Successful CEOs are risk takers with excellent leadership qualities and wise decision-making skills. These C-suite executives are busy people as they deal with many crucial tasks associated with the company. Often they remain to be the role model for their fellow mates as well as employees of the company. Being instated as a CEO and dealing with their challenges is the hardest part for any officer. As this competitive global market is over crowded with trending technologies, innovations, new business models and so on. Well, here are few common challenges faced by CEOs:
Governing brand reputation: Brand reputation is all about the perspective of customer towards the brand. Maintaining consistent good brand reputation in this competitive marketing world is very difficult. Since, every minute a new product is launched into the marketing world with better functionalities and enhanced features. In-return companies can combat this problem by delivering the best products with exceptional services. And CEOs play a crucial role by taking wise decisions that direct them towards success. Well, there are many leading companies like Google, LinkedIn, Microsoft, Intel and so on who own the best brand reputation in the global market. It’s a well-known fact that any negligence in governing brand reputation can bring down a company’s reputation in the global market. For instance, have a look at failure of Nokia’s brand reputation in 2013. In 2008, it was one of the leading company and owned a global market share of around 40 percent. Its poor products and strategic decisions were the actual cause for its downfall. However, Nokia is recovering from its downfall with exceptional products in the mobile industry. Where Nokia’s CEO plays a key role in pulling back Nokia’s brand reputation to a better level. According to Reuters report, Nokia has attained a turnover of around $17.58 billion.
Expecting substantial growth in short period: Well, it is a common challenge faced by most of the CEO’s in this fast-paced world. As people set high expectations over CEO’s and expect to bring huge turn overs within less span of time. This in-turn puts more pressure over CEO’s and pushes them to increase the effectiveness in their work. However, CEO’s can withstand this pressure by setting an attainable goal, making precise assessments, and tracking progress. Facebook CEO Mark Zuckerberg has set an exceptional example by achieving substantial growth in short period. Although, Facebook has undergone various stages of ups and downs, even today all marketers rely on Facebook for better marketing results. This is because most of their prospects spend more time over this social media site to stay connected with their friends, peers and get efficient knowledge on the upcoming trends in the global market.
Empowering unity in the team: In this competitive world, most of the CEOs believe that achieving collaborative work with in the team and in between the team is a challenging job. They do agree that solving the conflicts is risky because if they fail, the scenario may worsen the company’s working environment. And their image reputation will be threatened if they take more time to resolve the conflicts. Thus, CEOs need to develop a crucial skill of resolving conflicts else they will have to regret for the occurred loss. According to PricewaterhouseCoopers Annual CEO Survey online, many CEO’s of manufacture industry reported leadership challenges. One of the company’s CEO revealed the method he applied to deal with cyber security and effective management of social networks for product development. And he even discussed about the importance of expanding workforce that enhances sharing of knowledge and so on.
Managing varying behavior patterns of the customer:
Today, most of the customers are tech savvy and their requirements vary with trending technologies and changing business models. Believe it or not, according to PWC’s 20th
CEO survey around 58 percent of CEOs have agreed that lack of customer’s trust is drawing negative impact over the business growth. And the increasing pace of technological evolution and innovation has forced customers to leave certain areas untouched. As today’s business world is customer centric, CEOs have to find new ways to manage the various channels to communicate with customers. For this, I think Amazon is the right example, as it’s a well known ecommerce retailer across the globe and they deliver exceptional services that compel customers to keep coming back for other services.
Arriving at profitable decisions:
Although, marketing experts have introduced numerous business models and technologies to arrive at profitable decisions. The increasing demands of customers and rising competitors in the business market are creating a challenging task of deriving profitable decisions. However, today most of the CEOs rely on upcoming technologies to predict marketing trends which help them in arriving at profitable decisions. Let’s take an outlook on one example of a CEO decision that changed the state of sinking companies .
- In 1982, when Johnson and Johnson product Tylenol capsules resulted in death of 12 people and led serious impact on the company’s brand. James E.Burke the CEO of Johnson and Johnson took wise decisions that restored the company’s brand. In fact James E.Burke earned presidential Medal of Freedom in 2000.
However, CEO’s facing these challenges can rely on upcoming technologies and business models that help them to stay ahead in the competitive world!