Things are tough for Canadian CEOs.
The Canadian economy entered 2018 on a high, with unemployment near a 40-year low and the country posting 3% GDP growth over the year before. However, entering 2019, Canadian CEOs were extremely concerned about more issues than last year, with the pressing threats felt involving protectionism, trade, and skills.
Canada’s economic fate has often been tied to global economic whims, and the road to a renegotiated North American Free Trade Agreement and US trade disputes have perhaps proven Canadian business shouldn’t expect smooth sailing in the years ahead.
So What's a Canadian CEO to Do to Increase Revenue?
We work with Canadian CEOs in the $5M-$25M organization range. And we've noticed that this year, Canadian CEOs actually have the opportunity to differentiate themselves from the competition by transforming their businesses and engaging with consumers in new ways.
Clearly, old ways of working no longer fit today's market realities. As concerns around trade loom, Canadian CEOs are looking inward for revenue growth. In this low-growth environment, they're seeing operational efficiencies and organic growth as their biggest opportunities in the year ahead. But they're also noticing that traditional sales and marketing approaches just aren't bringing the ROI any more.
Instead, it's CEOs who focus on customer needs and creating unique and seamless experiences that come out on top.
Those who do that will grow their business and their brand. What’s more, those who enable their operations through technology will reach new heights of customer understanding and operational efficiency. Thriving means constantly adapting — companies that aren’t fully dedicated to transforming can quickly fall behind.
Here is a summary of what we have learned working with 80+ B2B CEOs:
Disrupt before you’re disrupted
New market realities mean businesses must adapt, adjust and transform. Take an in-depth look at your growth strategy, operations, workforce and technology and assess how you should evolve to protect your business against disruptive change.
Transform the customer experience
More demanding consumers are driving the growth of the experience economy. Bring together front-office functions to deliver unique and differentiated experiences that improve customer acquisition and retention.
Evolve your Customer knowledge
The more you know about a customer, such as their past transactions and interactions (e.g which channels they use, when and how often) the more prepared you are to offer them excellent service when they choose to interact with you. Think about customer touch points where data is already being collected and when new opportunities may arise.
Break down information silos
An enterprise-wide approach to analytics is much more powerful than one that’s stuck within a single line of business. This will help you better understand customer’s journey and provide insights on how to streamline and add value to the customer experience. Example? Understanding the cycle from multiple angles could mean that rather than operating without information or direction, front-office staff can recommend a specific product at just the right point in the sales cycle.
Turn data into intelligence
Collecting data isn’t enough. It must be turned into insights that can enhance the customer experience. Technology plays an important role in this, especially AI, and will continue to transform services interaction in significant ways. For example, sophisticated chatbots can deliver detailed and timely services 24 hours a day and reveal significant customer issues and barriers to purchase.
And yes, this is where Flawless inbound has been helping our clients from the first day we opened our doors in 2014. We're now operating nationally in Canada with two centres in BC and Alberta — and our sights on Eastern growth.
Even during these challenging times, our journey to transform B2B organizations across Canada and the US continues. We leverage the power of a connected sales and marketing platform, along with our proven playbooks and experienced execution team, to help businesses traverse their growth stages.
Learn more about our process below — or reach out now to get started with us.
