Everybody Wants to Rule the World

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Top Takeaways:

– The biggest insight is that the companies that figured out how to win have actually increased their gap with everybody else. It’s like they’ve left the other companies in the dust.

– Do you have a digital business model? Do you understand how you build a business around that? And do you have digital monetization? And then, of course, are you focusing on delivering an excellent customer experience?

– Customers are trading loyalty for convenience, status, and value. This is even more important as we advance because brands that don’t understand loyalty and community will be dead in the water.

– In the middle of the pandemic, we set off this ultimate collection of autonomous data collection and information/insights that actually drive signal intelligence. And that refinement of that information insight is creating competitive modes for organizations that know how to use data. Brands and companies can now predict what you might like, prevent fraud, mitigate risk, or identify a new market that hasn’t been touched.

– Mass personalization happens in places all around us. So we’ve gone from transactional systems like CRM to engagement systems that are really like social business to experiences, which is about using technology and AI to craft journeys that deliver mass personalization at scale.

– You have to go out and find your turnaround catalysts. Reinvent your board to start thinking long-term, so they can compete, not on the short-term quarter to quarter EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) cycle, but long-term in thinking about dominating and building your digital giant.

Quotes:

“Customers are trading loyalty for the price, convenience, status value, and any other reason. We don’t see it ending, but we see an evolution where loyalty is part of a larger equation around relevance and value exchange.”

“The pandemic changed the way we look at real-time information and real-time insights. In fact, in the digital world, every action we take is a demand signal.”

“If I don’t have any competitors, I’m going to get stagnant.”

About:

R “Ray” Wang is the Principal Analyst, Founder, and Chairman of Silicon Valley, based Constellation Reseach, Inc.   He is the co-host and co-founder of the widely watched DisrupTV, a weekly enterprise tech and leadership webcast.

 Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and your host of  .

This episode of Amazing Business Radio with Shep Hyken answers the following questions … and more: 

1. What is a digital business model?
2. What is digital monetization?
3. How does a business with a customer-centric point of view look?
4. What is mass personalization?
5. Why is monopoly terrible for our economy?