Customer Centricity: Embracing the New Paradigm
by SAP on Feb 10, 2014
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If there is one thing that all businesses can agree upon, it’s that today’s customers are different. Their behaviors, their needs and their expectations represent a major shift in customer ...
If there is one thing that all businesses can agree upon, it’s that today’s customers are different. Their behaviors, their needs and their expectations represent a major shift in customer engagement.
Gone are traditional ways of interacting with brands—now consumers want to engage on social media, online, on a mobile device and in hyper-personalized way. They are demanding a seamless experience where the sales cycle is extended across all channels and companies engage with them when, how and where they desire. And with an always-on connection through mobile and social, they can provide reviews (negative and positive) with the entire world in just seconds. Therefore, your customer can be your biggest fan or your worst nightmare.
So what changed? Well, these changes did not happen overnight, they are a result of a convergence of long-term trends that reached a dramatic tipping point. These trends include:
•A shift in demographics. The rising Millennial generation will make up the most powerful market force in the next five years and they are actively shaping the future of business.
•The emergence of mobility. There are more connected devices than people on earth. Your customers are always connected, always on and they expect real-time satisfaction.
•The power of networks. The Network Economy, an era of unparalleled connectivity and interaction, has shifted the power from the hands of the provider to the consumer. And it’s not just consumers who are networked, it is companies and even machines as well.
•A meteoric rise in expectations. With the power in their hands, customers have unprecedented expectations for service. They want personalized experiences tailored to their unique needs, to share their values with the business and be valued and to co-create.
The challenge for businesses is this: embrace the new customer-centric paradigm—or step aside as your customers race to competitors. Those forward-thinking enterprises that do will be rewarded with greater mindshare, wallet share, wealth and much more.
Learn more about the trends and challenges businesses are facing today and how to achieve customer centricity by exploring this deep dive.
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