Profound Implications for The Individual Economy & [Infographic]

The individual-centered economy is already here. The newest digital technologies – among them social media, mobility, analytics and cloud – keep changing how people, businesses and governments interact. The transformation that is already underway will soon intensify, resulting in a paradigm shift from customer-centricity toward an everyone-to-everyone (E2E) economy. The implication for value creation and allocation will be profound.

New  research shows that many organizations are still not ready to navigate the E2E environment. The Digital Reinvention Exec report can be read HERE

Here are some highlights from the report and infographic to share:

55 percent of 4,183 C-suite executives report that consumers have the most influence on business strategy <ClickToTweet>

58 percent of 1,100 executives surveyed in the Digital Reinvention Study expect new technologies to reduce barriers to entry <ClickToTweet>

There is a paradigm shift from customer-centricity toward an everyone-to-everyone (E2E) economy. Are you prepared? <ClickToTweet>

Digitization is rapidly changing the nature of how individuals and organizations interact <ClickToTweet>

“Social” has become revenue-generating, evolving from a dot-com trend to a sharing platform and business model <ClickToTweet>

 

 

 

 

Everyone-to-Everyone Economy

Everyone-to-Everyone Economy

The Digital Reinvention Exec Report can be found on SlideShare and can also be seen below

 

Fascinating statistics from the C-Suite Study with Infographic

On October 7 IBM launched the latest in their C-suite Study series.  This is the first study where all offices within the C-suite were surveyed at the same time with the same questions. The title of this study is “The Customer-activated Enterprise”

You can download the full study here:   Global C-suite Study  or, access this and other studies via your smart device HERE

Technology is once again, as it was in 2012, the CEOs’ number one driving force impacting enterprises today. In this study, three areas emerged as critical to future success. Organisations should:

  • Open up to customer influence
  • Pioneer digital-physical integration
  • Craft engaging customer experiences

Here are some statistics from the below infographic, ready for you to Tweet:

55 percent of CEO’s cited customers as the most influential on strategic vision and business strategy – Tweet This

Nearly seven in ten CxOs recognize the new imperative – a shift to social and digital interaction. Tweet This

Organisations that have a united C-Suite are 28% more likely to be out performers. Tweet This

35% of CxO’s recognise that they don’t understand their customers well today. Tweet This

Two thirds of organisations have a weak digital strategy or none at all. Tweet This

 

CSuite Study 2013 Ben Martin IBM

 

What did you take away from the above? Is there something you would like to know more about? Drop by and leave your comments below.

50 things we don’t do anymore, due to Technology [Infographic]

A study conducted by Mozy last year found that technology is replacing many of the tasks that have been mainstays in our lives for years.

When you consider the telecom industry, for example, when was the last time you looked something up in a phone book? Or used a phone book?

Sure, they have 50 listings for party clowns for your 8-year-old’s birthday party, but isn’t it just faster to search online? Have you or your children ever called to hear “At the sound of the tone, the time will be 4:13 PM”? Technology is making life easier, faster, more accurate, and more personal.

Take a stroll down memory lane with us and review 50 of the things we don’t do (or maybe have never done) thanks to technology.

Things we no longer do because of TechnologySource: Mozy

How C-suite executives see the landscape changing

IBM collect some amazing data, delivered in a series of C-Suite studies, from over 4,000 C-suite executives. Watch this space to be notified of releases as they happen.

In the mean time here are some early discovery snippits along with an Infographic.

How C-suite executives see the landscape changing:

55% of CHRO’s forsee increasing organisational openness “TweetThis

77% of CFO’s support the development of new products and services “TweetThis

19% of CSCO’s anticipate a reduction of their partner base “TweetThis

71% of CIO’s see communication moving toward more social/digital collaboration. “TweetThis

63% of CEO’s want to increase partnering for higher business value “TweetThis

64% of CMO’s want to approach customers as individuals “TweetThis

69% of C-suite executives report that creating a consistent experience across all customer touch points is one of their top initiatives. “TweetThis

40% of C-suite executives are integrating internal and external data for insights “TweetThis

Ben Martin, IBM, CSuite

 

Infographic courtesy of IBM Institute for Business Value

How does the above information resonate with your strategies? Would you like a copy of the full report when published? Pop your comments below, it would be great to meet you.

Four focus areas for Customer Loyalty – “main ingredient is Experience”

From small businesses to huge corporations, everyone wants to know the secret to keeping customers. How do we earn repeat business for years and years to come?

If you take away anything from this fantastic Infographic, from the guys at CustomersThatStick, it is the experience that the customer receives that defines whether they remain loyal to you or if they take their business elsewhere.

A staggering 82 percent have said they stopped doing business with a company due to poor customer experience. To keep your customers happy what are the four elements you should focus on?

– Friendly employees or customer service representative – ensure your employees are engaged

– Personalise the client experience. Let’s start a conversation about the revolution in business that requires engaging customers as individuals, at every level and how we can get there.

– Ability to easily find information or help. Share what you know, now that’s power!

– Good reputation – In my opinion (as always) if you do the above you will gain the reputation

Take a look at the infographic below and open the conversation by dropping a note in the comments.

Sources for the Customer Retention Statistics Above

While the convention on most infographics seems to be generic, non-specific sourcing, we wanted to provide actual sources for the statistics used in the infographic. We attempted to find primary sourcing as much as possible. In cases when we relied on secondary sourcing that did not seem definitive, we notated that fact after the citation.

Why Customers Leave <<TweetThis>>

  • 82% of consumers in the U.S. said they stopped doing business… > Citation 
  • 73% was a reaction to rude staff… > Citation
  • 78% of consumers in the U.S. said they have bailed on a transaction… > Citation
  • 68% of consumers leave because they were upset with treatment… > Citation (Note: Primary sourcing could not be found, though this statistic is widely quoted through secondary sources.)

Why Customers Stick <<TweetThis>>

  • What parts of the customer experience cause customers to stick… > Citation
  • 92% of consumers said they would go back after a negative experience… > Citation
  • What happened when an organization responded to a customer’s negative comment… > Citation
  • 85% of customers are willing to pay more… > Citation

Retained Customers Mean Money <<TweetThis>>

  • The cost of bringing a new customer to the same level of profitability is up to 16x more… > Citation
  • 10x more expensive to acquire… > Citation
  • 4-6x more expensive to acquire…* > Citation
  • 5x more expensive to acquire… > Citation Alan E. Webber, “B2B Customer Experience Priorities In An Economic Downturn: Key Customer Usability Initiatives In A Soft Economy,” Forrester Research, February 19, 2008
  • 89% of consumers began doing business with a competitor… > Citation
  • Increasing retention rates by 5% increases profits by 25%-95%… > Citation
  • 2% increase in retention has the same effect as decreasing costs by 10%.. > Citation (From the book, Leading on the Edge of Chaos)
  • Loyal customers are worth up to 10 times as much… > Citation (Note: Primary sourcing could not be found, though this statistic is widely quoted through secondary sources.)
  • Repeat customers spend 67% more… > Citation