CEOs To Step Up Customer Focus In Next Three Years [Report]

CEOs cite interacting and connecting more with customers as their top priority; Concerns that products and services will quickly lose relevancy.
In a recent study by KPMG LLP, the U.S. audit, tax and advisory firm, chief executives indicated their companies will be significantly more customer-focused over the next three years to more effectively deliver value and advance their brands.

 In the KPMG study of 400 U.S.-based chief executives, concluded in June, the CEOs were asked to rank their top organizational priorities. “Interacting more with clients and customers” was identified as the top priority,” followed by “promoting and advancing their brand,” “fostering innovation” and “focusing on regulatory matters.”

“In this era of digitally savvy customers and clients, the idea of being more customer-centric has taken on a new meaning,” said Alton Adams, KPMG’s national lead partner, Customer Strategy and Growth. “Today’s consumer is more-informed than ever as a result of the Internet. Thus, they have higher expectations for the entire customer experience including product features and performance as well as post-sales service and support. Companies will need to work harder than ever to make the customer feel ‘special’.”

Nineteen percent of the CEOs surveyed said they personally plan to spend significantly more face time with customers, and 44 percent have charged their senior leadership to invest more time with customers. Furthermore, 55 percent said they intend to train junior staff earlier so they will be better-equipped to interact more with clients and customers.

Concerns About Long-Term Relevancy

Disruptive and constantly evolving technologies and changing customer expectations continue to challenge chief executives across a range of industries and sectors. A key KPMG study finding revealed that 72 percent of U.S. CEOs are concerned about whether their products and services will be relevant three years from now. In addition, 90 percent expressed concern about their competitors’ ability to take business away from them.

“New technologies are changing the way all companies go to market,” Adams added. “To sustain and increase relevancy of their company’s product and services, CEOs need to shepherd the adoption of technologies to better understand customer needs (data and analytics) and the implementation of technologies (digital and mobile) to meet those needs.”

To download report CLICK HERE.