As per some experts, leadership is the process of engaging different people to do the right things to profit other people. In this regard, leadership can be compared with love where love can be defined as the commitment to someone else’s growth and development. It can be said without any hesitation that leaders do the same thing for their organization or any group they are leading. The role of the leaders is to encourage and mobilize others to work collectively and wholeheartedly to achieve the targets set in the mission statement of that organization.
Therefore, a business leader also play a pivotal role in promoting a positive image of his business by adopting a customer eccentric approach and making the policies that are more beneficial to the end users instead of the business. According to a survey conducted by the some of the biggest consulting agencies in the world such as Accenture, 50% of the consumers are always willing to pay more for better user experience even in the difficult times. On the other hand, remaining 50% of the consumers will simply stop using any product if they do not enjoy a good user experience.
Why Some Companies Succeed While Others Don’t?
It is imperative for the business leaders in particular and organizations in general to create both functional and emotional bonding with the customers in order to permanently retain them. In fact, the companies that manage to keep their customers happy and satisfied through different means, high have customer retention and cross sell ratios of 84% and 82% respectively. On the contrary, the companies those fail to do so, only have customer retention and cross sail ratios of 30% and 16% respectively.
Similarly, companies that successfully execute a service value strategy enjoy annual growth rates of up to 20-40%. Companies that continuously provided better user experience to customers experience almost 5% increase in customer loyalty as well as more than 25% increase in profit.
Defining the Desired Experience:
So, what do the above statistics indicate and what do business leaders can learn from them? These statistics imply that as long as your customers are satisfied with the quality of services you are providing, your business will continue to thrive. Therefore, you as a business leader need to design a brand that is not liked but loved by the leader. It is only possible when you will keep their requirements and constraints in mind while introducing a new product in the market. You need to define a Desired Experience for yourself not for your customers.
It is important for business leaders to come up with products or services that are satisfying and comforting for them and let the people discuss and remember them positively rather than as greedy businessmen concerned with their own profits. In simple words, you as a business leader should be able to develop a “Compelling Why” of service excellence that means why the customers should only trade with you and should not look for alternatives.
If you manage to make your customers realize that they are special to you, you understand them and give value to their feedback and opinions, there is no power in the world that can force them to betray you and leave your business in favor of your competitors. Therefore, it is time for you to determine what your desired experience is that is whether you want to retain customer loyalty by offering outstanding and unmatched products or you are content with whatever your business is generating. Of course, you will have to spend some extra money to accomplish the task of customer retention but you also need to remember that the return on investment will be much larger than you actually spend.
The Importance of Positive Story Telling:
Many businesses and organizations such as Ritz-Carton rely on the model of Positive Story Telling to encourage its staff to work for the welfare and betterment of the end user. They believe that if the end user is satisfied and he remains loyal to the company, their business will definitely thrive and produce good results in the long run. Some of the important features of Positive Story Telling Technique are as under.
- The team members narrate specific stories of success, service excellence and care to promote loyalty and harmony among each other.
- Positive story telling enables business leaders to link the service excellence back to the core values of their organization and brand experience.
If someone does a good job in any field of life, he is remembered for rest of life and even afterwards leaving a sort of legacy behind and same is the case with business leaders. Legacy is typically an evolving phenomena and it is inevitable in case someone is dedicated to his job and tries his level best to perform his duties and accomplish the task assigned to him. As a matter of fact, the new leaders especially need to start with keeping end in mind. They need to identify what they need to do in their life and how they want to be remembered in the end. They need to realize that people will summarize their life in one sentence and that can be either good or bad.
In this regard, both aspiring and veteran leaders can take inspiration from great leaders who have left their mark in different fields of life. There has hardly been any leader who is successful but has failed to leave any sort of legacy behind. Leadership is also an evolving process, in which young souls learn how to tackle different challenges in businesses, and then they perform practically and lead by the front. Subsequently, they themselves develop future leaders that further develop leaders when their time comes and this is how, your legacy will continue to grow.
It is entirely up to you to decide what leadership legacy you want to have? Similarly, it is your discretion to decide what intellectual and wisdom you will implant in those leads so that everyone you are leading is benefited from your leadership. Again, it is you who has to determine that whether you are a mentor who is always ready to teach others about how to handle their business or just a “leader” demanding compliance by force.