The future of business – Emancipating the Customer
The future, more than ever before, is about emancipation. Businesses that will provide higher levels of emancipation to their customers will have an advantage over the others.
Telecom companies that enable customers to make plans/products of their choice or insurance firms that allow a customer to create their own insurance product from a variety of buffet-like options and businesses that empower dealers to select the merchandise mix, enabled by strong analytics are going to be the pioneers of this new advance. No longer the tyranny of the marketing or sales or product team.
The app will be the liberator. Websites will provide information, apps will enable customer relationships and interaction. Banking operations, utility payments, school fees, airline ticketing and many other services that have moved from offline to online will embrace the app ecosystem or perish.
Today’s customer is value-conscious of both, time and cost. Why would I invest additional time visiting a branch or store if I can manage to achieve my needs while traveling in a bus or cab? Thereby freeing up time for other pursuits. As customers become more discerning about work-life balance and free up dudgeon in order to have more time for following their passion, time-value will become a key brand differentiator.
Organizations that embrace this change will need the following:
- Leadership ethos. A leadership that is comfortable letting go and handing over control to the customer. Traditional mindsets of ownership, beliefs that we know the best plans to offer our customers, will have to be let go. This will require humility, an exploratory mindset and a the ability to crowd-source ideas from the sharpest users of the app Eco-system.
- Technology at the forefront. Organizations will have to stop seeing IT as a business support or business enabler and transition to leveraging technology as a driver of the business. In the new normal, the COO must be equal parts CTO and CIO. Ensuring the customer engages with a technology platform that is flexible, adaptable and agile will help disintermediate several layers between the customer and the actual organizational service-provider.
It is in transferring power to the customer, that services businesses will find greater empowerment and differentiation. The ones that do it best, not necessarily first, will win in the marketplace.