2 Strategies for Chemical Companies to Increase Profit
These findings show that chemical companies do have the opportunity to improve profit margins and sales. But to achieve this, we need to have a deeper understanding of the different needs of customers in different industries. To make progress in this regard, they should consider two key actions:
Committed to data driven: chemical companies have a considerable amount of customer data, which comes from a series of activities, including delivery information, complaints and sales quotations. But they didn't use the data effectively. To do this, they need to develop an enterprise wide, data oriented mindset when it comes to customers. They also need to create dedicated analysis teams to extract deeper insights from customer needs, and then rethink processes and roles to ensure that these insights translate into actions that customers value.
Improving customer experience to build relationships: chemical companies have long used techniques such as surveys, segmentation, and net promotion scores to get closer to customers. While these are valuable, they don't really change customer relationships in the industry. In order to achieve the goal, the company needs to focus on the whole customer experience. Here, they can follow the example of many B2C Enterprises - constantly review and analyze the customer experience they provide to identify gaps that meet the needs of buyers, and then design interactions that fill those gaps. This means evaluating and improving the customer experience in everyday interactions, starting with the basics and then expanding.
Overall, the study shows that chemical companies understand the importance of customer focus, and two-thirds of them list it as one of the three strategic priorities. At the same time, however, nearly half (46%) of respondents said it was difficult for them to be customer-centric. These findings highlight the tangible value of continuously improving customer understanding to build loyalty, reduce customer churn, and ultimately support long-term business success.
The Accenture 2020 global buyer value study evaluates and compares the prospects of chemical companies (sellers), their customers (buyers), retailers and end consumers. The study identifies areas where the seller and the buyer have the same and different views, and the seller has the opportunity to better meet the buyer's needs.