This is the latest installment of my ongoing series of discussions with entrepreneurs, venture capitalists and corporate leaders on what to expect as the world recovers in the post-Covid era in terms of technology and innovation.
To succeed in the post-Covid era, businesses should have one single priority, and one priority only — the customer. The customer is in the driver’s seat, and new businesses need to employ the technology resources available to them to build a customer-driven enterprise.
That’s also the prevailing attitude of many of today's entrepreneurs and innovators — startup or corporate — which is to focus like a laser beam on the consumer. As we moved through the tumultuous year of 2020, “we are finding a tremendous amount of clarity in two categories: consumer need and consumer mindset,” says Spencer Baird, executive in residence at Inmar Intelligence. “Entrepreneurs understand they need to align their product or service with a greater unifying mission that meets the customer needs with a unique value proposition. And they need to now accomplish this all faster than ever before in a way that minimizes excess time and spend.”
The influence of the big web-oriented organizations, coupled with the Covid-19 crisis, “has dramatically shifted customer expectations,” says Jascha Kaykas-Wolff, president of Lytics. “Companies must aggressively adopt new technologies and practices that improve customer experiences to meet consumer expectations now, not in a year or more.”
Emerging technologies — cloud, AI, and digital — is making new business models possible. “All businesses have worked on some level of digital transformation over the past decade, but now they need to create an experience and interaction with their customers that is increasingly digital,” says Baird. “Department stores, high-end steakhouses, and grocery stores are now all faced with the task of re-creating tactile, experience-based models over digital channels using new technology.”
Recent events have boosted newer methods of delivery to consumers, particularly subscription models. "Most businesses are being systematically challenged, but there is good news amidst the complexity,” says Kaykas-Wolff. “We’re now looking at an important rise in the popularity of subscription models. Today, we see more acceptance and adoption across different verticals from hair salons to coffee shops. The more businesses adapt to building long-term versus transactional relationships with customers, the stronger the business will be.”
Wolff says today’s successful businesses need to focus on three main technology areas: “digital infrastructure, communication tools, and customer data platforms,” Kaykas-Wolff says. In combination with the infrastructure and communication solutions, the customer data platform provides an understanding of what customers want and orchestration of the delivery of the experiences that provide the most value,” he says. “The more value you provide to your customers over time, the better off your business will be."
Five years ago, says Justin Choi, founder & CEO of Nativo,” businesses leaned into a single model centered around transaction, or subscription, or advertising. Now, one model isn’t enough. Today’s most successful companies incorporate all three into their models. Amazon, for example, married ecommerce, Prime and, most recently, an advertising business, to generate billions in revenue over a few short years. Entrepreneurs that continue to adapt, diversify and deliver value are the ones that will thrive.”
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February 25, 2021 at 10:33AM
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The Next Boom: Follow The Leader, The Consumer - Forbes
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