The Economist Intelligence Unit (EIU) recently released a report on “The Rise of the Customer-Led Economy,” based upon its global survey of 1,300 executives representing 90 countries and 19 industries. The report analyzes the evolving dynamic between large companies and their digitally connected customers.
Technologies like social media and cloud computing enable brands to interact with consumers on an unprecedented level. Conversely, these platforms make it easy for consumers to relate their experiences and thereby influence brand perception. The report found that a large majority of companies are comprehensively redefining their strategies for connecting to individual customers. The customer-led economy is largely a result of emerging technologies that enable an omni-channel approach to customer engagement.
Of the companies surveyed, most (51 percent) rely primarily on websites to connect to customers; just 23 percent reported utilizing social media; and 10 percent use mobile apps. However, 43 percent indicated that social media will become their primary channel over the next three year. For more than 80 percent of the executives polled, better connections between customers, employees, partners and products will amount to an enhanced customer experience.
Gary White’s recent Working Smart feature for DSN prompts executives to embrace The Technological Disruption of Direct Sales and develop a digital strategy that will benefit both them and their customers. “We’ve reached a stage in business where it’s no longer possible to ignore technology or steadfastly stick to old-fashioned ways of working. Technology innovation is here to stay, and those who don’t prepare to embrace it are only preparing to fail,” said White.