The American writer John C. Maxwell once said, “Leaders become great, not because of their power, but because of their ability to empower others.”
That is the fundamental guiding principle of business executive Eric Herbelin, who has over 30 years of experience in the insurance industry, among other numerous executive roles. Herbelin received his MBA from the International Institute of Management (IMD) in Lausanne, Switzerland.
Specializing in transformational leadership and change management, Herbelin guides teams through periods of immense change and helps them work more cohesively to better serve their customers.
A survey by Salesforce found that 76 percent of customers expected companies to understand their needs and expectations.
“The big picture is for a business leader to be able to understand their industry,” says Herbelin, who agrees that it is the duty of any business to understand their customers and work to better serve them over time.
“What are the drivers of success, and what are the customer expectations?”
Understanding the market that your organization serves is imperative because it helps companies make informed decisions, create effective strategies and serve their customers better.
According to CB Insights, a private equity firm, 42 percent of startups fail because they don’t address a market need. That’s why understanding your market can significantly reduce the failure rate of an organization. In Eric Herbelin’s case, validating products within international markets and understanding the needs of customers allowed him to ensure the success of insurance products worldwide.
“I had the chance throughout my career to travel the world, especially when I was with Zurich Insurance Group.”
While mostly based out of Switzerland, Herbelin would often leave for different international assignments for a few weeks or a month to better understand customers. Whether it was to a neighboring country or across the world, he compiled market insights and research, which helped him understand the needs of various market segments.
Eric Herbelin says understanding what customers want will help you differentiate your business from the rest of the market. It will set you apart from your competitors.
Being physically present in local markets to speak with brokers, insurance buyers, benefit managers and more gave Herbelin immediate access to stakeholders. This later helped him optimize and differentiate products which would be hugely successful, elevating Herbelin into more senior positions within Zurich Insurance Group.
On the note of competition, Eric Herbelin says that while he had done competitive analysis in the past, he doesn’t focus on outpacing the competition. Instead, he focuses on how his organization can do better each day and how they can better serve their customers.
Herbelin reached the conclusion that focusing on the organization as a whole rather than solely on competition is the best way to grow within any given industry and to future-proof your business. It’s the most sustainable way to form better relationships with your customers rather than eying the competition or mirroring their strategy.
According to Eric Herbelin, knowing what your customers are happy with and what they’re frustrated with will allow you to provide better service – a custom bespoke service. It will also help you inform your team to better serve them.
Customer frustrations as a whole sometimes stem from the market itself, and the gaps organizations within the current market are unable to fulfill. Understating how to bridge these gaps is what makes a business tailored and unique enough to thrive.
Today, Herbelin helps organizations understand their customer needs and then go on to better organize and more effectively manage their teams.
“My goal is to create ownership and empower people,” says Herbelin.
It’s by understanding your market and then through empowering people that you’re able to increase customer satisfaction and create long-term profitable business that is ever expanding.
