1. 70% of Consumers Prefer Brands with a Clear Social Purpose
Accenture’s report, “From Me to We: The Rise of the Purpose-Led Brand,” states that over 60% of consumers globally are drawn to brands that have a clear social purpose, with this percentage rising to 70% among younger consumers.
Action: Integrate a social or environmental mission into your brand. This could involve supporting causes related to your industry or community, and transparently communicating these efforts to customers. Consider creating an annual impact report to showcase your brand’s contributions.
2. 63% of Employees in Mature Companies Report Feeling Disengaged
Gallup’s State of the Global Workplace report reveals that about 63% of employees worldwide are disengaged at work, with disengagement higher in more traditional, mature companies.
Action: Boost engagement by introducing development programs, mentorship opportunities, or employee recognition. Focus on open communication and feedback loops to address disengagement. A regular pulse survey can help you monitor engagement and identify areas for improvement.
3. Businesses Lose Up to 20% of Revenue Due to Inefficiencies
Research by IDC shows that businesses lose about 20-30% of their revenue due to inefficiencies, primarily because of outdated processes and poor workflow management.
Action: Conduct an operational audit to identify bottlenecks, redundant tasks, and outdated workflows. Automation and process improvement tools, such as project management software, can reduce inefficiencies. Consider implementing lean principles to streamline processes and increase productivity.
4. 57% of Consumers Are Willing to Switch Brands for Better Customer Experience
A PWC study, Experience is Everything, indicates that 57% of consumers would leave a brand after a poor customer experience.
Action: Evaluate your customer experience (CX) strategies by gathering feedback from existing customers. Invest in training your customer service team and consider CX tools, like live chat and personalized support, to create seamless, responsive interactions. An improved CX can reduce churn and foster loyalty.
5. 60% of Revenue from Mature Brands Comes from Repeat Customers
A Harvard Business Review article and data from Bain & Company highlight that most of the revenue for mature businesses typically comes from repeat customers, averaging around 60%.
Action: Focus on customer retention by rewarding loyalty through a VIP or loyalty program. Personalized marketing, such as special offers and early access for loyal customers, can help increase repeat purchases. Regular check-ins with top customers can also help gather valuable feedback.
6. 48% of Mature Companies Lack a Digital Transformation Plan
Gartner’s 2023 report on digital transformation in enterprises reveals that nearly half of established companies have no comprehensive digital transformation strategy.
Action: Assess your digital strategy. Identify digital tools that could enhance customer interactions, streamline operations, or boost analytics. Start with a pilot program to adopt digital tools and build a phased plan for organization-wide digital transformation, ensuring team members are trained on new technologies.
7. Companies with High Diversity Are 35% More Likely to Outperform Competitors
McKinsey’s Diversity Wins report states that companies with diverse teams outperform their less-diverse competitors by up to 35%.
Action: Build diversity initiatives into your recruitment and training processes. Encourage diverse perspectives in product development and decision-making to enhance creativity and problem-solving. Promoting diversity and inclusion as part of your company culture can promote innovation and engagement.
8. 65% of Mature Businesses Invest in Sustainability, but Only 25% See It as Part of Core Strategy
A Deloitte study on sustainable growth practices reports that while many companies invest in sustainability, only a fraction integrate it as a core strategy.
Action: Elevate sustainability by embedding it into your core mission. Evaluate your supply chain, sourcing practices, and production methods to reduce environmental impact. Publicize sustainable practices to engage conscious consumers and align with the growing market demand for responsible brands.
9. 52% of Mature Brands Have Missed Market Shifts by Relying on Legacy Data
Research by Forrester shows that over half of mature companies miss opportunities by not upgrading their data systems, leading to lagging market responses.
Action: Invest in data modernization by upgrading to cloud-based analytics platforms and exploring machine learning for real-time insights. Using current data enables more responsive, customer-focused decision-making, which is crucial in a competitive, dynamic market.
10. 80% of Mature Companies Increase Revenue with Product Diversification
Data from Bain & Company reveals that diversification strategies often drive revenue growth, with up to 80% of companies reporting a positive revenue impact from diversification.
Action: Research complementary products or services that could attract your current customers. Diversification could mean entering a related product line, adding a premium version of an existing product, or expanding into new markets. Test new ideas through limited launches or surveys to gauge interest before a full rollout.
TO CONCLUDE
By actively applying these insights, businesses can not only reinforce their market position but also cultivate lasting customer loyalty, improve internal operations, and remain agile in evolving industries.
