Digital is profoundly changing how both B2C and B2B companies relate to their customers. The company of the future will need to exceed customer expectations with highly personalized interactions and 24/7 access.
The most obvious changes have been in customer channels and experiences, which together make up the customer journey.
Technologies such as the internet, e-commerce, mobile—powered by increasingly personalized analytics—have continuously stretched the buying and service expectations of customers over the past decade. The customer journey is a totally different trip today. Customers increasingly expect companies to deliver seamless, 24/7, customized engagement, assistance, and service across all human and digital channels.
Businesses that used to sell products are building databases that house every possible customer who could want their products. They are shifting to thinking about customers over their lifetime—how to attract a new customer, how to engage them and build loyalty and advocacy. We are seeing a profound business model shift in customer interactions across many industries. With digital engagement, 24/7, personalized, frictionless relationships are the new model, in both B2C and B2B.
To maximize lifetime revenue from the customer—not simply the product sales of a given period—companies will need to adopt new metrics more common to the tech and startup world, such as measuring LTV and CAC.
Many industries such as consumer goods and many industrial goods companies have a long way to evolve on this journey. B2B companies face their own set of changes in how they market and sell.
B2B companies need to transform the way they engage customers, use data and technology, structure their organizations, and acquire new skills.
Managing Director & Senior Partner; Social Impact Practice Leader
Managing Director & Senior Partner
Building Digital Talent and Organization
The shift from processes operated by humans to processes designed and audited by humans, and operated my machines, has profound implications.
Harnessing Data and Advanced Technology
Companies need to be smart about how they build their data and machine-learning capabilities and their digital platforms.