Best practices of today will get obsolete tomorrow, as customers are ever changing and quick adapter by making themselves more prone to technology. It is a hyper connected world where social is a core human behaviour, so understanding the nerves of a customer is very critical now-a-days.
"Consumer are connected approx. 2.93 billion people online."
- Path to purchases have changed. User already made their mindset about the product even before entering the shop. The make sure they are spending on the right product by comparing it with other available options "online", moreover they do it over a mobile devices.
- 2014, 1.75 billion smartphones. 2020, expected 5 billion people online with 40-50 billion connected devices. Moreover, every new wave of technology is taking half a long to reach its first billion users.
- The way we communicate is transforming. Average Indian spends 3 hours on Smartphone everyday. The time you are working on emails, using smartphones, entering office, making calendar, working on laptops/machines, checking update, you are generating electronic information, which can be stored and used for analytic purpose.
- SMS industry in Europe has gone to 0. Tradition business models are being disrupted:
Lets see music Industry :
- CD : physical distribution has gone bankrupt.
- Downloadable music has beated physical distribution.
- What Next - Streaming music(2011 started-14 3 billion dollar business)
- Technology is changing the consumer behavior, when I have to listen music why I have to go to shops and even why I will download when I can stream it on demand.
- Customer engagement and customer satisfaction have got new definitions. The role of service industry to perform at its best and optimized rate have gone critical. Sharing an experience of one of my friend, after performing best in his sales and marketing job where he tried to engage his client's customer with all possible ways, at last he heard that what you have done, major sales happened on desktop or on store. Finally things wrapped up convincing that the sales might have generated on other platforms but the reason is new technology stack i.e. Social, Mobile and Analytic.(it will take another post to discuss proper strategy that they formed for the problem, so skipping it for now.)
- Just for a moment think your toothbrush is gathering all information while you are brushing and sending the report directly to your dentist.Dentist now have the actual data in front of him and he is asking you about brushing properly as prescribed. Does it make sense, moreover your brush is configured how to operate and even your iPhone is reminding you about proper timing of brushing. Think it at a Big Scale, it can be revolution.
- When you get up in morning, you are checking all updates on mobile, You are connected to your social network throughout the day, it is your smart device(iPad/smartphone) which is reminding you of your tasks and calender, going to sleep you are checking if I missed something. Tell me what is your primary screen? Where should you focus? I asked this a nursery student. He told sir it's mobile. Everything else laptop, desktop, T.V. comes later! and therefore I always emphasis on #mobilefirst.
Future is now, I am not an astrologer neither forecasting something but as a technical person can visualize what is happening. Want to see the revolution, let's see a video, this will give you a pretty good idea
Can you see the future is already arrived? Those who have started understanding this, I think have started preparing for the next wave of change.
Food for thought
- What are the freemium models.
- What encourages a user to pay for services and what motivates a user to convert a premium model
- How a small feature may changes the overall outcome?
- Where should you focus? What is your primary screen and what is secondary ?
- How mobility is adding new dimensions?
Thanks notes & references
ISB Hyderabad
Digit Summit 2013,2014
Book recommended
Code Halos by Malcolm Frank and Paul Roehrig
Book recommended
Code Halos by Malcolm Frank and Paul Roehrig
