If you ask your COO, he or she will probably tell you that this is where most of your workforce is dedicated. If you ask your CFO, the temptation could be to respond that this is where your company is most profitable. If you ask your CMO, the answer may also be slightly different. A CMO may state that this is where your position is really unique and you have the most opportunities for growth. And finally, if you ask your customers, they would probably consider your core business to be around the main products or services they specifically purchased from you.
Now, all of these different responses are fair and ultimately correct, but they are also most likely not 100% aligned.
The fact that each perspective provides a slightly different view is because your core business is constantly changing. Your core business usually changes slowly and is under the influence of a number of external factors, the first of them being the need to keep up with new market trends and dynamics.
With today’s economy and global online marketplace, the consumer has more choice than ever before. Most markets have become highly competitive, forcing business models to evolve faster. Add high product commoditization in most industries to the mix, and many business leaders and executives are left asking: “How do I maintain a high degree of differentiation within my constantly evolving core business?”
Another way to look at this is to ask, “How do I add a new dimension to my current core business to make sure I keep on driving differentiation throughout upcoming changes?”
One of the key answers here is often to focus more on customer engagement to differentiate on customer experience.
Joseph Pine, an internationally acclaimed author on business trends, said in his book The Experience Economy: “Future economic growth lies in the value of experiences and transformations – good and services are no longer enough”
Who would argue that big brands like Apple or Fedex for instance consider customer service as a key part of the customer experience and, as such, also as a key part of their core business?
What about your business?
If you’d like to learn more about leveraging today’s possibilities of new digital channels to differentiate from your competition, check out this IDC white paper titled, Journey to the 3rd Platform – Using Digital Customer Experience for Business Growth and Innovation. You’ll get a view on how customer experience can impact your future. You can get it here!
Thank for reading!