intellectual property before sharing them with other businesses and individuals.
Information technology and managing the knowledge bank
Employ information technology to gain knowledge and manage your business knowledge bank. Today’s digital advancements offer various ways and systems to update, upgrade, and customise specific knowledge items to add value to the business and satisfy business goals.
Look into building a database or sets of databases.
Never undermine the internet’s capacity. It can be a tool to gain more business knowledge, update, upgrade, and generally sophisticate a business knowledge bank for you as a CX leader.
Founder and MD (Unlimited Experiences SA)