How to Turn Your Financial Application into a Super-App?
Auteur n°3 – Benjamin
Financial Apps And Retail Banking
If you can’t remember the last time you visited the bank, then your financial application is doing its job just right. Clearly in the digital era we have no time left to waste in the waiting line, so financial apps enable us to conduct basic financial transactions anywhere and anytime.
Sure, ATM withdrawal card/non-card involved is still the form of retail banking, but in this article we shall be emphasizing the mobile friendly bank to customer communications.
What is the Super App?
A super app, is widely used for multiple services combined on one mobile platform. Now, basic financial apps allow us simple services, but the super app can include services like: ordering a taxi, investing on the same platform, delivery and buying tickets to your desired events. Currently financial apps are on a highway to becoming super-apps, because clearly managing your finances is a part of your daily routine.
Digital Security
When a certain field of digital industries is expanding, fraud is a regular follow-up. In this case regular users seem to be most worried about the security of their digital accounts. Luckily we now have biometric security for our financial apps. This can be the model of face, fingerprint or voice authorization.
At this point-this is the best digital service can offer and set off an alarm if unauthorized individual is trying to access your confidential information. In the future it can develop into feature and mimic level recognition, all we have to do is to expect these security measurements to be widely launched.
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Control Your Funds/Multifunctional Banking
If you really want your customers to experience the super-app features, you must offer the control over savings in certain funds, like IRA for example. Multifunctional banking saves you a lot of time not having to download separate mobile-banking apps and managing all accounts on one sole platform. The user also has to be able to regularly check their credit history.
Digital Finances
The development of block-chain and crypto currencies have once again showcased the importance of owning a financial application in the modern world. Money is slowly changing its basic from. Back in the times even debit and CC cards were frowned upon, but nowadays we would not imagine living without them.
Modern NFT games have widely popularized the crypto currencies, and well, made changes on the market simultaneously. Now for crypto currency management you can download a Binance app, but as a super app-customer ought to be able to trade crypto currencies on your platform as well.
Other Aspects Of Super-App
Not just the financial app has perspective to become a super-app certainly. The most wanted services by wider target audiences are very well likely to take up that rank. Think of what modern customers are mainly looking for. Generally, it’s delivery and Uber services that have greatest popularity among multiple target audiences. The rest is up to your creativity and marketing teams to figure out what other services you can integrate to the traditional ones.
Account Management Made Easy
The big perk of owning a mobile banking application is the ability to control your credits and loans. Let’s be honest, often times we are disappointed with an operator expecting a different amount of money to be paid to close down the credit, but it turns out to be more eventually. To avoid this discomfort-financial apps enable us to constantly check the payment plan and review calculations if paid in advance.
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Design Tips for Your Software to Increase the Profits of Your Organization
Auteur n°3 – Benjamin
Software Design Basics
Basically, for functional software design creation you need a specialist who creates a specific of a software archetype focused on accomplishing the assigned goals. Using a combination of primary components and subject of constraint gives you the final product. So, based on your intentions you will let the agent choose the software model best fitted to your current mission.
Make Your Goals Clear
When working on a software design, you better have a well-planned brief for the developer to follow up with. The point is, that if you don’t have a clear goal of what you want to reach through this design, your software will not do anything as a matter of result. The success of your software design is almost like a chain reaction. Have at least one thing in mind that you want to progress.
Customer Behavior Research
This specific research is like beginning of all operations conducted on your software including its design. We are speaking both-User Interface and User Experience design here. In quite short timing you’ll be able to notice certain behavior patterns of your customers regarding purchases and content engagement. If you notice for example, that a certain “check out” button is referred more to that another-try to investigate why and if making that button universal will actually benefit your sales. Seems like a funny and small detail, but can be game-changing for your online commerce.
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Develop A Functional Design
Functionality is the key to your software design. Of course elements like color design and aesthetics are important as well, but if it doesn’t work towards assessing the customer’s needs, then it’s regretfully useless. Make sure your design creates a comfortable navigation process for your customers. You might have seen popular apps and websites which don’t seem to have great and beautiful interface, but customers prefer them due to functionality and simplicity.
List Of Design Patterns
Now, that we’ve spoken of several design aspects of functional software designs, let’s review the list of design patterns, which generally work for upgrading your organization’s productivity online:
Creational Patterns
Factory Method
Abstract factory
Builder
Prototype
Singleton
Structural Patterns
Adapter
Bridge
Composite
Decoration
Façade
Flyweight
Proxy
Behavioral Patterns
Chain Of Responsibility
Command
Interpreter
Iterator
Mediator
Memento
Observer
State
Strategy
Visitor
Template Method
Follow The Patterns
All of the patterns with the following elements are basic keys to one big door of software design. Simultaneously processed they create the environment in your digital space which don’t just navigate existing customers, but also create additional leads which are later likely to turn into regular customers, users or visitors of your website.
Modern Trends
Among many trends we decided to pick some of the most important ones and review how they benefit your organization. One of them is remote work, which turns out to give increases in cloud computing process. Cloud usage has become a necessary attribute, especially now, that almost all work is done online.
Another very important trend you should not sleep on is AI adoption in your software. It’s become quite trendy to at least have a chat-bot as a communications service provider. It’s also gaining popularity among customers certainly. AI implementation reduces errors on your software and serves as a time-saving tool for your customers as well.
Interconnections, automated task management and cloud computing are most likely to continue rapid development. Yet, given developments come with challenges still to be overcome.
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The Rules In Digital Marketing Strategies You Must Know
Auteur n°3 – Benjamin
The Rules That Were Made To NOT Be Broken
We have all heard a famous phrase that rules were made to be broken, but in this case, let’s take into consideration our own longevity as a brand and try not to break specific rules.
Improvisation in marketing field is a great benefit, but there are certain basics we still have to follow up with for our rebellious communications to work effectively. We shall be reviewing several basic rules of digital marketing in this article and how they create a fundament to our business Growth.
Rule 1-Focus On The Target Audience
Prior to focusing, you must surely figure out who’s the target audience in the first place. That’s why you need research in the beginning. Depending on the core ideals of your enterprise you can more or less understand the who is the best possible target customer for you.
Age, demographics, genders and basic interests play a huge part here. There are surely several brands which have universal target audiences like Coca-Cola for example. The point of focusing on target audience is to make sure you don’t waste your marketing recourses on the people who are simply not interested in your products or services.
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Rule 2-Demonstrate Your Work Ethic
Gate-keeping your brand’s working process will surely do you no good as business owner. Target audience loves to have a sneak peek of how you organize your working processes. Especially if your brand focuses on eco-friendliness or handmade goods-it’s a great marketing strategy to demonstrate your craft and actually show off.
Such strategies work best in the form of video content-which generally has educational properties and engages your audience to a whole new level. To put it simply, make sure you stay tuned to customer’s curiosity and give them interesting, research oriented content.
Rule 3-Be Active On Social Media
The best possible platform for real-time communication that you can have is social media. Keep in mind, that social media user interfaces are comfortable enough on a mobile level for the user to access it anytime and anywhere.
We have become lazy to go to multiple websites to find separate content. Social Media helps you more or less group your content on one platform to later spark interest in a customer to transfer to your website.
Social Media marketing is an irreplaceable element of your digital marketing strategies to enable higher engagement and conversions. Make sure you don’t miss out on this one.
Rule 4-Showcase Your Role Clearly
The product is wanted basically for its purpose and what role it promises to play in certain aspects of our lives. Make sure to have a clear message about what your mission is as a brand.
Having marketing campaigns targeting unclear purposes and ideas will only confuse a potential customer and possibly make them uninterested in your activities. Make a clear promise and what’s more important-keep it!
Rule 5-Be Creative
Now, creativity and rebelliousness is not quite the same. There are loads of mediums out there in marketing world to use for creative advertising of your products and services. Creative can often mean fun as well. The great example is Tropicana’s advertisement for their orange juice.
They literally went to the arctic and brought the artificial sun to the people who are going through a long period of sun absence. The idea of the brand is to make your mornings fun, isn’t it creative to bring sun to a sunless place alongside with the orange juice?
Rule 6-Tell A Good Story
Storytelling and copywriting are the vital parts of advertising in all forms and mediums. A good message has to be short enough, but catchy as well. In one of our articles we have detailed information about how marketing copy can be more readable and selling. Creativity plays a huge part as well. A great story will be memorable and so will be your commercial alongside with the brand-name.
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Use Marginal Gains Strategy To Increase Your Sales
Auteur n°4 – Mariami
Basics Of Marginal Gains Theory
Basically the theory of Marginal gains has its roots in sports field, more specifically cycling. If you have never heard of this theory, it’s only because it didn’t begin being applied to business field until the legendary win-win of the British team in Cycling. It was early 2000s. David Brailsford was the one who implemented the theory of marginal gains into sports activities and brought the British team great progress by doing so. The strategy dictates to break down our objective into small pieces/segments and improve them little by little, to later improve the bigger picture automatically.
Marginal Gains In Business
Profits are earned quite slowly, especially at the beginning of the business career. Even if you obtain a great sales strategy for your business, it still needs constant monitoring and research to know when to repurpose or retarget your marketing strategies in order to support the sales flow. Sometimes it just so happens, that we focus only on one thing and neglect all other elements of success. To take a sports example again, you need to warm up before the workout and stretch after it, to make sure you don’t hurt yourself. In business, the marginal gains strategy says to improve aspects of your business little by little, which will later make your business better as a full.
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Marginal Gains In Branding
So far, we’ve been speaking about sports and sales. Now, here is the branding part. It’s well-known that branding consists of tons and tons of elements and each of them needs equal attention. For a clear example let’s consider you have these three marketing strategies for your brand image: Social Media Marketing, Content Marketing and Outdoor Marketing. Social Media and Content marketing are the ones concentrated on digital world, yet outdoor strategy is visible to anyone, target or not. If you only concentrate on one of these and improve SMM alone it will reflect on engagement and sales, but not so positively. It’s one thing to have a priority strategy, but you cannot let your attention down on other strategies either.
Live Communication In Marginal Gains Strategy
Making time for real-life communication with your audience is of great help when you are implementing the marginal gains theory in your business and branding strategies. Or maybe should we say, real-time communication. It’s a current trend to opt for online communication accessible for everyone, but as very social beings it’s important to give your customers a chance to form a stronger bond as a community.
Gather A Community
Let’s say you decide to host an event of any format. The guests can be your loyal customers in certain areas of residence. It’s great to give them a chance to actually speak with you, discuss the improvements a brand needs to make. This way you will find out more customer based insights on multiple areas of your business and branding strategies. After several events make notes about almost anything even small details you’ve acquired feedback on and try to improve that by 1% for example. Small changes make a big impact and that’s exactly what the Marginal Gains Strategy is all about.
Do Not Rush The Results
Another very important aspect of the stated theory/strategy is to be slow and steady. Do not expect to see results in 24 hours instantly. Sometimes you just might be timely for even one strategy to work out all too well because it responds to customers’ instant needs. But, don’t set your expectations for quick results. In this case taking this strategy slow will be the key to winning the race against your past results.
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PUBLISHED BY
Mariami Minadze
Mariami is an expert in digital strategy and project management. She audits the digital presences of companies and organizations of all sizes and in all sectors, and orchestrates strategies and plans that generate value for our customers. Highlighting and piloting solutions tailored to your objectives for measurable results and maximum ROI is her specialty.
Young african florist holding beautiful bouquet of fresh flower while customer making online payment with smartphone while scanning QR code. Black saleswoman wearing apron giving a bunch of flower to customer at botany shop. Young woman making digital payment by phone wallet at flower shop.
How To Increase Profits Using Customer Retention?
Auteur n°3 – Benjamin
Customer retention is the key to the sustainability of the business and if you do it right, it can increase your profits. But it is not as easy as it may sound.
Some people confuse customer acquisition with customer retention, both are important but they are essentially different. While customer acquisition means gaining new customers using different methods, customer retention is about finding the reasons why the current customers tend to leave and works on getting them back. The company’s main goal is to create a loyal customer data base, but it can’t be achieved without customer retention.
What can be the reason why clients tend to leave the company?
Customers tend to move on for many reasons, which can include lack of perceived value, poor customer service and difficulties faced in buying process. ”What is the solution?” You may ask. It is taking into account each feedback and following the customer journey to identify the exact reason and work on it on a long run.
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Customer retention benefits
There are many benefits you can get out of customer retention:
Increased profits
Many companies tend to generate profits only from existing clients, never questioning the reason of retention. So if you work on it, you will get bigger cliental and increase your profits even more.
Lower costs
It is more cost-effective to work on your existing clients and make sure they don’t leave, rather than searching for the new ones, which also can be time-consuming and prove to not be as efficient as customer retention.
Increased average order value
When customers start trusting you, they tend to increase the volume of the orders. Hence, you need to give them maximum satisfaction.
Acquire brand ambassadors
There is no better way to promote your products other than having an influencer promoting it. Word of mouth works better than any commercial and it not only gives reassurance to the clients that the product is really good but the real life experience factor makes them trust in you, that is why having a brand ambassador will increase the loyalty of customers.
5 strategies to improve customer retention
Here are some practical ideas you can use, to improve your customer retention:
Engage with your customers
Conversing with the customers is the best way to find more about their interests and involving them in the creation of upcoming products will make them feel like they are part of the brand.
Reduce friction in the purchase process
When buying products, customers also look at the process as well, so it is important to make the purchase process simple, with fast page load time and make sure that staff member is always available when there is an issue.
Improve customer support
Offer multiple ways of how customers can reach you, be it via social media, email or phone call.
Create a community
Create an exclusive membership programs or forums, where you will be able to interact with your customers, talk about their expectations and get a real time reviews of product to further improve your services in the future.
Start a loyalty program
Motivating your customers is a great way to make them do additional purchases. Just make sure that you have appropriate rewards that have significant meanings to attract customers to your brand.
Conclusion
It is not an easy task to keep your customers in the current competitive market, but no one said that it is impossible. Before finding new customers, it would be better to focus on the current ones, taking into account their opinions will help you improve. With the use of word of mouth, your cliental will eventually grow naturally.
A customer relationship management (CRM) strategy is an approach based on data and combines numerous practices, strategies, and technologies. It assists you to establish relationships with your customers on a more personal level by offering customized content. This approach can enable workforce members to collaborate with one another to facilitate the most outstanding customer service. Strengthening a business’s credibility by carrying out stronger customer service practices could enable it to attract a greater number of customers, foster brand loyalty, increase retention rates, and improve its cash flow.
Companies constantly possess specific corporate goals, the vast majority of which are revenue and sales-related. CRM strategy supplies a business with critical information on its sales, marketing, and procurement teams in order to help the company fulfill its objectives and missions. Through the implementation of relevant, engaging content, customer relationship management (CRM) strategies strive to both draw in fresh prospects as well as retain existing ones satisfied.
CRM strategies achieve their goals using an assortment of processes, actions, and technology. The vast majority of businesses start with transactional marketing approaches, however after a certain amount of time, they search for relationship marketing strategies as well. It’s a crucial subject considering it is necessary to have certain interactions with your customers to be able to grow and thrive against opponents in the competitive marketplace. With an efficient CRM strategy, you’ll be capable of instantly recognizing how professionals can leverage data to address the various needs of the customer base they serve.
Why should CRM Strategies Always be in Your Sales Plan?
Implementing a CRM strategy enhances many aspects of your business, including your approach to selling. CRM strategies can be utilized to boost customer loyalty and get better results regarding client acquisition and retention. It also assists you in the decision-making process.
There are a number of different reasons why it is so frequently used during sales. It can assist you to navigate the various components of the sales cycle in addition to swiftly recognizing any prospective customers and future opportunities. You can easily estimate future performance and get an extensive amount of precise information on products and customers.
You will get an opportunity to strengthen not only the customer experience but also the productivity of those who make up your team. It works efficiently for telemarketing and a variety of marketing campaigns. It could help you to increase sales. With an effective CRM strategy, the sales team can more easily organize customer data while making phone calls and improve the efficiency of the sales process.
Define the CRM Vision for Your Company
To develop a good CRM strategy for your company, you must first understand what your “CRM Vision” is and what you hope to achieve with it. Characterize your goals and main objectives. You may wish to boost your net promoter score, acquisition, or retention rates.
Studying customer information, and investing in contact management tools would benefit both large and small businesses in accomplishing long-term goals. Analyzing your customers, company, market, and competitors will help you determine what to do and where your effort should be specifically targeted. These elements will provide a solid foundation for your successful CRM strategy and will help you to achieve real-time results.
Some common aims to consider are increasing customer satisfaction, boosting productivity, strengthening customer retention, improving lead conversion, and so on.
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Identify Your Target Audience
To reach your target audience, you must understand their specific needs. You should be more aware of current trends in the market. It’s crucial to give your customers top priority and accommodate their needs. You could seek the assistance of marketing, sales, and customer service teams to learn more about them. You can use surveys, interviews, and a variety of other methods to obtain feedback and additional details from them.
Take into account various factors when constructing a good buyer profile. For instance, socioeconomic factors, personality archetypes, occupations, interests, dislikes and preferences, and aspirations. It could later help you identify the customers who are likely to purchase from you.
Map The Customer Journey
Track each customer interaction that started with the very first time they come across you. Find out how these individuals discovered you. Was it accomplished via a digital banner ad or an email marketing campaign? This may determine how long or how many different phases an interested buyer needs to go through prior to purchasing your product.
When mapping the customer journey, keep in mind who is communicating with the customer at every point in the journey. Find out which aspects of the interactions between buyer and seller needs to be addressed. Keep an eye on various types of content in order to figure out what customers appreciate and despise. You could possibly run into difficulties that consumers encounter and start improving them.
Describe Your Customer Experience
It’s time to invest in a CRM strategy if you see that there are some changes in your company’s internal environment, such as a declining customer retention rate or a poor net promoter score (NPS). Describing customer experience will help you to discover more important aspects that should be considered in the long run and will help you to develop a better CRM strategy.
Examine every aspect of your customer experience to determine how you can achieve maximum efficiency at every stage. Assess how effectively you are able to evaluate the requirements of your consumers along with how successfully you are able to collect information. Observe your sales process carefully. For instance, are there any sales processes you can automate to boost performance and effectiveness? Make certain that your engagement strategies are effective.
It would be ideal to have a system in place that enables customers to offer their remarks. It could help you gain insight into the experience of customers along with improving many different kinds of factors. Furthermore, when describing the customer experience, think about support; you ought to understand the manner in which you can support a customer after the sale.
Understand Your Products and Services
Understanding your products and services will assist you in improving numerous aspects of your products/services as well as establishing more crucial factors for your CRM strategy. You can create your value proposition at this point. Take a look at your brand’s tone of voice to assess if it corresponds to your objectives. Contemplate how you might differentiate yourself from your competitors once more.
Consider what message you want to send to the audience you are targeting. What are the advantages of your products and services that you want to highlight? Once you’ve made the necessary changes, notify your coworkers. Each member of your team must understand every goal that must be accomplished.
Invest in CRM Software
CRM software makes it possible to store and manage all pertinent customer information, like contact information, past purchases, and summaries of transactions, in an efficient manner. As a result, sales teams often use CRM software extensively. You would find many CRM tools there that would help you to manage everything more easily. This technology can also be combined with e-commerce platforms to enhance the customer experience.
It can assist you in sorting out numerous time-consuming processes. Software not only accumulates real-time data, but it also guarantees that you do not miss the opportunity to capture important leads. Evaluate your present-day processes and needs prior to selecting CRM software for your organization. Consider the pricing, function, and simplicity of CRM software before selecting one. After you’ve installed your CRM software, assign administrators to regulate user access. Additionally, teach your team how to use the CRM software.
CRM Pitfalls to Avoid
Despite being a very useful solution for businesses to deal with a variety of issues, CRM strategy has certain hazards that must be recognized and avoided at all times in order to properly benefit from this option. For starters, keep in mind that if you don’t have a solid acquisition and retention strategy in the company, you shouldn’t begin working on anything CRM-related. It will not be rewarding for you and may lead to unfavorable outcomes.
Furthermore, confirm that technical developments, like using CRM software, won’t lead your team members to lose concentration and drive. Whatever you do with digital solutions, your team must always be alert. Many tasks must be managed or observed by actual people in order to achieve the best results.
Keep in mind that customized solutions will be required in many cases. You must remember that when dealing with customers, you will not be able to stick to a single technique or approach. You’d have to make some adjustments along your journey. Therefore, while you develop your CRM strategy, consider how it will benefit your team and business. Also, think about the value that each team member can give you with their individual perspectives.
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5 Extensively Asked Questions About Digital Customer Service
Auteur n°3 – Benjamin
Tags
Digital Customer Service
Importance of Digital Customer Service
Digital customer service (DCS) is the experience a customer has whilst communicating with a company via any number of digital channels. This interaction may be needed for carrying out a transaction, gaining a response regarding an inquiry, solving an issue, or seeking advice.
Consumer-centric marketing solutions have become increasingly prevalent among many types of businesses. Even traditional brick-and-mortar stores have started to serve customers online. New digital approaches created opportunities for organizations to engage with their customer base via various channels.
It’s crucial to develop more innovative approaches in order to enhance customer relationships while using digital solutions. Right now, when people interact with businesses they rely on a wide range of options. They use emails, messaging applications, social media, chatbots, and other forms of communication. So it’s important to know more about the newest solutions in order to deliver the best digital customer service.
How Can Digital Customer Service Improve Customer Experience?
A positive customer experience is the main factor behind a successful business. It improves your earnings as well as market visibility. It can assist you in converting your customers into ambassadors of your company with a high degree of brand loyalty. Consumer behavior is rapidly evolving as a direct consequence of the countless developments in the world.
This is the era of digital transformation. Therefore it is critical to incorporate more digital solutions into your projects to enhance the customer experience. Understand what are the needs and requirements of your target audience. The most effective way of advancement isn’t just utilizing the best solutions available. You must gain a greater knowledge of your target audience before determining what would be helpful for them.
Amazon, for example, provides a great digital customer service platform that includes live chat, email, and phone support. Additionally, the company provides a self-service help center with instructions. Netflix provides customer service via live chat, email, and an AI-powered chatbot that could help consumers with simple requests and issues.
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How to Measure Digital Customer Experience?
People frequently abandon their shopping carts before finalizing an online purchase. Sometimes the desired product is inaccessible, or the website needs a long time to load. Each occasion is characterized by numerous aspects, each of which could result in a sale or an abandoned cart.
Multiple aspects could have an unfavorable effect on the sales cycle. So it is crucial to examine each significant step that clients take. You could collect and analyze your information using a digital experience analytics platform.
Digital experience platforms (DXPs) like OutSystems, Bloomreach, and Glassbox could be beneficial to you. You should always monitor a few important metrics, like net promoter score. It will help you to avoid loss of income or different issues later.
How can AI Enhance the Process of Digital Customer Service?
Artificial Intelligence is capable of enhancing digital customer service in a variety of ways. Chatbots are a well-known example. They give clients quick responses. Also, they lessen the pressure on employees by performing various tasks with human-like precision.
Ai solutions could help you reduce costs, optimize resources, and would allow you to be more easily accessible. It could improve your brand’s reputation and enhance client loyalty. Many business leaders use AI solutions to develop personalized experiences for their customers and become more visible on the market.
Why is Digital Transformation Crucial for Good Digital Customer Service?
Digital transformation could certainly assist you in fulfilling modern demands. It could assist you in transforming company operations through the adoption of new digital procedures and technology. However, remember that before starting a digital transformation, you must first identify all of your goals in your digital transformation strategy.
Digital transformation enables companies to meet shifting customer expectations. Businesses may digitize and simplify their operations, eradicating the necessity for human intervention and improving productivity. Companies that get insights into client habits and preferences are better prepared to provide personalized assistance to clients. Based on the client data you obtain, you could be able to deliver customized suggestions, promotions, and support to your audience.
How to Create an Effective Digital Customer Service Strategy?
A digital customer service strategy ensures satisfied consumers in the Digital Age. Your digital customer service strategy explains how you intend to provide assistance to consumers via digital channels. There are several steps and factors that you must consider in order to get the best results with your efforts.
First and foremost, you must be aware of the channels of communication that your customers use. You cannot effectively assist your consumers if you do not have social media interaction. You must determine which techniques are best for your potential clients, and internal customers. Determine which solutions could help you the most in general. It is critical in order to successfully sell as many goods or services as possible.
Many consumers expect brands to present them with self-service options. For starters, self-service alternatives are extremely convenient because clients control everything by themselves and are very happy about it. Also, your team would have the time to concentrate on more challenging assignments.
Aside from that, ensure that your consumers are still able to reach your team personnel should they require further assistance. It is critical to have a qualified team of workers who can provide the best customer support for consumers and assist them with any difficulties.
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A supply chain is a network of individuals, organizations, resources, activities, and technology that are involved in the creation and sale of products. A supply chain is a big process that contains several different aspects, like the delivery of necessary materials to the manufacturers and then sending of the products to customers.
Supply chains have several fundamental steps. First of all, you start with sourcing new materials, then you refine these materials into basic parts of your product, next step entails combining these parts to develop the full product. Since the product is ready you start working on order fulfillment and sales. Then comes the product delivery part. The last step is mostly about customer support and generally how return services work.
There are several different types of supply chains that ensure the success of the supply management system for your company. Since the supply chain is so complex, you have to carefully choose the model which will be most suited to your business requirements.
Continuous Flow Model
This is one of the most traditional models of supply chain and works best for businesses that operate with more stability. This model is used by many well-established industries, such as PepsiCo. Without stability, you’ll have less chance of using this model successfully.
For example, you can use this model when you produce the kind of products that always have stable demand on the market. Also in this case you can pay less attention to the customer demand profile.
Fast Chain Model
The fast chain model is one of the newest addition to supply chain strategies. It’s used by businesses that have products with shorter life cycles. For example, fashion designers might have a specific line of designs per season that won’t be repeated again. Indeed, it’s very useful for trendy products and even Nike is actively using it.
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Efficient Chain Model
The efficient chain model is best suited for hyper-competitive industries. With this supply chain model, the end goal is to maximize efficiency, have proper inventory management and maximize output from production equipment and labor.
General Mills actively uses this model, because their products don’t really differ from the ones that its competitors make, and also all of them have the same target audience.
Agile Model
A supply chain needs four components to be considered an agile model: virtual integration, process alignment, a network base, and market sensitivity. Virtual integration requires more information about market demands and how they changed. Process alignment is mostly about sharing supply chain responsibilities across the different aspects of the business.
The network base ensures that every role and responsibility will be equally divided between every actor in the supply chain. Market sensitivity is the component that changes the rate of production when demand in the market changes. Businesses that deal with demand variation highly benefit from this model, great example is ZARA because this way they are always attentive and look for new trends on the market that can be integrated into their business.
The Custom-Configured Model
Custom-configured model is focused on providing custom configurations and is most suited for companies where multiple configurations are required for products. It’s basically a combination of agile and continuous flow models.
For example, the company L.L. Bean lets their customers customize their backpacks before they place their orders. Compared to more traditional models custom-configured models might require additional investment from the company.
The Flexible Model
A flexible model will help you to manage the increase in demand during certain periods and also will help you out when the demand is low for a very long time. The supply chain should have these three key elements to be considered flexible: part segmentation, accurate stocking algorithms, and flexible planning.
For example, Staples is using a flexible model while delivering paper and writing utensil products. They realize that the demand for their product will be high during the beginning of school season and ensure that their stock will be full on notebooks, rulers, pens, pencils, etc. They manage everything based on the flexible model and are considerate of specific timelines, processes, and how demand could change in the market.
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In the modern world, design thinking is becoming increasingly important for numerous companies, because it’s a human-centered, innovative approach that’s focused on the needs of people and combines the possibilities of technology and all the requirements that businesses need for success.
You can apply design thinking to various fields because with this strategy you will be able to solve customers’ requirements with creative solutions. The main focus here is to always find solutions.
Empathize: Research Your Customer’s Needs
For successful design thinking empathy is crucial. You have to understand more about customers’ likes, dislikes, attitudes, habits, aspirations, etc. You have to connect to them on an emotional level. Understanding more about their culture and what kind of social environment they live in will help you a lot as well.
While focusing on the human-centered design process it’s important to turn empathy into your strongest tool. Information that you can get out of his process will most definitely help you to increase the demand for your product or improve your service.
Define: State Your Customers’ Needs and Problems
In the Define stage, you have to analyze the information that you got from the first stage. Organize data and look into the details that your team gathered to understand what could be the core obstacle for you and how you can overcome it. But this process shouldn’t stray away from your customers, you should always have them in mind.
At this stage, you’ll get enough ideas to establish several ways of dealing with your problems. Be very considerate at this stage, try to see the problem from your customer’s perspective, and avoid describing it in your words, which will be most definitely related to your company’s needs. This way you’ll have a clear idea about more solutions or at least you’ll ensure that your customers will be able to solve any issues themselves.
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Ideate: Challenge Assumptions and Create Ideas
At this stage, you are more prepared to generate ideas. You know what your customers need and you analyzed the data to create user-centric problem statements. Your team is ready to look at these problems from different perspectives and think about innovative solutions that will aid you with the problem statement.
There are numerous ideation techniques that will aid you in this process, such as Brainstorm, Brainwrite, etc. You need to think freely and expand your imagination to find the most crucial aspects of your problem statement. Test your ideas, delve more deeply into them and choose the one that will help you to move forward.
Prototype: Start to Create Solutions
This is an experimental stage, where you go through what you discovered in the ideation stage. You are identifying the best solutions for every problem, that was identified in the first three stages. Solutions are tested to determine how they will benefit customers and based on the results they are accepted or rejected.
By the end of this stage, it’s clear what are limitations of specific products and what problems are they really facing. No matter what you are working on, without going through this step it’s very hard to finalize your work successfully.
Test: Try Out Your Solutions
Based on the solutions that you found from the prototype stage you have to test everything on your product. This is the last step in design thinking. The end results might often show you different problems as well or just make you think of better solutions for your problems.
The ultimate goal here is to get a deep understanding of the product and its users and from the first stages, you already have information to maneuver easily through different scenarios. It’s important to get proper feedback from your customers as well. Also, what you are working on should be interesting for them.
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