A term that has been thrown around in the business world is ‘VUCA’. While it isn’t by any means, a new expression, it has helped many eloquently talk about a situation faced for decades. VUCA is an acronym for Volatile, Uncertain, Complex, and Ambiguous. This is used, in essence, to describe the business world and market. The market could be extremely volatile – the smallest trigger may set it off in unpredictable ways. There is uncertainty always looming around what may happen, setbacks that may occur, and sudden upsurges. The market is very complex in a way that one can never predict what might happen, and even if predicted, it may be influenced by various other factors. Ambiguity of the market can be seen where one may not be able to explain the cause for any change in the market – both positive and negative.
With every new entrant in the market, these become more pronounced. When a company first enters the market of their industry, they may not be aware of the extent in which it may have VUCA features. Over time, one learns and understands how the market works and what the customers are looking for.
The customers would be the biggest stakeholder of any business in the market. These are the people who bring in money to the organisation, the ones who directly affect their revenue. Understanding the psyche of the customer and accordingly creating strategies contributes significantly to better outcomes for the company. Strategies regarding the customer can be at different levels. Customer engagement is one of the more significant ones.
Customer engagement talks of how well and in what manner a customer is engaged with the business at different levels. From the point of having a need for the product till the point of actually buying it (and even post that), the kind of interaction they have with the company is all encapsulated under customer engagement. This interaction sets the pace and the picture that the customer connects with the company – making it vital.
Different engagement tactics have been spoken of. Creating a powerful brand story and having connected values makes it easy to bring in the inquisitive attention of the customer. Bringing in a human touch to the brand by really understanding what the customer wants and providing according is said to be a way of easily connecting with the customer. There are many strategies at different levels that businesses apply for customer engagement.
In today’s world of booming social media, how a brand interacts with its customers online is noted with a keen eye. Fading away are the days of customers calling helplines to voice out concerns. Today, most companies take to the social media pages of the brands they are connected to for bringing up any grievances. With this development, it makes it very important for a brand to have good social media standing.
Personalising and really listening to customers’ voices also is a sure-way of making them feel that they are cared for and building reputation. Once customers feel that a brand is easily accessible and is looking out for them, they will be loyal.
Customer engagement is a delicate but very important component of any business that wishes to thrive in a market. When considering VUCA, one needs to pay keen attention to the strategies in place for best outcomes.
A sure way of sensitively dealing with this would be to train employees and providing them with the skills of doing so. Organisations like Skillwise provide various solutions making this a very easy process.
- Ravuri, Bharat. 2013, June 2. Customer Experience in VUCA World.
- Paa-Kerner, Greta. 2016, December 21. Developing agile marketing in a VUCA environment.
- Ference, Audrey. 2017, May 16. 7 Customer Engagement Strategies That Marketers Can’t Ignore.
- Henning, Jeffrey. 2014, June 10. Consumer Insights as the Answer to VUCA (Volatility, Uncertainty, Complexity, and Ambiguity).