Last week, I was fortunate to attend a presentation by Kyle McNabb, VP of Research Strategy at Forrester. He spoke about how empowered customers have given rise to a new era. “The device is not the problem, the problem is what we can do with the device,” he said.
McNabb continued to tell the audience about how the connected consumer is impacting the way we do business. Here are my notes from the session:
Early adoption is becoming cheaper and easier
Ten years ago, early adoption meant you were willing to spend $2-5,000 on a plasma TV. You were willing to invest your hard earned money knowing that it might not work out, but it might be fun for a while.
This isn’t about technology. This is about people and how we are changing.
- 53% of consumers agree that price is more important than brand.
- 74% of B2B buyers start their research online
- 41% of showroomers end up buying at another retailer
- 35% of US adults are interested in digital wallets
- 14% of US adults track their fitness
Customer-obsession is the next wave of competitive advantage.
We (at Forrester) believe customer-obsession is the next wave of competitive advantage. Everyone can say they’re “customer-centric.” The firms I’m going to show you are the ones that actually do it, because they’ve changed their operating model and are looking at technology differently so that they can become “customer obsessed.”
Companies that define digital transformation
“Don’t be digital to be digital. Be digital because your customers are digital.”
Southwest disrupted the airline industry because they care about the customer. Their mission: “We like to think of ourselves as a customer service company that happens to fly airplanes.”
- They were early adopters of wifi on the plane.
- Their mobile app attracts you as you make the purchase, 2 days before, day-of and day after your travel.
- Their contact center knows your full profile and history so they can best serve you.
- BCBS Florida is trying to identify their consumers’ journeys so that they can be there at the moment of the customer’s need.
- Lego takes their mission to heart. They are focused on parents too.
- Farm Credit Bureau of America in Nebraska, serving farmers. They’ve embraced agile, personas and journey mapping to be digital.
Are you focused on growing budget priorities? (are you going where the puck is or where it’s going?) The majority of new projects that get identified and funded inside an organization will be around what the firm is doing to respond to customers.
“Don’t talk about what you do. Talk about what your customers need and how you can help them in their moment of need. ”
Don’t give them a generic view of digital transformation. Help them understand how you can solve their problems and help drive growth.
What’s it mean to you?
- Growth, customer acquisition and loyalty, and product and service innovation fuel spend today.
- North American firms simply don’t have the resources to keep pace with their customers.
- Help leaders accelerate their digital business future.
Digital Transformation Webinar
We are addressing digital transformation in our webinar this Thursday. We will have special guest Nigel Fenwick, Vice President and Principal Analyst, Digital Business Strategy, Forrester Research, included in a live broadcast round table webinar with Perficient’s David Stallsmith, Director, Customer Experience and Digital Transformation and Michael Porter, Managing Principal, Strategic Advisers. Register below or at this link.
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