Why do we need visionary leadership?
We are currently living in a time with few strong role models and I believe this feeds into our need for more visionary leadership.
Visionary leadership provides a clear and exciting future that inspires, motivates, and encourages people to strive for excellence.
This leadership style focuses on long-term goals and strategies: anticipating future trends and challenges, whilst fostering a culture of innovation and creative thinking.
The other benefits of visionary leadership are collaboration, enhanced decision-making, and the ability to provide stability and reassurance when navigating challenges.
When visionary leadership is present in an organisation, internally it can attract people and more crucially retain them to an inspiring path and future. Externally, visionary leadership builds trust with all stakeholders as they see the potential for sustained growth and long-term relationships.
I am sure we can all think of examples of visionaries including Steve Jobs, Elon Musk and Jeff Bezos. These leaders have been able to develop unique value propositions, become pioneers in their industry and create a lasting legacy by building sustainable organisations that are prepared for future challenges. Visionary leadership is vital for inspiring a successful and sustainable future, and to contribute to long-term growth and resilience.
What are your thoughts on visionary leadership? Who else would you relate to this leadership style?
No.9 Market Insights - Consumer Trends 📈
Here is a breakdown of the 2024 consumer trends as powered by this Qualtrics report:
Trend 1 - Human connection is the foundation of a winning AI strategy
Most still prefer to interact with human channels for more complex tasks
Organisations need to understand when customers want to talk to a human or not
73% are comfortable with AI making simple, repeatable tasks more efficient
AI interactions must build confidence and trust with customers to match their expectations and preferences
Trend 2 - Great service beats low prices in the battle for customer loyalty
Organisations with a great reputation for customer experience are best positioned
Post-purchase experience and customer support is a big driver
Variability is the biggest challenge to create a consistently great experience
Whilst leaders face pressure to cut costs, it’s critical to protect customer service
Trend 3 - Digital support is the weakest link in your customer journey
Customers love the ease and convenience of digital
Customers are 2.7X more likely to return after a positive digital support experience
Organisations should offer a seamless switch to alternative channels to resolve issues
Digital channels are not solely about customer acquisition but also retention
Trend 4 - Consumers don’t give feedback like they used to
The long-term trend of consumers giving less feedback is continuing
Over 65% of customers won’t tell you when they’ve had a bad experience
Data needs to be from alternative cues, e.g. decrease spend, less frequent visits, and stopping recommendations
Companies need a diverse range of listening tools
Private healthcare has moved to a consumer service industry; therefore these trends are relevant across all markets.
Are there any other trends you would add?
If you think there is news to include, message and I’ll collate it together!
If you enjoyed this content then feel free to share widely. If you have any questions or thoughts then I am always open to conversations and opportunities.
Many thanks for reading!
Nic