If you can’t beat them, join them Rather than fearing the emergence of disruptive challengers, businesses should “do an Uber” and assess where a potential point of “disintermediation” could exist between them and their customers, evaluating what impact cutting-out the middleman could have on the customer experience. This is an area where established businesses hold a trump card; they already have customers that they can learn from. Unlike startups, more established businesses have the experience and resources to really understand what customers want, rather than betting big on what they might potentially like. The fourth industrial revolution and advances in data collection and analysis are opening up even more opportunities for businesses in this area. Gone are the days where business owners need to go on their “gut feeling” or “customer feedback” to know which direction to take their company. Data-driven insights offer businesses a much deeper understanding of customer expectations and changing behaviour. However, data is certainly not in short supply. It is at the centre of everything we do – every transaction, experience or interaction we have. The challenge comes in connecting the dots between different data sets and evaluating what it all means. For example, data collected from an app or ecommerce site, and combined with data from a contact centre, could provide an indication into what customers are looking to buy, what common problems they are facing, and where opportunities exist to make the process smoother, boost loyalty and increase margins, if combined and analysed efficiently.
Read more on digital developments:
- How Instagram enabled small UK businesses to recruit, grow sales and boost brands
- The five things you can’t afford to miss in the digital space this year
- Epson 2016 predictions: Wearables at work take off
One of the more bizarre digital developments to have been revealed so far in 2016 came from Facebook HQ as founder Mark Zuckerberg revealed his goal for this year is to produce the tech found in Marvel’s Iron Man films.Stephen Morgan is co-founder of global technology and strategy business Squiz
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