- Over the last year,
we've witnessed an acceleration of changes
that we just knew were eventually coming.
Acceleration in new business models,
investment in digital transformation
and a technology strategy
that looks much more like B2C.
What does that mean?
Business-to-consumer
even if you're in a business-to-business world.
Establishing a direct relationship
with the end customer
and creating a differentiated customer experience
will be required to remain competitive,
even if you're in a traditionally
business-to-business world.
So what does this mean to you and your business?
It means that if you are
a traditional business-to-business company,
you need to think through
a business-to-business consumer process.
Let's take that a little further.
What does it mean
to have to empower a B2C or business-to-consumer experience
for your business-to-business customers?
That means thinking through your journeys
all the way to the end consumer
and how they purchase and what they want to purchase.
Now, business-to-consumer experiences
in business-to-business is another trend that's happening.
What does this mean?
This means that you are actually selling directly
to a consumer.
Many companies over the last year
have made that transition.
They went from being business-to-business
to selling direct to consumers
to meet the demands of the market.
What will you need in order
to address both of these changes?
There are three things
that you'll need to do to compete.
The first is to establish data-driven processes.
The second is to deliver relevant,
artificial intelligence-based personalized experiences.
And last, it's about creating an omnichannel strategy.
Data-driven processes
is about digitizing the customer interactions
across every channel.
Tracking the path they took,
where they fell out,
and if they even called the call center.
Personalized experience.
This is way more than a recommendation engine.
If I'm in banking, it's about knowing
that an automatic payment
is coming due and you're going to send me a notice
to prevent an overdraft.
And last, creating an omnichannel experience.
Omnichannel means a true seamless engagement.
Do you know the same information about your customer
whether they're in-person, online or on the phone?
It's all important.
Knowing the end consumer of your product
has never been more important.
Companies across healthcare,
consumer packaged goods,
automotive and manufacturing
all need to reshape or reduce their dependency
on the middleman to know more about their end consumer.