Ernst & Young’s Megatrends report has some interesting comments on the power of the customer today. As every company is now a technology company, every company is also a consumer company, no matter what their industry or market. Digital technologies have given customers a much more powerful voice through greater access to information. Being much more informed, consumers are better able to switch to competitors than they ever could in the past.
Customers with knowledge and choices are now part of driving changes to markets, changes that many companies do not see coming as they are not listening to their customers.
Marcollie Blue is a partnership of 3Connect’s and we have written extensively on the power of the customer today:
Interestingly, many directors do not see customers as a great risk to their business, and they view regulatory changes and economic conditions as being of much greater risk. Companies need to start listening to their customers and understand their newly gained power to avoid being made irrelevant in the future.