LIC & AUDI New Ad & MISSING Customer Focus

If you have noticed recent LIC Ad played on TV one can realise how much companies are customer focus and care for its customers. One important aspect we observe during insight research that there is a difference between what customers say and what they do. What they do give more actionable insight. 

Likewise companies may say and slogan that they are customer friendly. Even they put up the same in their mission statement. It is in vogue these days. But most companies just say that but don't do things in commensurate with what they say and shout. 

The LIC Ad in reference talks about product features for say 90% of the time slot and in 10% time slot they talk about what IRDA has asked them to speak in the interest of the customers. Do they not know that what they speak in so much of hurry is not possible for any human being to understand? Absolute compliance focus mindset without even bother to know whether it is achieving its purpose. They have money to market their products but no money to educate and caution the customers - forget voluntarily but even statutorily. 

This is the largest & Govt insurance company of the country. How can we expect other private companies to follow IRDA guidelines? Today even IRDA instructed another large Govt Company SBI life to refund premium of Rs.275/- crs - Why ? They mis-sold the policy. 

While we are on Ad, another Ad which drew my attention is Audi 40 points Ad appearing in newspaper since couple of days. They expect people to read all 40 points assuming people are free for this. In this attention deficit world advertisers must draw attention smartly and also communicate crisply. How about if Audi Ad has classified all these 40 points on need, ease-convenience and delight categories? People will read what is relevant for them & that too quickly. Just listing 40 points means I lost my attention on 7th and missed some very important distinction which was somewhere below.  

Communicate with potential customers what you really need to communicate. Your over enthusiasm about your products and services many a times may miss the real communication. Become customer to know your customers. Simple but..........difficult.  

This is the reality across all industries. 

In such scenario imagine a blue ocean available to the company which is actually keeping customers at the center in letter & spirit and offers delightful experience. It is a huge advantage. Customers are looking for such a company to embrace.  

9 (old) + Three (new) Early Warning Sings of a Troubled Company

Gems stated in 1 to 9 below I read about a decade ago.

1. The One Man Show - Does the company allow key person to grow in their jobs and make key decisions?
2. No Succession - Is someone being groomed to replace the president?
3. High Profile / Low Tech - How does company's hardware compare with that of its chief competition?
4. The Giant Customer Trap - Would the company survive if it lost biggest customer?
5. Operating on Old News - Does the company have an accurate financial snapshot of its operations on a monthly or fortnightly basis?
6. Touring Without Road Map - Does the company have a written business plan & its still valid?
7. Banking Blues - Does the company communicate with lenders regularly?
8. Hazardous Growth -Expanding too quickly on a non sustainable basis ?
9. The Change Factor - Whether company and how much company has changed during last 12 months?

This was the fact about a decade back. However MOST of these may still hold true, rapid change in economies , technology and entrepreneurial landscape,  we can safely add a few more.   

x) No focus on CUSTOMER. - Business Plan/Strategy defines everything else but  Customer Experience company propose to offer.

y) Not engaging customers on social media (SM) platforms by providing great insights on the products and services being offered.  Using SM to address customer concerns and complaints {quickly}.

z) Inability to attract Great Talent. Yes war is of TALENT. People run the business. Rest all can be improved upon if people are right. This also applies to having diversified & some what weird board members.

As we advance in the TIME we need lesser reasons to fail { even survive and succeed }. Test Check TODAY. Its all early warning signs. Be alarmed NOW or be surprised and shocked, later. 

Anna Movement & Lessons for All Institutions (incl Business Enterprises)

Governance is a MAJOR cause of CONCERN across the world and across the institutions. Be it Parliament, Political Parties, NGOs , Companies, Cooperative Societies, and even housing society s'.

Over the period of time all these institutions forget for whose benefits are they suppose to work. Management of this institutions becomes self focused and start working in their self interest. Leaving aside the real expected beneficiary of their existence as per their governing CHARTER. 

Therefore it is very essential to have ANNA in every such institutions to make them aware about their role (On a continues basis)  and keep them on track. 

We need truly Independent Directors not only on the board of listed companies but also on the board of all other Public Institutions and Govt Funded NGOs. Today the way SEBI guideline n Independent Directions are being practiced is nothing more than a FARCE. Hardly a handful of companies have implemented this in spirit. 

Like our political Class who have lost face with people they represent , business enterprises have lost face with their CUSTOMERs, for/because of whom they exist. URGENT and extreme steps are required to bring customers in focus.  

Anna have awakened not only people and politicians of the country , it also MUST awaken all across the institutions about their Governance Standards.  Its in the interest of these institutions as competition will drive U out of business when focus is lost and governance is at its nadir. 

Appoint one true ANNA on your board and listen to him also.  Yes its in the interest of every enterprise. Why do we have only 1 company known for their governance and hence for performance also? Its time for others to raise their bar on governance and customer focus.