Australian Consumers Lack Influence

A study conducted by IBM exposed that Australian business leaders are not as influenced by consumers as other countries. Based on the findings, you can expect this to change in the future because 87% of Australian C-suite members plan to triple their efforts to collaborate with customers. That is up from 29% who say they have strong collaboration with customers today. IBM’s study interviewed 97 Australian C-suite leaders. The focus of the questions was on customer empowerment and responding to consumers’ rapid digitisation. Here are some other findings from the study:

• Less than 50% are strongly influenced by customers today,
• 87% called out customer collaboration as their top priority over the coming five years,
• 92% will choose digital as the lead channel to engage with customers in the next three to five years and
• Two-thirds currently feel they have a weak digital strategy – or none at all.

Takeaways for Australian Businesses:

Based on this data, businesses in Australia can learn how to get an edge up on their competition. If your business is currently employing a strong digital strategy, you are already ahead of the game, keep innovating and developing new strategies. If you do fall into the category of the business leaders who have not been influenced, start listening to your customers. Utilise surveys, engagement, and customer reviews to start listening to the voice of your customer. Being more in tune with your customers allows your business to thrive with satisfied, loyal customers.