Dreamtalk- Day 1 in a Nutshell
Dreamforce 2016 is the world’s largest Cloud gathering having record breaking registrations this year. This year’s Dreamforce predominantly focuses on the idea of customer trailblazers. The Dreamforce stage on 4th October 2016, witnessed dream talks, dream page and Tonny Robbins’ talk.
The most trending topic this time is Salesforce Einstein which is an incredible platform released recently by Salesforce. On October 5th, Dreamforce witnessed Marc Benioff ‘s keynote, the topmost attraction of Dreamforce. We will be posting the updates from his keynote address soon.
So what all surprises did Dreamforce unfold on Day 1 ?
Dreamtalk: The Age Of The Consumer And More Intelligent AI by George F. Colony and Tom Davenport
George F. Colony, Chairman of the Board & Chief Executive Officer- Forrester is one of the most influential thought leaders in the world of business and technology.
Tom Davenport is one of the world’s Top 25 Consultants and a Babson University professor and the author of “Competing on Analytics and Big Data at Work”.
Both of them addressed the attendees and mentioned how the “Age of The Consumer” has transformed expectations and how to Make Customer-Facing Processes (More) Intelligent. Customer-facing processes like sales, marketing and service have been the focus of increasing amounts of technology, but they could still become substantially more intelligent.
Customer obsessed operating model
The world has witnessed drastic changes across the 4 periods – the Age of manufacturing, Age of distribution, Age of information and the Age of customer.
In the present Age of Customer era, the most important thing is to drive revenue which is an existing challenge faced by several companies. There is a close relation between the revenue and customer. Excellent customer experience will drive more revenue. Willingness of a customer to adopt new technology, acceptance of physical to digital transformation, and self-efficacy are the characteristics that play a key role for developing a good customer experience.
We are now in age of customer which will be continuing for 20 years. In the DNA of a customer obsessed company, we can find these things in common which will also impact their revenue.
- They have transformed from “customer aware” to “customer led”.
- They have transformed from “data rich” to “insights driven”: big data is now useless and insights is the medium through which customer heart can be won.
- DNA of customer obsessed companies is not just perfect, but it’s fast. The fast customer service makes customer happy.
- They have transformed from “Siloed” to Connected”: inside the company, working together as a whole, from CEO to employees, there is no gap so that needs and ideas can be discussed and responded in a faster way.
George F. Colony also discussed the characteristics of customer obsessed companies during Dreamtalk.
Customer obsessed companies are focused on 6 areas:
- Fixated on the structure of companies: That is, whether the structure actually meets the domain of the users. Company should know what exactly the customer is doing. The journey of company should be around customer’s journey.
- Culture: Culture, according to Colony is the most important characteristic of a customer obsessed company. Culture is mutable, we can change the culture. Change of culture is a must for good customer experience. Here are the three big points on Culture:
- Culture is your first stop. If you don’t change culture, you will not be able to survive the Age of Customer. Culture is a great determinant of revenue in organizations.
- The change of culture can happen from the middle or bottom or even from the top. But it must be CEO led.
- Good employee culture = Good customer culture
- Talent: Talent is a key need in all the companies. It is like wearing the new ideas which help in enhancing the customer experience. Companies should have the appropriate ways and methods to measure and retain the best talents.
- Metrics: Change is imminent, and we cannot manage something which is not measured. The Customer life cycle goes like this: Customer will discover you, explore you, buy the product, use the product, ask questions and engage with you. Your metrics should able to address all the parts of this life cycle and be able to make descriptions for what you have to change. Using one metric is always best since it makes processing smoother and better. If you are using one or more metrics, it can create confusion and uncertainty.
- Process: Customer obsessed companies always look at the possibilities to keep on improving their processes. Process enhancement is critical to any company to stand the competition.
- Technology: Technology should be easy to use and it should make the customer happy. Colony says, there are two types of Technology in the customer obsessed companies- Business technology and IT technology. Business technology collectively refers to the systems, processes and technology used by companies to serve and maintain their customers. IT technology refers to the internal systems and procedures that should be brilliant enough to drive more business. Often it’s found that more fund is used for business technology, that is RATIONALIZE IT TO FIND business technology. Saleforce.com is becoming the most important business technology in world today. Customer obsessed companies should build business technology in collaboration with the CMO.
Colony concludes his speech like this: “The Age of Customer has arrived and is here. You must master a customer obsessed operating model to survive”.
Talking about the data from customer, there are too many channels to analyze and transfer data, most of them are problematic and too much expertise will be needed. Customers now need personalization. We can have Transactional CRM, descriptive analytics, predictive analytics, autonomous analytics and lastly task automation. Now a days Data is fully automated, and at times, fully automated things can pose difficulty for us or some customers require manual processes at certain places. Automation is on stage now.
The Power To Break Through: Your Ultimate Edge
It was a dynamic and high energy session. Robbins discussed some key features of the companies that strive to withstand competitions. We need marketing and innovation for ourselves for sustenance and survival. Both marketing and innovation have equal importance today. Both are easier (because of social media) and harder (because of multiple competitors). You should be fully aware of what a client wants, and if your messages or advertisements are engaging, you will get client first time itself. Today spending money is not enough, people want more authentic information and real-time examples. Marketing always provides value, creativity and care. Adding more value is where everything changes. Involvement, commitment, passion, enthusiasm, focused effort and energy are the main factors that help us serve the clients, employees and our community. Connected employees with mission are essential.
Robbins also cited various examples of success points and failure points. A highly commendable session, it gave the attendees an opportunity to learn how you can surpass your own limitations to achieve your goals and discover the strength inside you to breakthrough and create paramount results.
Dreamtalk: The Content Trap – A Strategist’s Guide To Digital Change
In this Dreamtalk, Bharat Anand the Henry R. Byers Professor of Business Administration in the Strategy Unit at Harvard Business School, and the faculty chair of the HBX initiative shared his insights on the Digital innovation trends that are shaping the way organizations will act in the future.
In his talk, he stressed on how e-reading and e-learning are dominating and captivating the customers. Readers are moving away from paper to digital pretty fast. The reason is online news is quick, faster and provides a variety of options. It is much cheaper and a rich media and allows more personalization of data.
The impact of internet is greater on classifieds while it’s relatively smaller on newspapers. It’s because we see the news from a particular channel, say like NDTV or BBC, that we like. But in the case of classifieds, we access the medium that provides more ads. So it’s affected by network connections. For example, if we compare Apple and Microsoft, Apple might be a better product, but it holds only 3% of market because Microsoft owns the entire network. When an organization wins over something with network connections, it wins big. So if you a have networked business or networked connection for your product, then you can do better in your business and make more profit.
In music industry, the sale of CDs was drastic with the launch of Napster in 1999. The average income of artist also increased with this. So, here the product is not changed but value is added to it.
Products can have complementary products as well. For instance, in radio we have music as a co-product without which radio has no existence. Another example will be cars and tyres. Your customer will value your product more, when you get some complimentary product and not just the product alone.
Hope you have enjoyed reading the excerpts from the Dreamtalk sessions of Day 1. Keep watching this place for more updates from Suyati.