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How to design your business to deliver better customer outcomes

To successfully compete in the next normal, companies must develop a new strategic playbook for improving the stakeholder experience and business growth opportunities.

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In the next normal, businesses must develop a new customer engagement model that places a strong emphasis on measuring progress based on outcomes.

COVID-19 pandemic has significantly accelerated digital business transformation. The pandemic led to breakneck speed shift to digital-first customer engagement and remote work, prompting service and support organizations to reconsider the future of their people, process, and technology. According to recent research from Salesforce, teams are navigate new standards of engagement. As customer expectations shift, a new digital-first playbook is emerging. Eighty-one percent of decision makers say they’re accelerating digital initiatives.

As the pandemic panic gives way to post-pandemic planning, how well-positioned is your organization to deliver growth? A series of intimate conversations with Customer Experience and Customer Success executives reveals a new playbook for growth in the next normal and beyond.

Research shows that in order for businesses to connect with their customers, they must focus on outcomes, a new set of customer health metrics, improved service agility and opportunities to co-create value.

The new customer experience playbook is here: https://t.co/NKP28MQzB2 pic.twitter.com/8N00xDygSs

— Vala Afshar (@ValaAfshar) December 22, 2020

Here are eight strategic questions your organization can ask right now to look in the direction of growth, inspired by groundbreaking new research from Karen Mangia and Mathew Sweezey of Salesforce:

The first four plays with a question prompt to consider are:

  • Instead of trying to be all things to all people, who can you serve best? Go narrow and deep.
  • Who is your customer now? Invest in new buyers and influencers.
  • How many Voice of the Customer (VOC) repositories does your organization maintain? Simplify and centralize customer insights.

  • Which more strongly correlates with results for your organization: Customer Outcomes or Customer Experiences? Redefine Customer Success.

  • Once you create alignment with your key stakeholders about the answers to these questions, the next four plays with a question prompt to consider are:

  • Which organizational silos could you break down using customer outcomes as a catalyst? Correlate Customer Experiences with Customer Outcomes.
  • What is the best measure of your customer relationship health? As you evolve your definition of who your customer is and how you define customer success, evolve your metrics as well. This may mean a shift away from Net Promoter Score (NPS) toward Time To Value (TTV).
  • How can you move at the speed of customer relevance? Innovating a new future requires organizational agility. What’s one process step you can remove to enable your customer facing teams to become more agile?
  • Are you co-creating with your customers? What would it mean to your organization if you could collaborate with your customers to design the outcomes you aspire to achieve together?

  • What is the customer experience of the future?

    Delivering the customer experience of the future begins with leveraging the current shift in customer expectations and operating context as an opportunity to reset priorities and develop a new CX playbook. https://t.co/u12dtrBhtN pic.twitter.com/tTd8zywxjQ

    — Vala Afshar (@ValaAfshar) December 9, 2020

    Once you set your strategic direction, consider the organizational structure that sets you up for success. Experience Executives reveal that organizational hierarchies of the past are no longer effective to deliver the outcomes of the future. While the executives represented organizations of varying sizes and industries, four common core principles influenced their structural redesigns beyond what we’ve detailed above:

    The most effective employee loyalty program ever launched is leadership trust.

    — Karen Mangia (@karenmangia) November 18, 2020

    • Executive Support is the mission-critical first step. Visible, vocal executive support is required to launch the transformation and to sustain the transformation. Leaders responsible for delivering new results in new ways must go beyond having a seat at the table to have decision making influence and authority. Access to budget – particularly for change management, reskilling and retooling – is also critical. Resource investment signals this portfolio is a priority.

    • Correlate employee effort with employee success. Create a clear between employee effort, employee results, and employee rewards and recognition. Do your employees see themselves in your mission as well as your metrics? Ask your employees for feedback to confirm or deny your hypothesis.

    • Create a ‘customer outcomes’ council. Create an internal council to help drive these changes across the organization. The council should be constructed of senior leaders from various departments and broken into working groups focused on the key experiences and moments of truth along the customer journey.

    • Create and celebrate mini-milestones. Break your long-term journey down into a series of mini-milestones and micro-moments. Make sure to measure what matters to your customers and their definition of successful outcomes. Share the results and progress made. Celebrate progress. Celebrate behavior change. Celebrate new results.

    picture1.png

    Strategy: 6 Keys to Align Teams Around Customer Outcomes

    Businesses must continue to measure effort and progress and the journey towards earning your customer’s future business starts with measuring and reporting outcomes to all stakeholders. Cultivating a culture of responsibility and accountability starts with trust and radical transparency. Growing companies measure their progress based on their customer’s ability to achieve their desired business goals. The two most important core values of successful companies will be trust and customer success. In the next normal, business leaders must adopt an outside-in approach of ensuring that they are consistently able to deliver outcomes that matters to their customers, partners, and communities.

    Discover additional insights, strategies and actions you can take using the slide deck here.

    What are you discovering about how to transform your customers’ experience? We invite you to join us on Twitter @valaafshar, @karenmangia and @msweezey.

    This article was co-authored by Karen Mangia, vice president, Customer and Market Insights, at Salesforce and Mathew Sweezey, director of Market Strategy, at Salesforce.

    Karen Mangia is vice president, Customer and Market Insights at Salesforce. Her work focuses on strategies for personal and professional success, and she regularly works with executives, managers, and future leaders at companies of all sizes globally. She launched two new books in 2020: Listen Up! How to Tune In To Customers, And Turn Down the Noise and Working From Home: Making the New Normal Work For You – both from Wiley. She has been featured in Forbes and regularly writes for Thrive Global and ZDNet. Committed to diversity and inclusion, she serves on her company’s Racial Equality and Justice Task Force. She is a TEDx speaker and the author of Success With Less, a book that chronicles her own personal journey through a life-threatening health crisis. Her high-impact keynotes help organizations to access the future of work via innovative insights around the voice of the customer.

    Mathew Sweezey is Director of Market Strategy at Salesforce. His work focuses on the future of marketing, and what brands must do to stay relevant with consumers amidst the continuously shifting landscape. His latest book The Context Marketing Revolution was published by Harvard Business Press in 2020 and has become an Amazon Best Seller. His work is often featured in leading publications such as The Economist, Forbes, AdAge, The Observer, and Brand Quarterly.

    Source: https://www.zdnet.com/article/how-to-design-your-business-to-deliver-better-customer-outcomes/

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    ZDNET

    Crackonosh malware abuses Windows Safe mode to quietly mine for cryptocurrency

    The malware is thought to have generated millions of dollars in just a few short years.

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    Researchers have discovered a strain of cryptocurrency-mining malware that abuses Windows Safe mode during attacks.

    The malware, dubbed Crackonosh by researchers at Avast, spreads through pirated and cracked software, often found through torrents, forums, and “warez” websites.

    After finding reports on Reddit of Avast antivirus users querying the sudden loss of the antivirus software from their system files, the team conducted an investigation into the situation, realizing it was due to a malware infection.

    Crackonosh has been in circulation since at least June 2018. Once a victim executes a file they believe to be a cracked version of legitimate software, the malware is also deployed.

    The infection chain begins with the drop of an installer and a script that modifies the Windows registry to allow the main malware executable to run in Safe mode. The infected system is set to boot in Safe Mode on its next startup.

    “While the Windows system is in safe mode antivirus software doesn’t work,” the researchers say. “This can enable the malicious Serviceinstaller.exe to easily disable and delete Windows Defender. It also uses WQL to query all antivirus software installed SELECT * FROM AntiVirusProduct.”

    Crackonosh will scan for the existence of antivirus programs — including Avast, Kaspersky, McAfee’s scanner, Norton, and Bitdefender — and will attempt to disable or delete them. Log system files are then wiped to cover its tracks.

    In addition, Crackonosh will attempt to stop Windows Update and will replace Windows Security with a fake green tick tray icon.

    The final step of the journey is the deployment of XMRig, a cryptocurrency miner that leverages system power and resources to mine the Monero (XMR) cryptocurrency.

    Overall, Avast says that Crackonosh has generated at least $2 million for its operators in Monero at today’s prices, with over 9000 XMR coins having been mined.

    Approximately 1,000 devices are being hit each day and over 222,000 machines have been infected worldwide.

    In total, 30 variants of the malware have been identified, with the latest version being released in November 2020.

    “As long as people continue to download cracked software, attacks like these will continue and continue to be profitable for attackers,” Avast says. “The key take-away from this is that you really can’t get something for nothing and when you try to steal software, odds are someone is trying to steal from you.”

    Previous and related coverage

    Have a tip? Get in touch securely via WhatsApp | Signal at +447713 025 499, or over at Keybase: charlie0

    Crackonosh has been in circulation since at least June 2018. Once a victim executes a file they believe to be a cracked version of legitimate software, the malware is also deployed.

    Source: https://www.zdnet.com/article/crackonosh-malware-abuses-windows-safe-mode-to-quietly-mine-for-cryptocurrency/

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    ZDNET

    South Australia splashes out on space, defence, and cybersecurity in 2021-22 Budget

    The South Australian government believes tech-focused sectors such as defence, space, and cybersecurity will have a key role to play in the state’s future.

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    In taking a forward-looking approach into what the future of South Australia will look like, the South Australian government has announced it will bolster investment in tech-focused sectors such as defence, space, and cybersecurity as it hands down the 2021-22 Budget [PDF].

    “This Budget is our blueprint for a stronger South Australia, creating jobs, building what matters and delivering better services to further secure our growing global reputation as one of the safest and most attractive places in the world to live, work, and raise a family,” Treasurer Rob Lucas said on Tuesday.

    Some of the specific funding announcements include AU$20.8 million to upgrade the existing buildings at Lot Fourteen to make way for the expansion of space, digital, hi-tech, and cyber companies, with a particular focus on companies involved in small satellite development.

    Separately, AU$6.6 million will be contributed over five years to assist with the SASAT1 Space Services Mission, which will see a local manufacturer launch a small satellite in mid-2022 as well as deliver space-derived services to the state.

    South Australia’s Defence and Space Landing Pad program has also received a boost, with the state government saying it will deliver AU$860,000 over three years for the program that is used to support international defence and space companies that bring new, sought-after capability to South Australia.

    Local artificial intelligence and health technology companies are set to receive additional support through a AU$1.6 million allocation delivered over four years. Under this investment, AU$985,000 will be used for grants to support AI and health technology companies through matching co-funding for health application pilots, and $589,000 to deliver project support activities, including investment concierge services.

    Meanwhile, AU$2.6 million will be earmarked to support small businesses developing digital and cyber security capabilities as well as other capabilities to enter the national market.

    The Budget papers also indicated AU$21.1 million over three years will be dedicated towards the implementation of stages three and four of the South Australia Police Shield project, which involves linking South Australia Police’s data and records management system directly with other justice sector agencies. The state government touted the move will improve collaboration and data sharing capabilities.

    In a bid to boost bushfire response, the 2021-22 Budget revealed that it will contribute AU$7.7 million over four years towards the ongoing management, support, and maintenance of automatic vehicle location systems (AVL) used by the emergency services sector. AVL provides real time location information of firefighting and other emergency response vehicles during incidents. AVL is expected to be installed in approximately 1,400 vehicles at a total cost of AU$12.7 million.

    Additionally, the 2021-22 Budget indicated support for the state government’s commitment to improving digital services for citizens remains ongoing through its AU$120 million Digital Restart Fund, noting that AU$4.3 million in 2021-22 will be put towards the South Australian government’s online services portal, AU$5.5 million over two years for the expansion of the residential aged care enterprise system, AU$1.3 million over two years for the child and family services information systems, and AU$500,000 in 2021-22 for the Safeguarding smartphone app.

    Related Coverage

    Source: https://www.zdnet.com/article/south-australia-splashes-out-on-space-defence-and-cybersecurity-in-2021-22-budget/

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    ZDNET

    How to build business credit

    Business credit is vital for businesses that need to borrow money to grow. Building business credit is not impossible; it just takes time and dedication.

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    The face of business continues to change. Even before the pandemic of 2020 hit, business market trends suggested that the growth of e-commerce would continue to be the big wave of the future. Businesses are learning to adapt to changes in the digital marketplace and stay ahead of changes by adopting the innovations of e-commerce.

    As consumer spending continues to rise, businesses will have to invest to compete. This will require working capital and cash flow to purchase the software and technologies needed to survive in the digital economy.

    For those businesses without large amounts of working capital or wealthy investors — like many small businesses and startups — it has brought up the idea of building business credit.

    Below, ZDNet has all the information you need on how to build business credit.

    What is business credit?

    At some point, entrepreneurs and business owners consider borrowing money. Many have not accumulated enough capital and cash to hit the ground running right out the gate when starting a business.

    Business credit allows a business owner or company to borrow money to build their business, pay for the necessary purchases, or expand their business. Of course, they must pay this money back with interest.

    Some businesses do get to the point where they can maintain their working operations off of profits, but most require constant cash flow — good business credit affords this.

    However, it isn’t as simple as walking into a bank and getting large amounts of cash. Businesses must first work hard to build business credit to qualify for needed loans. It takes patience and the right knowledge to build business credit the right way.

    How to build business credit the right way?

    Most people are familiar with building credit for personal use — applying for loans, purchasing homes or vehicles, or getting credit cards — building business credit is not much different in principle.

    How to choose a business structure?

    Unless you plan on being a sole proprietor, you must first establish your business as an entity separate from yourself. Not doing so leaves you open to assuming personal liability if legal issues were ever to arise.

    In addition, separating yourself from your business also brings advantages at tax time. The most common business entities are limited liability companies (LLC) and corporations.

    How to register your business?

    Once the proper business structure is chosen, you need to register your business and apply for a federal tax ID from the IRS — known as an EIN. Without an EIN, you will be unable to open business bank accounts or apply for business lines of credit.

    How to establish a business credit profile?

    Once your business entity is filed and registered, you can begin the task of building your business credit. To establish a trusted financial reputation among lenders, you will need to have a working business credit file.

    Every lender will check your credit profile when you apply for a loan or line of credit. The lender must establish trust with the borrower, making sure money borrowed will be repaid. This is referred to as “creditworthiness.”

    One way you can begin to develop this trust is by opening a business bank account.

    Begin building business credit

    There are numerous business bank accounts for traditional banking and online banking. You must find one that suits your business needs.

    Consider these when choosing a business bank account:

    • Is it trusted and secure? Make sure you establish a bank account with a trusted bank, one that is registered and insured by the FDIC. As time goes on, you will also want to ensure your bank is an equal opportunity lender in good standing; all reputable banks are.

    • Explore the services and management tools. Chances are you will want to apply for a business credit card; if so, what are the APR rates? What type of management tools do they offer for business accounts?

    • Check the investment rates and maintenance fees. If you’re looking to earn interest on your money, what are their APY rates? What are the required minimum balances to take advantage of those rates? Most banks have monthly maintenance fees, another factor to consider.

    • How are the help and support? New business owners will profit from a bank with professional help centers and financial advisors on-site or within reach. If you’re always on the go, does the bank have an app for mobile banking?

    Get a business credit card

    Another way to help establish your business credit profile and build your business credit is by getting a business credit card. Business credit cards allow business owners to pay for necessary expenses without massive amounts of cash flow while also helping to build a business credit history.

    Most come with higher credit limits and bonus rewards that you won’t find with personal credit cards.

    Here are a few advantages:

    • More spending for business tools: Business owners, especially startups, can use higher credit limits to invest in the necessary software and business tools they may need. Business credit cards allow you to build business credit as you boost cash flow.

    • Protection on purchases: As opposed to cash-only purchasing methods, business credit cards often come with protection on purchases — if lost, stolen, or damaged.

    • Rewards and cashback: Many credit card companies offer rewards for spending, e.g. points or miles to travel. Some offer cashback bonuses after meeting certain spending thresholds.

    • Building business credit history: Perhaps the most significant advantage for our purposes is the ability to build a business credit history. It is essential to make your credit card payments on time or early to establish a trusted credit history. This will boost your business credit profile and score with credit bureaus.

    Explore other forms of business credit

    In addition to business credit cards, there are other ways to establish and build business credit. These include different forms such as supplier credit, vendor credits, and service or retail credits.

    • Supplier credit: Supplier credits are a great way to establish a reputation of trust with your business. Most businesses need a steady stream of supplies and inventory to maintain operation. Supplier credit is an agreement between you and a supplier allowing you to defer payment for supplies. This helps conserve working cash flow and allows you to build credit as you make your payments.

    • Vendor credit: Like supplier credits, vendor credits allow you to purchase services (or products) from vendors with short-term financing. These payments can be made with a business credit card, allowing you additional time until profits roll in. Again, making payments before or on time is critical.

    • Service credit: Service credits are usually the simplest form of building credit outside of business credit cards. Services providers — internet, phone, TV, or other utility services — allow business owners to build credit as they make service payments.

    • Retail credit: Business owners can also establish relationships with their preferred retailers; most offer store credit cards for businesses. This is yet another avenue to build credit as payments are made.

    • Pay early (or at least on time): Again, it is important to pay these entities on time, but preferably early. It is equally important that these entities report payments to credit bureaus. This will ensure that your business credit profile gets a boost.

    Keep building and monitoring your business credit

    Once your business credit profile is established, and in good standing, you will have a better opportunity to branch out into other forms of lending — lines of credit and business loans.

    Again, it is vitally important that these lenders report to credit bureaus so that your business credit profile and history continue to rise.

    It is also essential to monitor your business credit profile to ensure your record is up to date and free of errors. Unfortunately, fraudulent activity happens, and if you are not watching your credit profile regularly, this can have a detrimental impact on your business credit.

    Currently, three major companies handle business credit reporting — Equifax, Experian, and Dun & Bradstreet. Each varies slightly in their reporting, but each offers ways to monitor your business credit score and standing and allows you to update business information if the need should arise.

    Building business credit is not complicated, but it does take time and dedication. Doing so will ensure that your business is equipped and prepared for whatever the future may hold.

    At some point, entrepreneurs and business owners consider borrowing money. Many have not accumulated enough capital and cash to hit the ground running right out the gate when starting a business.

    Source: https://www.zdnet.com/article/build-business-credit/

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