It’s likely not news to you that your business context matters. Your vendors and services providers must understand the reality you’re doing business in. They’ve got to have the experience and knowledge to intelligently "speak the language" of your internal stakeholders, identify relevant insights, and recommend appropriate actions. And that means knowing the industry in which you operate. And, that’s even more so for someone providing you with the insights you need to improve your business.
Some of these industry differences include:
- Top priorities. Although business priorities are often similar, each industry pursues them with varying levels of urgency. Decision-makers in retail see improving customer experience as a do-or-die requirement, with 80% reporting that it's a high priority over the next 12 months; in oil and gas, only 49% report that it's a key area of focus. Under intense competitive pressure, telecoms look to reinvent themselves: Over two-thirds of decision-makers report that improving innovation is a high priority, while only 47% in healthcare say it's a top initiative.
- Strategic objectives. Strategies for growing revenue, a unanimous priority, vary greatly by industry. Decision-makers in the consumer goods industry emphasize acquiring new customers as well as launching and selling new products over retaining, upselling, and cross-selling to current customers. In contrast, decision-makers at financial services firms see enriching current customer relationships as key to growing revenues. Other verticals, like utilities and primary production, have a greater appetite for pursuing new opportunities in emerging markets. Yet only a quarter of decision-makers in retail responded that this initiative was on their firms' agenda. It is clear that one approach doesn't fit all industries.