Usermind recently published ‘The Enterprise Guide to Surviving Extinction in the 21st Century: Why Customer Experience is the Single Most Important Discipline for Enterprises Today’. Over the past several years, we’ve continued to see a shift in how companies of all sizes are starting to transform and place an emphasis on the experiences they’re delivering to their customers. Adapting to this shift is essential for enterprises - here are a couple of my thoughts on the guide:
There is a mega-shift incumbent enterprises face in their journey to transform into customer- and experience -led organizations in order to stay relevant in an unprecedented competitive landscape. On one hand we have digital native, nimble upstarts looking to rethink and disrupt how traditional industries operate. One the other, large platform companies such as Amazon, Google and Facebook are threatening to move into established industries, leveraging their customer data and tech backbone to acquire market share, and fast.
Coinciding with the competition is a radical shift in customer expectations. It’s no longer good enough to have the best price or the best product. Instead, ‘experience is the new product’ and enterprises must compete on the experiences they’re providing around their products and services - a massive shift from what was previously a transactional approach to customer experience. At Usermind, we believe the shift to a customer-centric business with a long-lived relationship is complicated by three areas of complexity:
Most enterprises have awakened to this reality and are executing or planning for how to avoid a gradual, then sudden fall from grace to the competition. We lay out a phased approach to tackling this seemingly overwhelming challenge:
The good news is it’s not all doom and gloom for enterprises. While they’re faced with a big challenge and unprecedented competition, enterprises have decades of customer data and financial and human capital to deploy. The enterprises who can best leverage these competitive advantages and drive meaningful organizational and cultural change in the name of the customer and digital experience will continue to be leaders of their industries.