The year of 2017 and several years prior have been nothing short of market upheaval, political chaos, and an attempt at social peace and economic recovery. No one can be certain of what the future holds as it relates to these aspects. But, we can be sure of one thing: the future will be led by customers, driven by data, and hinge on digital processes.
Nearly all competitive markers are attempting to make changes to keep up and get ahead of the competition. Banks, manufacturers, utility companies, and major retailers all look to enhance the customer experience and direct buyer habits toward their product or service.
Alongside technology, the customer has also advanced. He is smarter. She is thoughtful. He is adventurous. She is experimental. What was once thought of as an easy sell has become increasingly difficult to get buyers through the funnel and keep them engaged and committed along the way.
To keep up with changing customer habits and a digital-centered market, here are a few predictions about the future:
#1 Business restructuring.
Reports show that “More than one-third of businesses will restructure to shift to customer-obsessed operations.” Businesses will make changes based upon delivery experience to multiple customer pathways, multiple platforms, and multiple products.
#2 The CMO evolution.
In today’s market, CMOs have to blend both the right and left sides of their brain to design customer experiences that are engaging and to understand technology and analytics in a way that is personable.
#3 Transitioning roles.
CEOs will look to stabilize and strengthen their leadership teams with key roles in data, digital, and customer engagement spheres.
#4 Trust is now business currency.
Cyber breaches, targeted espionage, and ransomware will get worse leaving CEOs and CIOs to grapple with how best to defend their company’s data security and privacy.
The question most companies across industries and regions are left to answer is not IF but WHEN and HOW.