“There is no transformation without putting the customer first.” Warren Jenson, President of LiveRamp, opened RampUp on the Road Paris 2022 with this insight that echoed throughout the day. What customers want is far from the transactional nature of good service or a product that works as expected. This is where transformation comes in, as it takes every team working in concert to orchestrate customer-first strategies and experiences.
Here are three ways to think of putting the customer first, as shared by our speakers at RampUp on the Road Paris:
Be customer-first through an economic lens
“You want to counterbalance your uncertainties with the desire to please yourself,” Asmita Dubey, Chief Digital and Marketing Officer at L’Oréal, shared in response to Warren’s question about how L’Oréal prepares for economic downturns. While beauty products may be viewed as indulgences during a recession, the data from past downturns suggest otherwise.
“The YOLO effect outweighs inflation,” Asmita continued, sharing the genesis of The Lipstick Index, coined by Estée Lauder chairman Leonard Lauder during the economic downturn of 2001, when lipstick sales increased. Other so-called indexes have cropped up since then, most recently the “mascara index” during the COVID-19 pandemic, when consumers purchased more eye makeup.
As a 112-year-old company, L’Oréal has seen its fair share of ups and downs, and invests heavily in research and innovation (R&I) to stay a step ahead of what consumers want or need. While not every company has the ability to invest as much as L’Oréal does in R&I, simply connecting across teams to understand the customer impact of each aspect of your product or service is a stepping stone to collectively future-proofing your business. Undoubtedly, ebbs and flows will occur. The companies that think of customer impact first, versus business impact, will be more equipped to weather economic uncertainty.
Be customer-first through an organizational lens
Another area requiring cross-team collaboration is data privacy. GDPR and other privacy regulations have made it easier for businesses to operate from a customer-first mentality, asking customers for their consent and offering them a clear explanation of the value exchange. To increase transparency and customer focus, many companies have created their own bespoke privacy programs and implementation practices.
“At the end of the day, privacy gives you a set of a principles, but the way you implement it is down to the organization,” said Enza Lannopollo, Principal Analyst at Forrester Research. Seizing this opportunity effectively means aligning key regulatory requirements with customer-focused practices, granting you greater ability to shape customer journeys.
Be customer-first through a multi-platform lens
The fact that people love to engage across platforms and screens is nothing new, yet, according to Nicolas de Tavernost, CEO of M6 Télévision, “The combination of social media and TV has not yet been optimized.” He shared a recent example of the Twitter commentary on the latest episode of Mariés au Premier Regard (Married at First Sight) that aired the night before RampUp:
Do we envision a future where viewers can tweet or otherwise engage through a single screen versus toggling back and forth, evoking images of Tom Cruise in Minority Report? Even with that interactivity not yet on the horizon, it’s certainly an interesting proposition to consider with web3 upon us.
If you were unable to join us in Paris or online, check out the replay of our event here. Until the next RampUp, santé!