Adapting to the ongoing digitization of the economy, and of society in general, is arguably the most challenging transformation every business is currently facing. Digital technologies have become the core of almost every industry. But one of the most important 'laws in business' has not changed at all: Customer centricity and customer orientation. You can only create value and drive profitable growth if you understand not only what customers 'need' but also what customers really 'want'. However, creating customer value and building long-term relationships is even more challenging in a digital world where customers (a) expect more, (b) are well-informed, (c) trust their peers, (d) have more choices and (e) have a voice.
Affiliate Professor of Marketing
In today's 'Age of the Customer', digital technologies and customer centricity have to go hand-in-hand: new channels & touchpoints, new devices, diverse data, multi-dimensional customers, new competitors, social networks, new ways of interacting with customers and other stakeholders. Today, every business is, in part, a digital business and successful companies embrace and deploy digitization in the right places at the right time and are up to 30% more profitable than digital beginners. That is why digital transformation should be on every senior executive's agenda.
Professor Niessing is a member of the faculty leading CTAM Europe’s Executive Education program at INSEAD, one of the world’s leading graduate business schools located in France.