Why are businesses like The Iconic being labelled 'disruptive'?
New research from global information services company Experian reveals why Australian business might be struggling while businesses such as The Iconic continue to soar.
According to the study involving 20 chief marketing officers (CMOs) and around 100 senior marketers, incumbent business realise that they must evolve to become more consumer-centric, but feel head back by fear of failure, lack of resource and skilled talent.
40 per cent of CMOs believe that the pace of change is too slow, while as many as 50 per cent of younger organisations said that they're “not very good” at customer-centric initiatives.
The research has plotted business on a Customer Centricity Maturity Index (CCMI) under the categories 'beginners', 'followers', 'challenges' and 'progressives'.
Experian managing director Australia and New Zealand John Merakovsky believes that 'progressives' could hold the key to ensuring incumbent Australian business stay afloat.
“Our research found 63 per cent of CMOs have become more influential in the last 12 months, and that number increases to 81 per cent for ‘progressive’ CMOs who are effectively driving customer centric change.
“These CMOs are empowered to influence those who are not yet on board, and play a key role in resetting corporate values and KPIs.
“This is supported by the fact that 88 per cent of ‘progressives’ state that they have sufficient budget for customer-centric initiatives, compared to just 8 per cent of ‘beginners’”.
According to the survey, 'progressive' CMOs have experienced an average improvement rate of 75 per cent in the past 12 month in performance, while 90 per cent reported successfully measuring ROI and using results to lock in ongoing budget and resources.